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Study sets matching "life insurance general"

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Study sets matching "life insurance general"

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
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
117 terms
Life Insurance General Knowledge
Medical Information Bureau (MIB)
Fair Credit Reporting Act (FCRA)
Attending Physician Statement (APS)
Insurable Interest
nonprofit organization... shares information between insurance c…
*"Federal law requiring an individual to be informed if he or…
Statement from physician that is required during the underwri…
Requirement of insurance contracts that loss must be sustaine…
Medical Information Bureau (MIB)
nonprofit organization... shares information between insurance c…
Fair Credit Reporting Act (FCRA)
*"Federal law requiring an individual to be informed if he or…
111 terms
Life/General Insurance
Hazard
1000 (hours)
Peril
Risk
Conditions that increase the probability of loss
At least how many hours must a person have worked per year to…
The cause of loss
Uncertainty or chance of loss - Pure (insurable), Speculative…
Hazard
Conditions that increase the probability of loss
1000 (hours)
At least how many hours must a person have worked per year to…
53 terms
general life insurance
insurance
risk
exposure
hazard
transfer of responsibility in exchange for premium
the possibility or chance something could happen
the amount of loss
situation that increases the possibility of the loss occurring
insurance
transfer of responsibility in exchange for premium
risk
the possibility or chance something could happen
24 terms
Life Insurance General Statements
What ways can you communicate binders
`Inspection reports do not include what
General
Seperate
Oral or Wirtten
Medical history
Fixed
Variable
What ways can you communicate binders
Oral or Wirtten
`Inspection reports do not include what
Medical history
8 terms
General Life Insurance Answers
Doctrine of Adhesion
Other name for Doctrine of Adhesion
Aleatory
Does Aleatory result in equal exchange…
Ambiguity will goto insured
Doctrine of Reasonable Expectations
Outcome depends upon chance.
No
Doctrine of Adhesion
Ambiguity will goto insured
Other name for Doctrine of Adhesion
Doctrine of Reasonable Expectations
39 terms
General insurance questions - life insurance
All of the following are true about "s…
In which company may stockholders shar…
An insurer with a Certificate of Autho…
An insurance company owned by its poli…
A Speculative risk is a feature of insurance
B Stock
B Authorized insurer
D Mutual company
All of the following are true about "s…
A Speculative risk is a feature of insurance
In which company may stockholders shar…
B Stock
130 terms
Life Insurance General Knowledge
Term life insurance characteristics
Level Term insurance
Drawback to level term insurance
benefits to level term insurance
pure life insurance... provides protection for a specific period…
Both premium and face amount remain level... level death benefit
when period expires so does the policy
very affordable... no cash value
Term life insurance characteristics
pure life insurance... provides protection for a specific period…
Level Term insurance
Both premium and face amount remain level... level death benefit
76 terms
life and health- general insurance
insurere
premium
contract of insurance or policy
loss
insurance company that receives premiums from people buying i…
the bill that must be paid to purchase the policy... -a large, u…
agreement between insurer and the policy owner... -insurer promi…
reduction in the value of an asset... -to be paid for loss, insu…
insurere
insurance company that receives premiums from people buying i…
premium
the bill that must be paid to purchase the policy... -a large, u…
44 terms
Life II: General Insurance
Risk
Pure Risk
Speculative Risk
Exposure
The uncertainty or chance of a loss occurring. Two types are…
Refers to situations that can only result in a loss or no cha…
Involves the opportunity for either loss or gain (gambling)
Unit of measure used to determine rates charged for insurance…
Risk
The uncertainty or chance of a loss occurring. Two types are…
Pure Risk
Refers to situations that can only result in a loss or no cha…
65 terms
General life Insurance
Concepts - Insurance
Concepts - Insurance transactions
Concepts - Pure Risk
Concepts - Speculative Risk
*Insurance is a contract which one party (ins. company) agree…
*By mail or any other means... 1. Solicitation 2. Negotiations 3…
-Pure Risk refers to situations that can only result in a los…
-Involves the opportunity for either loss or gain. (gambling)…
Concepts - Insurance
*Insurance is a contract which one party (ins. company) agree…
Concepts - Insurance transactions
*By mail or any other means... 1. Solicitation 2. Negotiations 3…
22 terms
Life and Health : General Insurance
Agency contract
Agent
Life insurance
Premium
contract that is held between an insurer and an agent
legal rep of insurance company
coverage upon a person's life and granting, purchasing, or di…
the money paid back to the life insurance company for the pol…
Agency contract
contract that is held between an insurer and an agent
Agent
legal rep of insurance company
41 terms
Life insurance exam (general)
Whole life "permanent"
3 whole life types
adjustable life
Term Insurance (temp)
level cost... level death benefit... accumulating cash value - wi…
straight- pay till you die... limited payment... single pay
a "hybrid" ... can act like either permanent or term, insured c…
no cash value... term is cheaper than WL... 5 types of term (name…
Whole life "permanent"
level cost... level death benefit... accumulating cash value - wi…
3 whole life types
straight- pay till you die... limited payment... single pay
25 terms
LIFE - General insurance concepts
What is insurance in general, and what…
Define risk and the two different type…
Define hazard and the different types…
Define Peril
Insurance is a contract between the insurance company and the…
Risk is the uncertainty or chance of a loss occurring. Pure r…
Hazards are conditions for situations that increase the proba…
Peril are the causes of loss insured against an insurance pol…
What is insurance in general, and what…
Insurance is a contract between the insurance company and the…
Define risk and the two different type…
Risk is the uncertainty or chance of a loss occurring. Pure r…
50 terms
California Life & Health Insurance 1 - General Insurance
What type of risk is insurable?
