Completing the Application, Underwriting, and Delivering the Policy
Penalty for noncompliance with Fair Credit Reporting Act
$2,500
Maximum surrender charge on annuity withdrawal
10%
Noncontributory group life plan
100% employee participation required
Continuing education hours for agents
4 hours specific to law and ethics
Waiting period on waiver of premium rider
6 months
Sliding in insurance
Adding additional coverage without knowledge and charging for it
Cost of living rider
Adjusts face amount based on specific index
Insurance contracts
Agreements between insurer and policyowner
Benefit of qualified retirement plan
All amounts received by employee are tax free
Conversion to individual insurance under group life plan
Allowed after being insured for at least 5 years
Guaranteed insurability rider
Allows purchase of additional insurance without proving insurability
Taxation of group life insurance
Amount exceeding $50,000 is taxable to employee
Free look period on life insurance policy
Begins when policy is delivered to insured
Change of beneficiary designation after divorce
Beneficiary designation becomes void
Accidental death benefit settlement
Beneficiary receives double indemnity benefit
Conditional receipt in life insurance
Beneficiary receives full death benefit if application qualified
Flexible premium deferred life annuity
Beneficiary receives payments for 15 years if annuitant dies after 5 years
Enforceable contract
Both parties must perform duties and follow rules
20-year level term policy
Cash value will not equal $100,000 at end of 20 years
Liquidity in life insurance policy
Cash values can be borrowed at any time
Misrepresentation in advertisement
Claiming funds that are not available for payment
Representations in insurance application
Considered true to best of applicant's knowledge
Taxation of employer-paid group life insurance
Coverage exceeding $50,000 is taxable to employee
Investigative consumer reports
Data provided by customer's associates, friends, and neighbors
Convertibility option under term life policy
Death benefit of permanent policy not reduced upon conversion
Common disaster provision
Death benefit paid to estate of insured in case of simultaneous deaths
Delivering new policy to insured
Disclose commissions earned, except for this
Foreign insurer in another state
Domiciled in Montana, transacts insurance in Wyoming
Tax advantage of qualified retirement plan
Earnings accumulate tax deferred
Tax-qualified annuities
Employer contributions are not tax deductible
Change to insurance application
Erase incorrect answer and record correct answer
Personal uses of life insurance
Excluding buy-sell agreement
Misrepresentation in unfair trade practice
Excluding making comparisons between policies
Social Security benefits
Excluding unemployment income
Benefits under Social Security
Excluding welfare benefits
Decreasing term policy component
Face amount
Florida insurance regulation for policy exchange
Florida replacement rule
Buy-sell agreements
Funded with life insurance policy
Universal life option A
Gradually increasing cash value and level death benefit
Fixed period settlement option
Guarantees benefits paid for 10 years before being exhausted
Nonforfeiture values in life insurance
Guarantees cash value will not be lost
Simplified Employee Pension Plan
IRA purchased by small employer to cover employees
Pure life annuity
Income payable for life of annuitant
Return of premium life insurance policy
Increasing term coverage
403(b) Plan (TSA)
Individual retirement plan for public school teachers
Missed questions on application
Insurer should return application for completion
Group insurance certificates
Issues certificates of insurance to insureds
Variable life insurance policy loans
Loan amounts deducted from death benefit
Premium of survivorship life policy
Lower than joint life policy
Temporary license for life agent
Maximum period of 6 months
Insurable interest in life insurance
Must exist at time of application
Type of insurer with dividends
Mutual
Policy summary requirement
Not combined with sales illustration
Essential elements of insurance contract
Not including counteroffer
Policy summary and sales illustration
Not required to be combined
Policy replacement documents
Notice regarding replacement
Replacing insurance policies
Obtaining list of policies to be replaced
Cause of death information
Part of insurance application
Life income with period certain annuity
Pays benefits for annuitant's lifetime and guarantees payment for minimum years
Long-term care rider
Pays part of death benefit to cover nursing or convalescent home expenses
Convertible term policy
Policy can be changed to accumulate cash value
Illustration in life insurance policy
Presentation of non-guaranteed elements of policy
Fiduciary responsibility in insurance
Promptly forwarding premiums to insurance company
Accelerated benefits in life insurance
Provide early payment of death benefit for terminally ill insured
Policy replacement response
Provide notice regarding replacement
Extended term nonforfeiture option
Provides highest amount of insurance protection
Annuity
Provides income for specified period or life
Settlement option for immediate annuity
Purchasing face amount or cash value
Target premium in universal life policy
Recommended amount to keep policy in force
Return of premium rider
Refunds all premiums paid in addition to face amount
Payor benefit rider
Relieves minor insured from premium payments if parents have died or become disabled
List of policies to be replaced
Required during replacement of life insurance
Action for agent guilty of felony
Send written notification to department of insurance
Traditional level premium contract
Straight life policy
Owner and beneficiary of key person life policy
Tax-free benefit for corporation
Children's rider in permanent life insurance
Term coverage convertible to permanent insurance
Number of appointments for agent
Three - one for each insurer
Paid up addition option
Uses dividend to purchase smaller amount of same type of insurance
Insurer neglecting to pay legitimate claim
Violates consideration principle
Change of beneficiary designation after divorce
Voided beneficiary designation
Endowment of 20-pay whole life policy
When insured reaches age 100
Joint and survivor settlement option
Wife continues to receive reduced payment after husband's death
