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Study sets matching "insurance life agent"

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Study sets matching "insurance life agent"

121 terms
California Insurance Life Agent Combo Test Sample
Risk is:... a. the chance that might prov…
When can a representation be altered o…
The function of insurance is best desc…
When large numbers of similar risks ar…
d. the uncertainty or chance of a loss occurring.
a. It can be altered or withdrawn before the insurance is iss…
c. It spreads financial risk over a large group so as to mini…
d. predictable
Risk is:... a. the chance that might prov…
d. the uncertainty or chance of a loss occurring.
When can a representation be altered o…
a. It can be altered or withdrawn before the insurance is iss…
121 terms
California Insurance Life Agent Combo Test Sample
Risk is:... a. the chance that might prov…
When can a representation be altered o…
The function of insurance is best desc…
When large numbers of similar risks ar…
d. the uncertainty or chance of a loss occurring.
a. It can be altered or withdrawn before the insurance is iss…
c. It spreads financial risk over a large group so as to mini…
d. predictable
Risk is:... a. the chance that might prov…
d. the uncertainty or chance of a loss occurring.
When can a representation be altered o…
a. It can be altered or withdrawn before the insurance is iss…
101 terms
life insurance
term life insurance
level term life insurance
increasing term policy
face value
temporary protection that lasts only for a specified period o…
premiums remain the same thoughout the life of the policy
level premium, as do all policies, but the face amount increa…
death benefit
term life insurance
temporary protection that lasts only for a specified period o…
level term life insurance
premiums remain the same thoughout the life of the policy
13 terms
Insurance Agent
Risk
Pure risk
Hazard
Physical
Chance of loss
No chance of gain
Increases the risk
Something you can see
Risk
Chance of loss
Pure risk
No chance of gain
13 terms
Life Insurance: Life Insurance
Categories of Life Insurance
Traditional forms of ordinary insurance
Term
Whole life insurance
Ordinary life, industrial, and group life.
Whole life (permanent), term (temporary), and endowment (perm…
Produces the most protection with the least amount of money.
A form of ordinary life insurance that provides coverage unti…
Categories of Life Insurance
Ordinary life, industrial, and group life.
Traditional forms of ordinary insurance
Whole life (permanent), term (temporary), and endowment (perm…
82 terms
INSURANCE AGENT
SLANDER
LIBEL
INVASION
MALICIOUS
клевета
клевета в печати
вторжение
злонамеренный
SLANDER
клевета
LIBEL
клевета в печати
12 terms
WFG Life Only Agent "General Insurance (Ethics and Code)"
A Loss Exposure
A Peril
A "Moral" Hazard
A "Morale" Hazard
• A condition that can result in a loss
• Is a cause of loss
• A dishonest person (lacking in morals)... • Someone who misrep…
• A careless person
A Loss Exposure
• A condition that can result in a loss
A Peril
• Is a cause of loss
72 terms
Life Insurance
An insurance policy
Transfer of risks
Pooling of risks
The premium
Is a social device, legal contract, or policy for the transfe…
Through insurance individuals transfer to insurance companies…
Is when a large group of people contribute money to a fund ou…
Is the money paid by the policyowner to the insurance company…
An insurance policy
Is a social device, legal contract, or policy for the transfe…
Transfer of risks
Through insurance individuals transfer to insurance companies…
20 terms
Texas General Lines Health, Accident, and Life Insurance Agent State Exam
Role of Insurance
Insurance Contract
Insurable Interest
Two important features must be present…
Life and Health insurance protects against impairment to a pe…
A legal agreement made between an insurance company and an in…
Insurable interest must be present for insurance to operate p…
- Risk Pooling... - Law of Large Numbers
Role of Insurance
Life and Health insurance protects against impairment to a pe…
Insurance Contract
A legal agreement made between an insurance company and an in…
13 terms
life insurance
unexpected
impact
soon
long
prepare for the unexpected
minimizing financial impact
dying too soon
living too long
unexpected
prepare for the unexpected
impact
minimizing financial impact
120 terms
Life Insurance
401k
absolute assignment
collateral assignment
accelerated death benefit
a qualified retirement plan in which the employee can set asi…
a permanent and irrevocable transfer of rights and/or benefit…
a temporary and/or revocable transfer of benefits by the poli…
policy provision that allows full or partial payment of the p…
401k
a qualified retirement plan in which the employee can set asi…
absolute assignment
a permanent and irrevocable transfer of rights and/or benefit…
421 terms
LIFE INSURANCE
All of these are typically sources of…
When does a life insurance policy typi…
Which of the following pertains to the…
Which of the following describes a per…
Disclosure authorization response
When initial premium is collected and policy is issued
Underwriting
Substandard risk
All of these are typically sources of…
Disclosure authorization response
When does a life insurance policy typi…
When initial premium is collected and policy is issued
25 terms
Life Insurance
What is speculative risk?
