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COMPLETING THE APPLICATION, UNDERWRITING, AND DELIVERING THE POLICY
Terms in this set (12)
the risk of loss from an individual or business entity to an insurance company,which in turn spreads the cost of unexpected losses to many indibividuals. If there were no insurance mechanism,the cost of loss would hace to be borne solely by the individual who suffered the loss.
a contract that is held between an insurer and an agent/producer, containing the expressed authority given to the agent/producer, and the duties and responsibilities to the principal. An agent who is in violation of the agency contract may be held personally liable to the insurer.
a person who acts for another person or entity with regard to contractual arrangements with third parties ; a legal representatice of an insurance company . The classification of PRODUCER usually includes agents and brokers; agents are the agents of the insurer. insurer is the PRINCIPAL
APPLICANT or PROPOSED INSURED
a person who requestsor seeks insurance from an insurer.
the person who receives the benefits from the policy of insurance
(face amount/face value/coverage)
the amount paid when a claim is issued against a policy of insurance.
a contract between a policyowner (and/or insured) and an insurance company which agrees to pay the insured or the beneficiary for loss causedby specific events.
the person covered by the policy of insurance who who may or may not be the applicant or policyowner
the company who issues a policy of insurance
a coverage upon a person's life, and granting, purchasing or disposing of annuities
the person who is entitled to exercise the rights and privileges in the policy and who may or may not be the insured.
the money paid to the insurance company for the policy of insurance.
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