Insurance

The Two Assignments

1.) Absolute 2.) Collateral

No Less than 20 days

A hearing will occur not less than ___ days from the date of the hearing notice

10 Days

A licensed Minnesota insurance producer must notify the Commissioner of a change of name, address, or a change of any other information contained in the application for license, within ___ days.

Twisting

A misrepresentation that persuades an insured or a policyowner, to his or her detriment, to cancel, lapse, or switch policies

3 Years

Advertisements must remain on file and open to the Commissioner's inspection for at least ___ years after they are used.

Rated

Another name for a substandard risk classification is

Insurance Consultant

Compensated by the people they advise, not by the producers or insurers

2 Years

Continuing Education must be completed every

Joint Life Policy

Cover the lives of two insureds; rates are blended. Upon the death of the first insured, the policy ends

Alien Insurer

Domiciled in one country and transacts insurance in another

Payor Benefit

Functions like the waiver of premium rider, If the payor becomes disabled or dies for at least 6 months

Part 1

General Information

1 year

If a license lapses, the producer has __ months from the renewal date to reinstate the license

Reciprocal Insurance

Insurance companies made up of subscribers

Foreign Insurer

Insurer is domiciled in one state and transacts insurance in another.

Domestic Insurer

Insurer transacts insurance in the domiciled state

Part 2

Medical information

10-Day Free-Look Privilege

Permits the insured to return the policy for a full refund of premiums paid

Fair Credit Reporting Act

Protects consumers against the circulation of inaccurate or obsolete personal or financial information

Inspection Report

Report regarding a potential insured that included the insured's financial status, hobbies, and habits. What type of a report is that?

Underwriting Process for Life Insurance

Selection, Classification, and Rating of Risk

30 Days

State law provides that if a time is not specified, the person shall comply with the request within ___ days and shall provide all documents or materials that the Commissioner has requested.

5 Years

The commissioner must examine the affairs and conditions of all domestic insurers at least once every ___ years

60 Days

The report relating to the examination must be filed no later than ___ days after the examination is completed.

Purpose of Disclosure Statement

To explain features and benefits of a proposed policy to the consumer

Absolute Assignment

Transfer of all ownership rights in a policy

Earliest Policy May Go Into Effect

When the application is signed and a check is given to the agent

Participating Insurance Policy

Will pay dividends to the owner based upon actual mortality cost, interest earned and costs