How can we help?

You can also find more resources in our Help Center.

Study sets matching "life insurance"

Study sets
Classes
Users

Study sets matching "life insurance"

13 terms
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…
20 terms
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…
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…
25 terms
Life Insurance
Simple IRA: Who contributes?
Simple IRA: Employer Funding Mandatory?
Simple IRA: Max Contribution by employ…
Simple IRA: Employer funding amounts?
Employer & Employee
Yes
$12,500
3% of compensation match OR 2% of compensation flat
Simple IRA: Who contributes?
Employer & Employee
Simple IRA: Employer Funding Mandatory?
Yes
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…
211 terms
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.
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?
104 terms
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
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
58 terms
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
82 terms
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
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…
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…
51 terms
Life and Health Insurance
What are the stages of the financial l…
Actuaries
Deductible
Patient Protection and Affordable Care…
Stage 1: Securing Basics ... Stage 2: Financial Foundation ... Stag…
statisticians who specialize in estimating the probability of…
the amount that you are responsible for paying before insuran…
signed into law in 2010 and put in place comprehensive health…
What are the stages of the financial l…
Stage 1: Securing Basics ... Stage 2: Financial Foundation ... Stag…
Actuaries
statisticians who specialize in estimating the probability of…
39 terms
Life Insurance Test TIPS
No
Never
No
Yes, as a business expense
Are premiums paid on individual polices tax deductible?
When are life insurance proceeds paid to the beneficiary on a…
On a group policy, is the portion paid by the employee (the i…
On a group policy, is the portion paid by the employer (the p…
No
Are premiums paid on individual polices tax deductible?
Never
When are life insurance proceeds paid to the beneficiary on a…
49 terms
Insurance Chapter 11 - Life Insurance
Premature death
Reasons that the United States has a s…
two approaches to estimate the amount…
human life value
the death of an adult family member (head of household) with…
obesity and chronic diseases associated with it; sedentary li…
the human life value approach; the needs approach
the present value of the family's share of the deceased's fut…
Premature death
the death of an adult family member (head of household) with…
Reasons that the United States has a s…
obesity and chronic diseases associated with it; sedentary li…
17 terms
life insurance basic insurance concepts
insurance
risk
person
examples of persons
transfer of financial responsibility associated with a potent…
potential of loss
a legal entity which acts on behalf of itself
individuals, associations, organizations, corporations, partn…
insurance
transfer of financial responsibility associated with a potent…
risk
potential of loss
119 terms
Life Insurances
In group insurance the policy owner, w…
Partial surrenders are usually allowed…
In a traditional whole life policy pre…
Conversely, in a limited pay policy,
issued the master policy.
annuities, universal life and variable life policies.
the insured dies or hits age 120.
the premiums are paid for a shorter period of time.
In group insurance the policy owner, w…
issued the master policy.
Partial surrenders are usually allowed…
annuities, universal life and variable life policies.
37 terms
Uses of Life Insurance
A partnership buy-sell agreement in wh…
What is the tax advantage of key-perso…
When calculating the amount of life in…
Life insurance can be used in business…
cross purchase plan ... (Under a cross purchase plan, the partne…
Death proceeds are nontaxable
The family's financial objectives if the income earner were t…
as a profit sharing plan
A partnership buy-sell agreement in wh…
cross purchase plan ... (Under a cross purchase plan, the partne…
What is the tax advantage of key-perso…
Death proceeds are nontaxable
58 terms
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
122 terms
Life Insurance Exam (Texas)
Insurance ... (General concept)
insurable interest ... (General Concept)
Solicitation and sales presentation
Underwriting (Field underwriting (by a…
- transfers the risk of loss from an individual to an insurer…
- must exist at the time of the application ... - insuring one's…
- illustration- presentation of nonguaranteed elements... - buye…
- application completed and signed ... - agent's report: agent's…
Insurance ... (General concept)
- transfers the risk of loss from an individual to an insurer…
insurable interest ... (General Concept)
- must exist at the time of the application ... - insuring one's…
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
122 terms
Texas Life Insurance exam
Who is considered a field underwriter?
When must insurable interest exist in…
If no receipt is issued at the time of…
The Medical Information Bureau is?(MIB)
An agent
Application or issue date
Policy delivery
a source of medical information to alert insurers to adverse…
Who is considered a field underwriter?
An agent
When must insurable interest exist in…
Application or issue date
39 terms
