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.