Study sets matching "life insurance general"

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Study sets matching "life insurance general"

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
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
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…
12 terms
General Life Insurance Terms
Insurable Interest
Uses of Life Insurance
Amount
Needs approach
Own Life, family member or key employee, business partner (de…
Survivor protection, Estate creation, Cash accumulation, liqu…
Human life value or needs approach
Post mortem (medical, bural, etc), debt cancellation, emergen…
Insurable Interest
Own Life, family member or key employee, business partner (de…
Uses of Life Insurance
Survivor protection, Estate creation, Cash accumulation, liqu…
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…
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
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
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
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
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
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 2: 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…
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…
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
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…
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
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
50 terms
General Life Insurance Review Exam
What settlement option would have no r…
An insured buys a single pay policy at…
The agent/producer tells an insured th…
Which of the following policies will p…
D. Life income
D. Less than a straight life policy
C. Entire contract clause
C. Endowment policy
What settlement option would have no r…
D. Life income
An insured buys a single pay policy at…
D. Less than a straight life policy
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…
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
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…
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…
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…
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…
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.
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…
49 terms
TN Life Only: General Insurance Questions
What two elements are necessary for a…
What type of insurer is a voluntarily…
What entities make up the Medical Info…
What do individuals use to transfer th…
insurable interest and consent
fraternal insurer
insurers
insurance
What two elements are necessary for a…
insurable interest and consent
What type of insurer is a voluntarily…
fraternal insurer
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…
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
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
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…
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
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…
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…
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…
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…
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
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.
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
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
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…
General Insurance - Insurance Regulation
Explain Paul vs. Virginia
Explain South-Eastern Underwriters Dec…
Explain the McCarran-Ferguson Act
What is the purpose of the CLHIGA
In the case of Paul v. Virginia, an agent working for insurer…
In 1944, the South-Eastern Underwriters Association was indic…
To waylay impending confusion, Congress enacted the McCarran-…
To protect persons covered under life and health insurance po…
Explain Paul vs. Virginia
In the case of Paul v. Virginia, an agent working for insurer…
Explain South-Eastern Underwriters Dec…
In 1944, the South-Eastern Underwriters Association was indic…
General Insurance: Group Insurance
What is Employee/Individual Employer G…
Who is the policy holder in Employee G…
What is Multiple Employer Group Insura…
What must an Association or Labor Grou…
This is a group employees of an eligible employer.
Employer.
When several employers form a trust fund to combine their wor…
-a constitution and bylaws... -be organized for purpose other th…
What is Employee/Individual Employer G…
This is a group employees of an eligible employer.
Who is the policy holder in Employee G…
Employer.
56 terms
General Insurance- Life Basics Chap.2 Quiz 2 AD Banker
All of the following are examples of a…
A business owner buys a life policy on…
At the time of a life insurance policy…
Who is required to sign a completed ap…
S applies for a policy on herself and names her husband as th…
Beneficiary
A copy of the illustration that matches the policy for which…
The producer.... Only the applicant/insured and the producer's s…
All of the following are examples of a…
S applies for a policy on herself and names her husband as th…
A business owner buys a life policy on…
Beneficiary
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
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
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