Study sets matching "life insurance"

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Study sets matching "life insurance"

16 terms
Life Insurance
According to the Federal Trade Commiss…
Life insurance helps to ..
Life Insurance Policy
Why should you take out insurance on a…
TRUE
- protect your loved ones against the possibility that you ma…
A written contract between an insurer and the policyholder ... -…
To help prevent the family of the deceased partner from comin…
According to the Federal Trade Commiss…
TRUE
Life insurance helps to ..
- protect your loved ones against the possibility that you ma…
2 terms
life insurance
Ug
Vv
...
...
Ug
...
Vv
...
19 terms
Life Insurance
Jade wants to buy a $200,000 term life…
Sherita, age 37, wants to pay no more…
Angelo, age 40, is comparing the premi…
Maria, age 28, wants to pay no more th…
B. $1,202
A. $189,000
C. $12,875
B. $158,000
Jade wants to buy a $200,000 term life…
B. $1,202
Sherita, age 37, wants to pay no more…
A. $189,000
Life Insurance
Credit Insurance
Whole life policy
Entire contract clause
Variable whole life
Written to provide payment of the insured's debt when he dies…
The insured policy owner must pay premiums his entire life
Provision states that the policy and a copy of the applicatio…
Guarantees level premium and minimum death benefit. Cash valu…
Credit Insurance
Written to provide payment of the insured's debt when he dies…
Whole life policy
The insured policy owner must pay premiums his entire life
17 terms
Life Insurance
Is it possible to insure against all r…
How do life insurance and your POC rel…
If you have $200k in financial assets…
What are the 3 parties to an insurance…
No.
Life insurance is managing the risk that exists prior to you…
$1.3 million.
- the owner: the person who purchases the contract... - the insu…
Is it possible to insure against all r…
No.
How do life insurance and your POC rel…
Life insurance is managing the risk that exists prior to you…
14 terms
Life Insurance
When Andy purchased a whole life contr…
Which of the following is true about t…
2 Owners own 50% of a business each. C…
Which of the following is a nonforfeit…
The one-year term dividend option pays death benefit equal to…
It is usually guaranteed renewable (limited number of years).
This sounds like a first-to -die application. If the total in…
Extended term insurance
When Andy purchased a whole life contr…
The one-year term dividend option pays death benefit equal to…
Which of the following is true about t…
It is usually guaranteed renewable (limited number of years).
life insurance
guarantee in life
what is life insurance?
reasons to buy life insurance
how life insurance works
you buy health insurance in case you get sick, you don't buy…
to protect people who depend on you and would suffer a financ…
to provide immediate cash to pay for a funeral, any other cos…
legally binding contract between an insurance company (insure…
guarantee in life
you buy health insurance in case you get sick, you don't buy…
what is life insurance?
to protect people who depend on you and would suffer a financ…
83 terms
Life Insurance Basics
The human life value approach
Life insurance mortality tables are ba…
Under the life insurance free look, a…
A preferred risk is likely to receive
was created to establish what a family would lose in income u…
people and time
will receive a full refund
a premium discount
The human life value approach
was created to establish what a family would lose in income u…
Life insurance mortality tables are ba…
people and time
LIFE INSURANCE
PURE RISK
MEDICARE AGE
MEDICARE
NON-PARTICIPATING POLICIES
LOSING SOME PAY FROM WORK BECAUSE OF AN INJURY
65 OR KIDNEY FAILIRE
PART A - HOSPITALIZATION... PART B - SPECIALIZED DOCTORS... PART C…
WILL NOT PAY A DIVIDEND
PURE RISK
LOSING SOME PAY FROM WORK BECAUSE OF AN INJURY
MEDICARE AGE
65 OR KIDNEY FAILIRE
48 terms
Life Insurance
Term Insurance is ________ cost.
Term Insurance provides _______ protec…
______ gives you maximum insurance per…
______ does not build cash value or di…
Term Insurance is LOWEST cost.
Term Insurance provides PURE protection.