Life insurance illustrations
T/F: A signed waiver of premium is som…
What is the significance of a conditio…
The chance of gain or loss and is not insurable
Must ... - Identify non guaranteed values... -differentiate guarant…
F: Waiver or prem is a rider that can be added to the policy,…
To provide coverage on an earlier date than the policy
What is speculative risk?
The chance of gain or loss and is not insurable
Life insurance illustrations
Must ... - Identify non guaranteed values... -differentiate guarant…
148 terms
Life Insurance KEY FACTS
Who is responsible for explaining the…
Due to fluctuating income what might a…
With this Life Insurance plan the prem…
This Life Insurance plan must include…
Responsibility of the producer
Adjustable Whole Life.
Modified Whole Life
Variable Whole Life
Who is responsible for explaining the…
Responsibility of the producer
Due to fluctuating income what might a…
Adjustable Whole Life.
100 terms
LIFE INSURANCE
SEP
Days allowed to complete a rollover to…
Goal of a contract
3 noferfeiture options
A SEP is an arrangement whereby an employee establishes and m…
A maximum of 60 days is allowed to complete a rollover to an…
To be legally enforceable, a contract must have a legal purpo…
olicyowners have three nonforfeiture options from which to ch…
SEP
A SEP is an arrangement whereby an employee establishes and m…
Days allowed to complete a rollover to…
A maximum of 60 days is allowed to complete a rollover to an…
20 terms
Life Insurance
Term Insurance
Cash Value Life Insurance
The two age approaches to Convertivble…
Yearly Renewable Term Insurance
Provides temorary protection (ex: annual contract)
Permanent life insurance which can build cash value, an inves…
1) Attained-age approach: Premium of new policy is based upon…
Term insurance issued in 1 year periods (renewable term insur…
Term Insurance
Provides temorary protection (ex: annual contract)
Cash Value Life Insurance
Permanent life insurance which can build cash value, an inves…
269 terms
Life Insurance Exam Prep
To determine financial strength of an…
Provide death benefits
Liquidity
Self-Funded Plan
Primary purpose for a rating service company such as A.M best?
Primary reason for buying life insurance?
What is described as an insurers ability to make unpredictabl…
What is described as a plan in which an employer pays insuran…
To determine financial strength of an…
Primary purpose for a rating service company such as A.M best?
Provide death benefits
Primary reason for buying life insurance?
199 terms
Nys insurance agent vocab
ISO
Agent/producer
Agent/ agency contract
Expressed authority
Insurance services office.
A person who acts for another person or entity known as the i…
A contract that is held between an insurer and an agent/ prod…
Contract given to the agent/producer outlining the duties and…
ISO
Insurance services office.
