| Term | Definition |
|---|
| conditional receipt | given when the applicant pays the initial premium at the time the application for a policy is signed |
| defamation | is any false maliciously critical or derogatory communication written or oral the injures another reputation fame or character |
| rebating | occurs if the buyer of an insurance policy receives any part of the producers commission or anything else of significant value as an inducement to purchase a policy |
| twisting | the unethical act of persuading a policyowner to drop a policy solely for the purpose of selling another policy without regard to possible disadvantages to the policyowner |
| churning | a practice in which the policy values in an insurance policy are used to purchase another policy with the same insurer for the sole purpose of earning additional premiums or commissions |
| vanishing premiums | allows for policy owner to make cash payments to a point at which future dividend and other cash values may be sufficient to pay all future premiums...should no longer be used |
| medical information bureau | non profit central information agency that was established years ago by a number of insurance companies to aid in the underwriting process |
Combine with other sets
Share on Facebook
Share on MySpace