TERM Ins. gives you maximum insurance per dollar outlay.
Term Ins. does not build cash value or dividends.
Term Insurance is ________ cost.
Term Insurance is LOWEST cost.
Term Insurance provides _______ protec…
Term Insurance provides PURE protection.
Life Insurance - Types of Insurance Policies
What is Term Life Insurance?
True or False: a term life policy can'…
What is a Convertible Term policy?
What is a Level Term insurance policy?
A life insurance policy that is for a certain period of time…
False, they can be renewed
This allows the policyowner to convert or exchange a term pol…
This provides a level death benefit and level premium during…
What is Term Life Insurance?
A life insurance policy that is for a certain period of time…
True or False: a term life policy can'…
False, they can be renewed
110 terms
Part 3: Life Insurance Policies
Define Term Life Insurance
True or False... Term policies provide fo…
True or False... With term life insurance…
Fill in the Blank:... Term insurance prov…
This is a temporary protection because it only provides cover…
True
True
PURE DEATH PROTECTION
Define Term Life Insurance
This is a temporary protection because it only provides cover…
True or False... Term policies provide fo…
True
Life Insurance
Insurance
Life Insurance
Insurance Transaction
Pure risk
A contract in which one party agrees to indemnify the insured…
This policy protects survivors from losses suffered after an…
Solicitation, negotiations, sale, advising an individual conc…
Only type of risk insurance companies are willing to accept.…
Insurance
A contract in which one party agrees to indemnify the insured…
Life Insurance
This policy protects survivors from losses suffered after an…
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.
225 terms
Life Insurance
After a group life master policy has b…
If each partner purchases policies on…
When does a tertiary beneficiary colle…
The primary insurance amount (PIA) is…
B) It may adjust the premium to bring it in line with current…
B) Cross purchase plan
Answer C - Correct. Yes, when there is no one living on the t…
Answer D - Correct. Yes, and you have to wait until Full-Reti…
After a group life master policy has b…
B) It may adjust the premium to bring it in line with current…
If each partner purchases policies on…
B) Cross purchase plan
Life Insurance
A retirement plan where contributions…
Under social security, being fully ins…
All of the following are dividend opti…
The source of dividends paid to the ow…
Profit sharing plan
40
Monthly income
Earned surplus
A retirement plan where contributions…
Profit sharing plan
Under social security, being fully ins…
40
Life insurance
FORM
F (FORM)
O(FORM)
R(FORM)
Method of rapport building
Family
Occupation
Recreation
FORM
Method of rapport building
F (FORM)
Family
LIFE INSURANCE EXAM
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…
16 terms
Life Insurance
Participating Policy
Decreasing Term insurance
Ordinary Life
Variable Life
A type of insurance contract where policy holder receives div…
A variety of term insurance in which the death benefits decre…
A type of insurance that provides protection until the death…
A permanent life insurance policy with an investment component
Participating Policy
A type of insurance contract where policy holder receives div…
Decreasing Term insurance
A variety of term insurance in which the death benefits decre…
Life Insurance
Insurable Interst
Key Person Insurance
Third-Party Ownership
Life Insurance is regulated by
based on a family situation or economics
- in which a business owner buys life insurance on a key empl…
-where the INSURED is the family member or key person and the…
state law, not federal
Insurable Interst
based on a family situation or economics
Key Person Insurance
- in which a business owner buys life insurance on a key empl…
11 terms
Life Insurance
Participating policies refund part of…
A plan where the policyholder pays the…
What characteristics should you consid…
Which type of insurance provides liqui…
dividends
whole life policy
service; financial stability
life insurance
Participating policies refund part of…
dividends
A plan where the policyholder pays the…
whole life policy
10 terms
Life Insurance
Term Life Insurance
Whole Life Insurance
Beneficiary
Accelerate Death Benefits
Often considered "pure" life insurance, because you only buy…
More Expensive, Provides coverage for life, if premiums are p…
The person you choose to receive the insurance payout when yo…
A portion of death benefits can be received early in the even…
Term Life Insurance
Often considered "pure" life insurance, because you only buy…
Whole Life Insurance
More Expensive, Provides coverage for life, if premiums are p…
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?