Agent/producer
A person who acts for another person or entity known as the i…
46 terms
life insurance
Key Person insurance
3rd party ownership
Variable annuities & variable life ins…
Life Insurance
a business owner buys life insurance on a key employee, since…
policyholder is different than the insured. Policyholder has…
-client's funds are kept in ins. separate accts, similar to…
-offers protection to your survivors... -personal uses of life i…
Key Person insurance
a business owner buys life insurance on a key employee, since…
3rd party ownership
policyholder is different than the insured. Policyholder has…
13 terms
Life Insurance
Life insurance
cash value, temporary protection
variable life insurance
the separate account
the least expensive form of insurance
Life insurance generates no ___________ and simply provides _…
offers a guaranteed minimum death benefit
With variable life insurance, the death benefit may grow with…
Life insurance
the least expensive form of insurance
cash value, temporary protection
Life insurance generates no ___________ and simply provides _…
171 terms
life insurance
Absolute Assignment
Accumulation at Interest Option
Actuary
ADB
A transfer by the policy holder of all control and rights to…
The policy holder allows his dividends or policy proceeds to…
The application of probability and statistical theory (law of…
Accidental Death Benefit; A rider added to a life policy that…
Absolute Assignment
A transfer by the policy holder of all control and rights to…
Accumulation at Interest Option
The policy holder allows his dividends or policy proceeds to…
168 terms
Life Agent
Insurer
insured
risk
pure risk
the insurance company
the policy owner
uncertainty of loss
chance of only loss, no chance of gain or profit. 'insurable'
Insurer
the insurance company
insured
the policy owner
102 terms
Life Insurance
Accelerated Benefits Rider
absolute assignment
accidental death benefit rider
adhesion
a life insurance rider that allows for the early payment of s…
policy assignment under which the assignee (person to whom th…
a life insurance policy rider providing for payment of an add…
contract must be accepted by the insured exactly as it is wri…
Accelerated Benefits Rider
a life insurance rider that allows for the early payment of s…
absolute assignment
policy assignment under which the assignee (person to whom th…
191 terms
Life Insurance
INDEMNITY CONTRACT
Parol Evidence Rule
Valued Contract
Subrogation
Pays a specified dollar amount for a loss. For example, a hos…
a written contract may not be altered without the written con…
a contract that pays a stated amount in the event of a loss.…
Occurs when a claim is paid by the insurer who has the contra…
INDEMNITY CONTRACT
Pays a specified dollar amount for a loss. For example, a hos…
Parol Evidence Rule
a written contract may not be altered without the written con…
383 terms
Life Insurance
guaranteed purchase rate
disadvantage of fixed annuity
Risk
- min. interest rate guaranteed for life of contract... - modest…
- purchasing power (inflation) risk
uncertainty of financial loss
guaranteed purchase rate
- min. interest rate guaranteed for life of contract... - modest…
disadvantage of fixed annuity
- purchasing power (inflation) risk
403 terms
General insurance and life insurance
Uncertainty of loss
Pure Risk
Speculative Risk
The right reason for insurance
Risk
Chance of loss, or no loss, but no gain
Possibility of loss, but also gain
Insurable Interest
Uncertainty of loss
Risk
Pure Risk
Chance of loss, or no loss, but no gain
66 terms
Life Insurance
Treaty Reinsurrance Agreement
Faculative Reinsurrance Agreement
Essential Elements of a Contract
Characteristics of Insurance Contract:…
Automatically accepts all new risk presented by the ceding in…
allows the insurance company an opportunity to reject coverag…
CLOC... Competent Parties... Legal Purpose... Offer and Acceptance... Con…
"take-it-or-leave-it" basis. Without negotiation.
Treaty Reinsurrance Agreement
Automatically accepts all new risk presented by the ceding in…
Faculative Reinsurrance Agreement
allows the insurance company an opportunity to reject coverag…
65 terms
life insurance
Law of Large #s
Insurable interest
Large # of Homogeneous (similar) Units…
Loss must be ascertainable (insurable…
the larger the # of separate risks of like nature in a group,…
-if you would benefit if a person continues to live, you have…
-the expected loss of a group of exposure units can't be ... pr…
purpose of insurance is to reduce eliminate the uncertainty o…
Law of Large #s
the larger the # of separate risks of like nature in a group,…
Insurable interest
-if you would benefit if a person continues to live, you have…
44 terms
Life & Health Insurance Terms
A & H
Absolute Assignment
Accident
Accidental Death Insurance
Accident and Health
Assignment by the policy owner of all control and rights to a…
A fortuitous event, unforeseen and unintended
Form of health insurance that provides payment if death of in…
A & H
Accident and Health
Absolute Assignment
Assignment by the policy owner of all control and rights to a…
165 terms
Life Insurance
Annuity
Applicant
Application
Assignee
An agreement by an insurer to make periodic payments that con…
The party making application to the insurance company for the…
A form on which the prospective insured states facts requeste…
The person to whom policy rights are assigned in whole or in…
Annuity
An agreement by an insurer to make periodic payments that con…
Applicant
The party making application to the insurance company for the…
50 terms
General Insurance; Life insurance
risk
pure risk
speculative risk
exposure
the uncertainty or chance of loss occuring
only results in loss
oppurtunity for either loss or gain
unit of measure used to dermine rates for insurance coverage
risk
the uncertainty or chance of loss occuring
pure risk
only results in loss
183 terms
Life Insurance
Accelerated Benefits
Accidental Death Benefits
Accidental Death Insurance
Accumulation Period
Riders attached to life insurance policies that allow death b…
A policy rider that states that the cause of death will be an…
An insurance policy that provides payment if the insured's de…
The time before an annuitant's retirement during which the an…
Accelerated Benefits
Riders attached to life insurance policies that allow death b…
Accidental Death Benefits
A policy rider that states that the cause of death will be an…
17 terms
Life Insurance - Selling Life Insurance
What is a Needs Analysis?
