| Term | Definition |
|---|
| What is considered sliding | Telling an applicant that ancillary coverage is included at no additional charge when a charge is required |
| An agent may not use this term | vanishing premium |
| Regarding replacement policy what must be done | Agents must strictly follow any replacement regulation in their state |
| What does not constitute rebating | Sending birthday cards to a policyowner's children |
| Misrepresentation can be defined as | Using a policy name that does not denote the true nature of the policy |
| All three are features of Social Security | Survivors', disability, retirement |
| An insured status under Social Security may be described as | Currently insured or fully insured |
| One of the objectives of the NAIC is | To encourage uniformity in state insurance laws and regulations |
| The term Loading refers to | federal,state, and local taxes..agent commissions and administrative expense |
| Consideration clause consists of signing the application and | Paying the initial premium |
| One method an insurer applies to adjust the cost of insuring a substandard (rated) case is | Extra percentage tables |
| Statements made by an applicant for a life or health insurance policy which are supposed to be true are referred to as | Representations |
| An applicants signature is not required on the following form | Agent's report |
| Three key elements of the risk selection process | Application, medical examination and inspection report |
| The Unfair Trade Practices Act | NAIC model legislation |
| A right contained in an insurance policy which an Insured may or may not exercise is | An Option |
| Net single premium plus expense cost = | Gross Premium |
| Insurance laws covering twisting, rebating, and incomplete comparisons | Apply to both Life and Health Insurance |
| Provision which provides for a continuation of coverage for a specified time period after the premium due date in case of late payment of premiums | Grace Period Provision |
| An insurable interest must exist when | a life insurance policy is issued |
Combine with other sets
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