158 terms
Part 2: Life Insurance Basics
Insurable Interest
True or False... In life insurance, insur…
True or False... Once a life insurance po…
A valid insurable interest may exist b…
To purchase insurance, the policy owner must face the possibi…
True
True
1. Policy owner's own life... 2. The life of a family member - a…
Insurable Interest
To purchase insurance, the policy owner must face the possibi…
True or False... In life insurance, insur…
True
Life Insurance Study Day 6
A condition that could result in a los…
An insurer is responsible for all acts…
Parties to a contract must have legal…
A proposal communicated from one party…
EXPOSURE.
SCOPE OF THEIR AUTHORITY
SANE
OFFER.
A condition that could result in a los…
EXPOSURE.
An insurer is responsible for all acts…
SCOPE OF THEIR AUTHORITY
Life Insurance
How does a continuous premium whole li…
What type of premiums are associated w…
Taxable income may be the result from…
What kind of life insurance policy all…
A. The time period in which premiums will be paid
A. Level premiums
C. The policy is surrendered for less than what was paid into…
A. Variable universal life
How does a continuous premium whole li…
A. The time period in which premiums will be paid
What type of premiums are associated w…
A. Level premiums
100 terms
Life Insurance
M purchased an Accidental Death and Di…
T and S are named co-primary beneficia…
A policyowner would like to change the…
A policyowner's rights are limited und…
Revocable
0
Irrevocable
Irrevocable
M purchased an Accidental Death and Di…
Revocable
T and S are named co-primary beneficia…
0
Life Insurance
Which of the following policies would…
Life paid up at 65 means?... A.) The ins…
After the first 20 years of premium pa…
An insured has a $10,000 whole life po…
A.) 20 pay life
D.) Premiums cease at age 65 and the policy matures as a livi…
A.) 20 year term
C.) $7,000 less any unpaid interest
Which of the following policies would…
A.) 20 pay life
Life paid up at 65 means?... A.) The ins…
D.) Premiums cease at age 65 and the policy matures as a livi…
7 terms
Life Insurance
Term Insurance
Ordinary Life Insurance
Variable Life Insurance
Universal Life Insurance
Death Benefit Paid: Level or Decreasing... CV: No Cash Value... Pre…
Death Benefit Paid: Level... CV: Guaranteed... Premiums Paid: Level…
Death Benefit Paid: Guaranteed min. death benefit plus increa…
Death Benefit Paid: Level or Increasing... CV: Guaranteed Min. I…
Term Insurance
Death Benefit Paid: Level or Decreasing... CV: No Cash Value... Pre…
Ordinary Life Insurance
Death Benefit Paid: Level... CV: Guaranteed... Premiums Paid: Level…
Life insurance exam
life insurance
insurance
indemnify
insured
insurance that pays to a named beneficiary or the deceased's…
content that indemnifies another against loss, damage, liab a…
make a person whole by restoring that person to the same fina…
policy owner
life insurance
insurance that pays to a named beneficiary or the deceased's…
insurance
content that indemnifies another against loss, damage, liab a…
Life Insurance
What frequency and severity is life in…
what does life insurance do in case of…
Beneficiary
Cash value
High severity... Low frequency
when contract in place, insurance company takes care their fa…
The recipient of benefits in the event of the death of the in…
The total account value that is available to the policy owner…
What frequency and severity is life in…
High severity... Low frequency
what does life insurance do in case of…
when contract in place, insurance company takes care their fa…
33 terms
Life Insurance
INTRODUCTION... (Why I am here!)... 1. So y…
a. Designate beneficiary, activate dis…
NO COST BENEFITS... AD&D: Accidental Dea…
Plug for Option B Benefits... 1. Now I kn…
...
...
...
...
INTRODUCTION... (Why I am here!)... 1. So y…
...
a. Designate beneficiary, activate dis…
...