What is the Human Life Value Approach?
What are four areas used in the Human…
What is the Needs Approach (for determ…
This is a fact-finding interview where a producer identifies…
It is formulating the value of a person's life based on their…
An individual's: net annual salary, annual expenses, number o…
This looks at the needs of the family, rather than how much m…
What is a Needs Analysis?
This is a fact-finding interview where a producer identifies…
What is the Human Life Value Approach?
It is formulating the value of a person's life based on their…
75 terms
LIFE INSURANCE
renewable term policy
nonrenewable term policy
convertible term policy
reentry term policy
issued for a specified term and may be renewed at the end of…
is issued for a specified term and may not be renewed. (An in…
allows a policyowner to convert or exchange the temporary pro…
gives the insured the opportunity to provide evidence of insu…
renewable term policy
issued for a specified term and may be renewed at the end of…
nonrenewable term policy
is issued for a specified term and may not be renewed. (An in…
24 terms
Life Insurance
The key factor of representation that…
Which of the following statements is m…
Which of the following is correct conc…
Which of the following is true regardi…
If the representation is false in a material point.... (If a rep…
They can be changed only with the written consent of that ben…
Premiums are not deductible as a business expense and the dea…
It may last for the lifetime of the annuitant.... (the "annuity…
The key factor of representation that…
If the representation is false in a material point.... (If a rep…
Which of the following statements is m…
They can be changed only with the written consent of that ben…
38 terms
Life Insurance
_______are methods used to pay death b…
Once selected the the policy owner, th…
The policy owner may select a ________…
Upon the death of the insured, or endo…
Settlement options
settlement option
settlement option
lump sum
_______are methods used to pay death b…
Settlement options
Once selected the the policy owner, th…
settlement option
102 terms
Life Insurance
Per capita rule
Individual retirement account (IRA)
Automatic premium loan provision
Cost of living (COL) rider
Death proceeds from an insurance policy are divided equally a…
A personal retirement account through which eligible individu…
Authorizes the insurer to automatically pay any premium in de…
A rider available with some policies that provides for an aut…
Per capita rule
Death proceeds from an insurance policy are divided equally a…
Individual retirement account (IRA)
A personal retirement account through which eligible individu…
26 terms
Insurance Agent Terms
Agent/Producer
Agency agreement or Agency contract
Replacement
Conditional receipt
Anyone who sells or aids in the selling of insurance. Legally…
A legal document containing the terms of the agreement betwee…
The exchange of one policy for another. Replacement regulatio…
An interim insuring agreement under which the insurance compa…
Agent/Producer
Anyone who sells or aids in the selling of insurance. Legally…
Agency agreement or Agency contract
A legal document containing the terms of the agreement betwee…
100 terms
Life Insurance
Dividends... from a stock company are
Traditionally, stock insurers are call…
Are dividends taxable or not taxable?
Mutual Companies are
paid to stockholders
because policyholders do not receive dividends
Taxable
commercial insurers that are owned by their policyholders
Dividends... from a stock company are
paid to stockholders
Traditionally, stock insurers are call…
because policyholders do not receive dividends
15 terms
Life Insurance
Life with period certain
Period Certain
Straight life income
Free Look Period
installments are payable as long as the primary beneficiary l…
...
...
For the applicant to receive a premium refund, the policy mus…
Life with period certain
installments are payable as long as the primary beneficiary l…
Period Certain
...
