LIFE INSURANCE POLICIES TERMS

THERE ARE 2 TYPES OF LEVEL TERM

1-art-annual renewable term. 2-death benefit remains level but premiums increase each year on anniversary or policy with insured

IN INSURANCE TRANSACTIONS, FIDUCIARY RESPONSIBILITY MEANS

promptly forwarding premiums to the insurance company

ANNUITIES- YOUR CLIENT IS PLANNING TO RETIRE, SHE HAS ACCUMULATED 100,000 IN A RETIREMENT BENEFIT OPTION THAT WILL PAY THE LARGEST MONTHLY AMOUNT FOR AS LONG AS SHE LIVE

straight life

{annuities} WHICH OF THE FOLLOWING IS TRUE REGARDING VARIABLE ANNUITIES

the annuitant assumes the risks on investment

WHICH OF THE FOLLOWING IS TRUE REGARDING VARIABLE ANNUITIES

the annuitant assumes the risks on investment. the annuity owner dies during the accumulation period of his annuity

{annuities} THE ANNUITY OWNER DIES DURING THE ACCULATION PERIOD OF HIS ANNUITIES PREMIUMS HE PAID. THERE IS NO NAME BENEFICIARY WHICH OF THE FOLLOW

the cash value will be paid to the annuitants state

WHO IS THE OWNER AND WHO IS THE BENEFICIARY ON A KEY PERSON LIFE INSURANCE POLICY

the employer is the owner and beneficiary

NOT ALL LOSSES ARE INSURABLE AND THERE ARE CERTAIN REQUIREMENTS THAT MUST BE MET BEFORE A RISK IS A PROPER SUBJECT FOR INSURANCE

the loss may be intentional

FOR THE PURPOSE OF INSURANCE RISK IS DEFINED A S

the uncertainty or chance of loss

LEVEL PREMIUMS

both death benefit and premiums remain level though out coverage period

which of the following is the basis for claim against an insurance policy

LOSS

THE AUTHORITY GRANTED TO AN AGENT THROUGH THE AGENT THROUGH THE AGENTS CONTRACT IS REFERRED TO AS

express authority

RENEW ABILITY

a renewable term policy allows the insured to renew the contract an its completion without proof of insurability

AN INSURANCE PRODUCER WHO BY CONTRACT IS BOUND TO WRITE INSURANCE FOR ONLY ONE COMPANY OR GROUP OF COMPANIES IS CLASSIFIED AS A/AN

captive agent

AN INSURED INTENTIONALLY DID NOT DISCLOSE A MATERIAL FACT ON AN APPLICATION FOR INSURANCE THIS WOULD BE CONSIDER

concealment

DECREASING TERMS

death benefit goes down with time

INCREASING TERM

death benefit goes up with time

D/B

death benefits

AN INSURANCE COMPANY IS DOMICILED IN MONTANA AND TRANSACTS INSURERS CLASSIFICATION IN WYOMING

foreign

FIDUCIARY MEANS

refers to a position of trust they are acting in a fiduciary capacity when handling the premiums

MORALE-HAZARD

refers to an increase in the hazard presented by a risk, arising from the insured's indifference to loss because of existence of insurance

WHAT METHOD DO INSURERS USE TO PROTECT THEMSELVES AGAINST

reinsurance

WHICH OF THE FOLLOWING INSURERS ARE WONED BY STOCK HOLDER WHO HAVE THE USUAL RIGHTS OF OWNERSHIP, INCLUDING THE RIGHT OF VOTING

stock

LEVEL PREMIUMS

used in debt situation

`LEVEL PREMIUMS

used to fund benefit rider insurance offer {return of premiums this benefit will refund to beneficiary all premiums paid, tax free should insured die during coverage period, also if insured out lives the coverage period they will receive all premiums pay tax free.