6 terms
Life insurance
Life insurance
Life insurance provides coverage for a…
Who receives the value of the policy i…
Beneficiary
Protects your dependents if you die
Set
The beneficiary
Those who receive your money and assets after you pass away... N…
Life insurance
Protects your dependents if you die
Life insurance provides coverage for a…
Set
41 terms
Life Insurance
one million
12
risk (if you have a financial interest…
Risk Aversion Theory
Over _____________ people are employed by 35,000 insurance co…
almost 1 out of _____ dollars spent in the US economy goes to…
uncertainty with respect to economic loss
says that rational people will try to reduce or avoid risk an…
one million
Over _____________ people are employed by 35,000 insurance co…
12
almost 1 out of _____ dollars spent in the US economy goes to…
Life Insurance
Who does it protect
beneficiary
Why buy life insurance?
insurance companies want to enroll ___…
your family (ensures that they will be able to live)
the people who depend on your income (they are designated to…
-to provide immediate cash to pay for a funeral... -to provide f…
low risk
Who does it protect
your family (ensures that they will be able to live)
beneficiary
the people who depend on your income (they are designated to…
32 terms
Life Insurance
What is the underlying concept regardi…
Which of these terms accurately define…
Which of these actions should a produc…
An individual who purchases a Life ann…
"The early years are charged more than what is needed". The c…
"Risk classification". Underwriting, another term for risk se…
"Inform insurer of relevant information not included on the a…
"the risk of living longer than expected". A Life annuity off…
What is the underlying concept regardi…
"The early years are charged more than what is needed". The c…
Which of these terms accurately define…
"Risk classification". Underwriting, another term for risk se…
12 terms
Life Insurance
Universal Life
1) The liquidation of principal and in…
Purpose of the entire contract clause
What is a non-forfeiture option that p…
A life insurance policy that combines term insurance protecti…
An annuity is designed to provide which of the following fina…
Limit the policy to the contract plus the application, if att…
Reduced paid-up
Universal Life
A life insurance policy that combines term insurance protecti…
1) The liquidation of principal and in…
An annuity is designed to provide which of the following fina…
70 terms
Life Insurance
Name the 2 types of Insurance Company
What is the meaning of Multi-line Insu…
What are Commercial Insurers?
Name the 2 types of Commercial Insurers?
A. Multi-line Insurer... B. Commercial Insurers
Sells more than one line of insurance
Sells insurance for a profit
A. Stock Companies... B. Mutual Companies
Name the 2 types of Insurance Company
A. Multi-line Insurer... B. Commercial Insurers
What is the meaning of Multi-line Insu…
Sells more than one line of insurance
Life insurance Massachusetts
Hazards
Apparent authority
Mutual
MIB
Gives rise to a peril. There are 3 kinds: moral, morale and p…
The appearance of a relationship between the agent and princi…
Owned by policy owners... Pay dividends to policyholders which a…
A source of medical information to alert insurers to adverse…
Hazards
Gives rise to a peril. There are 3 kinds: moral, morale and p…
Apparent authority
The appearance of a relationship between the agent and princi…
343 terms
Life & Health Insurance
In insurance, a type of risk that invo…
A hurricane is an example of a(n)
Which of the following is an example o…
Which of the following is defined as i…
speculative risk: Speculative risk is risk that may result in…
Peril: A hurricane is an example of a peril. A peril is a con…
the loss of life: The loss of a life is a good example of pur…
Hazard: A hazard does indeed increase the number of, or the s…
In insurance, a type of risk that invo…
speculative risk: Speculative risk is risk that may result in…
A hurricane is an example of a(n)
Peril: A hurricane is an example of a peril. A peril is a con…
38 terms
Chapter 12: Life Insurance
nonparticipating policies
participating policy
whole life policy
cash value
Life insurance that does not provide policy dividends; also c…
Life insurance that provides policy dividends; also called pa…
An insurance plan in which the policyholder pays a specific p…
The amount received after giving up a life insurance policy.
nonparticipating policies
Life insurance that does not provide policy dividends; also c…
participating policy
Life insurance that provides policy dividends; also called pa…
Life Insurance Study Day 3
Are annuities consider life insurance…
Are annuities consider life insurance…
How long can annuitants receive paymen…
Are the annuitant and the owner the sa…
They are settlement option created by life insurance companies
considered the exact opposite of life insurance.