52 terms
Life Insurance
3 phrases of Against Permanent Loss of…
Capital retention approach
Two common method for calculate life i…
Capitalization of income approach(life…
Readjustment period, Dependency Period, Survivor life income…
Today's value of income needs + cash needs = insurance needs
Capitalization of income approach(life- value approach) and C…
Annual Income / interest rate = life value (how much one's ea…
3 phrases of Against Permanent Loss of…
Readjustment period, Dependency Period, Survivor life income…
Capital retention approach
Today's value of income needs + cash needs = insurance needs
18 terms
Life insurance
Fixed Annuity
Dividends
Dividend Types
Increasing Term
guaranteed min rate of interest; income payments don't vary;…
return of excess premiums, NOT TAXABLE to policyholder, payme…
Paid Up Additions, Accumulated and interest, Reduction of Pre…
RETURN of PREMIUM RIDER added to whole life policy that provi…
Fixed Annuity
guaranteed min rate of interest; income payments don't vary;…
Dividends
return of excess premiums, NOT TAXABLE to policyholder, payme…
36 terms
LIfe insurance
Which of the following provisions stat…
Which of the following must be include…
The owner of a life insurance policy m…
If Benjamin dies during the grace peri…
Insuring clause --- The Insuring Clause states that in consid…
the POLICY shall constitute the entire contract between parti…
The owner of a life insurance policy may:... * Transfer or ass…
The insurer will pay the death benefit which is the face valu…
Which of the following provisions stat…
Insuring clause --- The Insuring Clause states that in consid…
Which of the following must be include…
the POLICY shall constitute the entire contract between parti…
137 terms
LIFE INSURANCE
Key Person(Key Employee)
What is a Third- Party Contract?
Term Life Insurance (temporary)
Dividends
For the employer, who is the premium payor and usually the be…
When the insured and policyholder are different.... - When you i…
A policy that covers the insured for a limited amount of time.
A participating policy pays dividends only... Dividends are NEV…
Key Person(Key Employee)
For the employer, who is the premium payor and usually the be…
What is a Third- Party Contract?
When the insured and policyholder are different.... - When you i…
26 terms
Life Insurance
Life Insurance
Applicant
Policyowner
Insured
Life only insurance consists of insurance on human lives, inc…
A prospective insured who completes and signs a written appli…
An individual or other entity who owns an insurance policy
The party covered by an individual or group life insurance po…
Life Insurance
Life only insurance consists of insurance on human lives, inc…
Applicant
A prospective insured who completes and signs a written appli…
15 terms
Life Insurance
Participating Policy
Decreasing Term Insurance
Ordinary Life
Variable Life
type of insurance contract in which the policyholder receives…
a variety of term insurance in which the death benefits decre…
type of insurance that provides protection until the death of…
permanent life insurance policy with an investment component
Participating Policy
type of insurance contract in which the policyholder receives…
Decreasing Term Insurance
a variety of term insurance in which the death benefits decre…
71 terms
Life Insurance
Beneficiary
Owner of the Policy
Considerations for Purchasing Life Ins…
Survivor Protection
A person or organization who is listed in the policy as the r…
The insured under a life insurance contract
Survivor Protection, ... Estate Creation, ... Cash Accumulation, ... L…
Allows beneficiary(ies) to use the face value of the policy a…
Beneficiary
A person or organization who is listed in the policy as the r…
Owner of the Policy
The insured under a life insurance contract
79 terms
Life Insurance
Human life value
Net amount at risk
Modified Whole Life
What is the key component of renewabil…
PRESENT VALUE of a person's future earnings which will suppor…
The difference between the face amount and the reserve at any…
A policy which essentially has a lower introductory period th…
No requirement to show evidence of insurability.
Human life value
PRESENT VALUE of a person's future earnings which will suppor…
Net amount at risk
The difference between the face amount and the reserve at any…
12 terms
1f. Agents - General Insurance
do not
are not
do
broker
agents (____) usually have the authority to issue or change c…
agents (____) allowed to solicit, receives, and forward appli…
agents usually (____) take the first premium, but not followi…
independent salesperson that picks insurance from a company t…
do not
agents (____) usually have the authority to issue or change c…
are not
agents (____) allowed to solicit, receives, and forward appli…
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