According to the Law of Agency, a prin…
What type of insurer is a voluntarily…
When a change needs to be made on the…
Pure Risk
Agent or Producer
Fraternal Insurer
Complete a new application or ask the applicant to initial th…
What type of risk is insurable?
Pure Risk
According to the Law of Agency, a prin…
Agent or Producer
69 terms
Life Insurance (General Knowledge II)
What are the types of specialized whol…
What is Joint Life insurance?
What is Survivorship Life?
What is Juvenile life insurance?
Joint Life... Survivorship Life... Juvenile Life... Jumping Juvenile... C…
Protects both insureds, but only covers the first to die
Always covers 2 people... Pays out death benefit when the 2nd pe…
When the child of 18 or 25 years old becomes the policyowner
What are the types of specialized whol…
Joint Life... Survivorship Life... Juvenile Life... Jumping Juvenile... C…
What is Joint Life insurance?
Protects both insureds, but only covers the first to die
50 terms
California Life & Health Insurance 1 - General Insurance
What type of risk is insurable?
According to the Law of Agency, a prin…
What type of insurer is a voluntarily…
When a change needs to be made on the…
Pure Risk
Agent or Producer
Fraternal Insurer
Complete a new application or ask the applicant to initial th…
What type of risk is insurable?
Pure Risk
According to the Law of Agency, a prin…
Agent or Producer
71 terms
Insurance Ch. 5: General Life Insurance
The Application Process:... The Policy A…
The Application Process:... Signing the…
The Application Process:... A Minor's Ap…
The Application Process:... Delivery of…
-An application is a formal request for an insurance policy.…
-Indicates the facts given on the application are correct to…
-In most states, a person is a minor for purposes of applying…
-After the completion of the underwriting process, the compan…
The Application Process:... The Policy A…
-An application is a formal request for an insurance policy.…
The Application Process:... Signing the…
-Indicates the facts given on the application are correct to…
123 terms
General Life Insurance Terms for the TEST
Fraternal Insurance Company
Law of Large Numbers
Contract of adhesion
Representations and Warranties
A non-profit form of insurance provider sponsored by an organ…
A mathematical principle that is the basis for predicting the…
A type of contract in which one party (the offeror) drafts th…
Representations are statements the applicant makes on an appl…
Fraternal Insurance Company
A non-profit form of insurance provider sponsored by an organ…
Law of Large Numbers
A mathematical principle that is the basis for predicting the…
9 terms
Term Life (General Features of Term Insurance)
Used for temporary situations(not perm…
Has no cash value, so net cost highest…
Premium goes up every year, based on a…
May expire at a certain age or time in…
General Features of Term Insurance
General Features of Term Insurance
General Features of Term Insurance
General Features of Term Insurance
Used for temporary situations(not perm…
General Features of Term Insurance
Has no cash value, so net cost highest…
General Features of Term Insurance
13 terms
Life Insurace Licensing- Ch II General Insurance
Insurance
What are the two types of Risk?
Hazard
Peril
A contract in which the insurance company agrees to make whol…
PURE RISK which refers to a situation that can only result in…
A condition or situation that increases the probability of an…
The causes of loss insured against in an insurance policy. ... F…
Insurance
A contract in which the insurance company agrees to make whol…
What are the two types of Risk?