In most cases annuitants can receive payments as long as they…
This is not always the case because the owner has all the rig…
Are annuities consider life insurance…
They are settlement option created by life insurance companies
Are annuities consider life insurance…
considered the exact opposite of life insurance.
234 terms
Arizona Life Insurance
Insurance
Indemnify
Policyowner
Premium
a contract that idemnifies another against loss, damage or li…
To make a person whole by restoring that person to the same f…
The insured
A set amount of money for the insurance
Insurance
a contract that idemnifies another against loss, damage or li…
Indemnify
To make a person whole by restoring that person to the same f…
158 terms
Life Insurance Exam
Upon completion of the application
Policyholders
Fair Credit Reporting Act
Independent Agent
At what point must a life insurance applicant be informed of…
Who elects the governing body of a mutual insurance company?
An insurance applicant MUST be informed of an investigation r…
Which of the following represents multiple companies?
Upon completion of the application
At what point must a life insurance applicant be informed of…
Policyholders
Who elects the governing body of a mutual insurance company?
147 terms
Life Insurance Policies
Describe three characteristics of Whol…
What is the minimum face amount of Who…
What are the two categories of Whole L…
What are the five categories of term i…
Permanent Coverage, Cash Reserves, and Endows at 100 years of…
$1,000
Traditional and Interest Sensitive Whole Life
(1) Renewable, (2) Convertible, (3) Decreasing , (4) Increasi…
Describe three characteristics of Whol…
Permanent Coverage, Cash Reserves, and Endows at 100 years of…
What is the minimum face amount of Who…
$1,000
147 terms
life insurance exam
The key factor of representation that…
The written instrument in which a cont…
What is the term for a sale campaign c…
What is reassurance
If the representation is false any marital point
A policy
Direct response
An agreement between Cedar and assuming insurer
The key factor of representation that…
If the representation is false any marital point
The written instrument in which a cont…
A policy
40 terms
Illinois Life Insurance
Whole Life
Proceeds
3 Common Characteristics of Whole Life…
Fixed Annuity
Can't out live coverage ... If you live past 100 you get the Dea…
The technical term for death benefit received by beneficiary…
1⃣Level (guaranteed cost) Premium- insured pays same premium…
A fixed annuity will guarantee a fixed income
Whole Life
Can't out live coverage ... If you live past 100 you get the Dea…
Proceeds
The technical term for death benefit received by beneficiary…
1_Intro to Life Insurance
the insurer that accepts the additiona…
The insurer that gives the risk to the…
Physical characteristics which raise t…
A cost-sharing mechanism between the i…
reinsurer
ceding company
physical hazard
coinsurance
the insurer that accepts the additiona…
reinsurer
The insurer that gives the risk to the…
ceding company
Life Insurance Study Day 4
What is a retirement plan that meets t…
Who enforces the Employees Retirement…
What does Vesting mean?
In terms of a qualified plan how are t…
Qualified Plan
The Federal Department of Labor
Ownership
Pre-tax basis by the employer and earn interest on a tax-defe…
What is a retirement plan that meets t…
Qualified Plan
Who enforces the Employees Retirement…
The Federal Department of Labor
255 terms
Life and Health Insurance Terms
Life insurance policy
Valid life insurance contracts must id…
Insurable interest
Indemnify
Written contract to transfer risk of premature death from one…
1: parties to contract; 2: insured party or life; 3: insurabl…
Financial interest in insured party that must exist @ time of…
To "make whole again" w/out benefit or detriment; neither mon…
Life insurance policy
Written contract to transfer risk of premature death from one…
Valid life insurance contracts must id…
1: parties to contract; 2: insured party or life; 3: insurabl…
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