Completing the Application, Underwriting, and Delivering the Policy

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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


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