PURE RISK which refers to a situation that can only result in…
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
11 terms
Life Insurance Glossary (next generation terms)
Beneficiary
Cash surrender value
Claim
Death Benefit
The person named in a life insurance policy as the recipient…
The amount available in cash upon the policy owner's terminat…
The demand by an individual to recover losses covered under a…
The amount of money the insurance company pays to a beneficia…
Beneficiary
The person named in a life insurance policy as the recipient…
Cash surrender value
The amount available in cash upon the policy owner's terminat…
Life Insurance Contractual Provisions: General Provisions
Ownership Clause
Entire contract clause
Incontestable clause
Suicide clause
The policyholder possesses all contractual rights in the poli…
-The policy and attached application constitute the entire co…
- The insurer cannot contest the policy after it has been in…
The face amount will not be paid if the insured commits suici…
Ownership Clause
The policyholder possesses all contractual rights in the poli…
Entire contract clause
-The policy and attached application constitute the entire co…
49 terms
Ohio General, Regulations, Life Insurance Basics
Injunctive Relief
Insolvency
Insurance Fraud
Proctored Exam
A court-ordered act or prohibition against an act or conditio…
The inability to pay obligations when due.
an action committed by anyone who knowingly or purposefully g…
an exam that is monitored by an impartial person to ensure th…
Injunctive Relief
A court-ordered act or prohibition against an act or conditio…
Insolvency
The inability to pay obligations when due.
19 terms
LIFE Section I - General Insurance Concepts
Insurance
Indemnification
Definitions:
Risk Management Key Terms
A contractual coverage binding the insurer to indemnify the i…
This is the concept of restoring individuals to the same fina…
1) Insurer - Another name for an insurance company... 2) Agent/…
1) Risk - The probability or uncertainty that a loss will occ…
Insurance
A contractual coverage binding the insurer to indemnify the i…
Indemnification
This is the concept of restoring individuals to the same fina…
63 terms
Life Insurance Section 2 General Concepts
insurer
premium
policy
loss
the insurance company
relatively small amounts of money. A large, uncertain loss is…
a legal document referred to as a contract of insurance.
reduction in the value of an asset
insurer
the insurance company
premium
relatively small amounts of money. A large, uncertain loss is…
106 terms
MD Life License - Chapter 1: General Insurance
Concept of General Insurance
Life insurance
Risk Management
Loss
Insurance company's contract to make whole the insured party…
protects survivors from losses after an insured's death. Tran…
Insurers considerations in managing which risks it will take
Reduction in the value of an asset.
Concept of General Insurance
Insurance company's contract to make whole the insured party…
Life insurance
protects survivors from losses after an insured's death. Tran…
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…
14 terms
Chapter 1 - General Insurance Life, Health, Annuities
Mutual
Reinsurance
Foreign
Underwriting
A __________ insurance company is owned by its policyholders.
If an insurance company wants to transfer all or part of the…
Which of the following is an insurance company that is organi…
Which insurance company department accepts insurance risk?
Mutual
A __________ insurance company is owned by its policyholders.
Reinsurance
If an insurance company wants to transfer all or part of the…
72 terms
Life Insurance Certification Exam: Ch. 1 -- General Insurance
Insurance
When a claim is made, what does the in…
If there were no insurance mechanism,…
"Insurance Transaction" includes:
A contract in which one party [company] agrees to make whole…
They transfer the risk of loss from an individual or business…
Solely by the individual suffering the loss.
1. Solicitation... 2. Negotiations ... 3. Sale ... 4. Advising an indi…
Insurance
A contract in which one party [company] agrees to make whole…
When a claim is made, what does the in…
They transfer the risk of loss from an individual or business…
33 terms
Chapter 5 General Life Insurance Review Questions
The Insuring Clause states:... A. There…
The payment of premium provision stipu…
The Grace Period for ordinary life ins…
If death occurs during a Grace Period,…
Answer: C
Answer: D
Answer: C
Answer: C
The Insuring Clause states:... A. There…
Answer: C
The payment of premium provision stipu…
Answer: D
38 terms
Life Insurance: General Law (22 Questions)
domestic co
foreign co
alien company
Department of Insurance
a company in the state under whose laws it was incorporated
a co in any state other than the one in which it is incorpora…
a co incorporated under the laws of a country outside of the…
authorized by state law to enforce the laws and to issue insu…
domestic co
a company in the state under whose laws it was incorporated
foreign co
a co in any state other than the one in which it is incorpora…
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…
41 terms
VA State Life, Health, General Insurance
Absolute Assignment
Accident and Sickness
Accidental Death Benefit
Alien company
Assignment by the policy owner of all control and rights to a…
Insurance against bodily injury, disability or death by accid…
Double or triple indemnity, a rider added to life policy that…
An insurer organized and home office in another country not USA
Absolute Assignment
Assignment by the policy owner of all control and rights to a…
Accident and Sickness
Insurance against bodily injury, disability or death by accid…
22 terms
Life, Accident and Health: Section I. General Insurance
When an insurer can no longer meet its…
The Insurance Commissioner may deny an…
All of the following definitions are c…
As specified by the California Insuran…
Insolvent
If the applicant has a final conviction of a felony
A hazard is a cause of loss
Their best friend
When an insurer can no longer meet its…
Insolvent
The Insurance Commissioner may deny an…
If the applicant has a final conviction of a felony
36 terms
Life and Health Test Alert - General Insurance (WFG)
An insurance producer may do which of…
A condition that could result in a los…
Insurance organized in Canada is known…
Which of the following assures that in…
Advertise his policies are cheaper and better than those sold…
Peril
Alien
Reserves
An insurance producer may do which of…
Advertise his policies are cheaper and better than those sold…
A condition that could result in a los…
Peril
14 terms
General insurance
Indemity
Exposure
Moral hazard
• Reduce expenses ... • improve cash flow…
To restore same condition prior to loss; make whole
Unit of measure to determine rates
Tendency to be dishonest
List 4 characteristics of risk Retention:
Indemity
To restore same condition prior to loss; make whole
Exposure
Unit of measure to determine rates
60 terms
General Insurance
Insurer
Insured
Producer/agent ... "Represent the insurer"
Risk
Insurance company
Person covered by the insurance
Me
Chance of loss
Insurer
Insurance company
Insured
Person covered by the insurance
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
18 terms
CA Life General Insurance Practice Exam updated 9-1-2015
Every licensee shall file with the Com…
The Insurance Commissioner may deny an…
It shall be the obligation of each age…
The uncertainty about loss that exists…
It is the bona fide natural name of an individual... Explanatio…
If the applicant has a final conviction of a felony... Explanat…
5... Explanation:... Agents must keep all applicable records in th…
Risk... Explanation:... Risk is defined as the chance, possibility…
Every licensee shall file with the Com…
It is the bona fide natural name of an individual... Explanatio…
The Insurance Commissioner may deny an…
If the applicant has a final conviction of a felony... Explanat…
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
35 terms
GENERAL INSURANCE
WHAT IS INSURANCE ?
WHAT IS RISK?
HAZARDS
WHAT IS A PERIL?
TRANSFERS THE RISK OF LOSS FROM AN INDIVIDUAL OR BUSINESS ENT…
IS THE UNCERTAINTY OR CHANCE OF A LOSS OCCURRING.
ARE CONDITIONS OR SITUATIONS THAT INCREASE THE THE PROBABILIT…
ARE THE CAUSE OF LOSS INSURED AGAINST IN AN INSURANCE POLICY.
WHAT IS INSURANCE ?
TRANSFERS THE RISK OF LOSS FROM AN INDIVIDUAL OR BUSINESS ENT…
WHAT IS RISK?
IS THE UNCERTAINTY OR CHANCE OF A LOSS OCCURRING.
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…
28 terms
1d. Insurers - General Insurance
Stock insurers
stockholders
Board of directors
dividends from profits
stockholders own the company; provide money for insurers and…
responsible for selecting management with board of directors
responsible for electing officers for daily business operations
go to stockholders and are taxable
Stock insurers
stockholders own the company; provide money for insurers and…
stockholders
responsible for selecting management with board of directors
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…
73 terms
General Insurance
Risk
Pure risk
Speculative risk
Hazards
the uncertainty or chance of a loss occurring
a loss or no change (only type of risk... that insurance compani…
loss or gain (example... of speculative risk is gambling)
conditions or situations that increase the probability of an…
Risk
the uncertainty or chance of a loss occurring
Pure risk
a loss or no change (only type of risk... that insurance compani…
37 terms
General Insurance
What is insurance?
What is included under the term insura…
What is risk?
What is peril?
is a contract in which one party (the insurance company) agre…
solicitation, negotiations, sale, advising an individual conc…
is the uncertainty of a loss occuring
are the causes of loss insured against in an insurance policy
What is insurance?
is a contract in which one party (the insurance company) agre…
What is included under the term insura…
solicitation, negotiations, sale, advising an individual conc…
48 terms
General Insurance
According to CIC
Indemnify
(Reimburse for loss) Another way of sa…
(Reimburse for loss) Another way of sa…
Insurance is a contract whereby one undertakes to indemnify a…
1. to secure against hurt, loss, or damage.... 2. to make compen…
is to free from the danger of hurt, loss, or damage.
remunerate or reimburse for loss incident.
According to CIC
Insurance is a contract whereby one undertakes to indemnify a…
Indemnify
1. to secure against hurt, loss, or damage.... 2. to make compen…
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