Group Life Insurance
A method of marketing group benefits t…
Under a group life policy, the insurer…
What are blanket life policies?... Polici…
Which of the following makes a group l…
MET ... (A method of marketing group benefits to employers who h…
certificate
Policies that cover a group of people exposed to a common haz…
Lower premiums ... (The primary reason for a group life plan hav…
A method of marketing group benefits t…
MET ... (A method of marketing group benefits to employers who h…
Under a group life policy, the insurer…
certificate
171 terms
Life, Accident, Health & Disability Insurance
Insurance
Insurance Interest
Foreign Insurance Company
Renewable Term Insurance
Transfers risk of loss from the insured to the company
Financial interest in having the life of the insured continued
An insurance company that is incorporated outside the state w…
Term insurance where the insured has the option of continuing…
Insurance
Transfers risk of loss from the insured to the company
Insurance Interest
Financial interest in having the life of the insured continued
45 terms
Life Insurance: Insurance Principles and Basic Law
Law of Large Numbers
Underwriter
Actuary
Adverse Selection
A mathematical principle that makes it possible to predict fu…
Their job is to protect against adverse selection; selects an…
The person who calculates the rates.
Waiting until you absolutely need something to purchase it.
Law of Large Numbers
A mathematical principle that makes it possible to predict fu…
Underwriter
Their job is to protect against adverse selection; selects an…
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…
101 terms
Life Insurance Terms and Questions
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
89 terms
Primerica-Life Insurance
Stranger-oriented life insurance polic…
Which is generally true regarding insu…
All of the following statements concer…
An insured receives a monthly summary…
d. insurable interest-STOLI purchaser doesn't know the insure…
b. their premiums are lower- the insured is in excellent phys…
c. the policy is owned by the company.
a. variable- life policies vary in value, as the name suggest…
Stranger-oriented life insurance polic…
d. insurable interest-STOLI purchaser doesn't know the insure…
Which is generally true regarding insu…
b. their premiums are lower- the insured is in excellent phys…
12 terms
Chapter 35 - Life and Health Insurance
life insurance
proceeds
beneficiary
cash-value insurance
Insurance that is paid to a person or people designated to re…
The value of an insurance policy (life insurance).
A survivor who receives part or all of the proceeds.
This type of permanent insurance provides both savings and de…
life insurance
Insurance that is paid to a person or people designated to re…
proceeds
The value of an insurance policy (life insurance).
110 terms
Life Insurance: Policy Flexibility
Par-contracts
Non-par contracts
Leave at Interest
Pre-pay premiums
Policies that pay dividends.
Policies that do not pay dividends.
Temporary arrangement for the insurer to hold the dividend un…
Reduce the next premium by the amount of the dividend.
Par-contracts
Policies that pay dividends.
Non-par contracts
Policies that do not pay dividends.
16 terms
Life Insurance Contracts
The Three Parties of a Contract
1) Ownership Clause
2) Entire Contract Clause
3) Incontestibility Clause
Insured Life, Policy Owner, Beneficiary
States beneficiaries, surrendering policy and settlement opti…
States specific policy and contract between parties involved
Insurer cannont contest policy after it is in effect for two…
The Three Parties of a Contract
Insured Life, Policy Owner, Beneficiary
1) Ownership Clause
States beneficiaries, surrendering policy and settlement opti…
112 terms
Life and Health Insurance Glossary
Absolute Assignment
Accumulation at Interest Option
Actuary
ADB
Assignment by the policy owner of all control and rights to a…
A dividend or settlement option under which the policyholder…
One concerned with the application of probability and statist…
Accidental Death Benefit, also known as Double or Triple Inde…
Absolute Assignment
Assignment by the policy owner of all control and rights to a…
Accumulation at Interest Option
A dividend or settlement option under which the policyholder…
33 terms
Life Insurance Premiums, Proceeds and Beneficiaries
Over the course of a year, which premi…
Sharon is the policyowner of a $50,000…
Level premium term life insurance poli…
Which settlement option involves havin…
Monthly
Irrevocable
have premiums that are averaged over the policy period
interest only
Over the course of a year, which premi…
Monthly
Sharon is the policyowner of a $50,000…
Irrevocable
21 terms
Risk and Insurance: Life insurance basics
Term insurance
whole life insurance
variable life
tax treatment
temporary, no cash value, death protection only, expires at s…
never expires/lifetime protection, cash value, level premium
a form of permanent, values fluctuate based on investment per…
premium- not deductible... death benefit- income tax free... cash v…
Term insurance
temporary, no cash value, death protection only, expires at s…
whole life insurance
never expires/lifetime protection, cash value, level premium
61 terms
Introduction to Life Insurance & Annuities
List family risk exposures related to…
List four closely held business risk e…
What is the general purpose of a buy-s…
What are the advantages and disadvanta…
- final expenses... - contingent liabilities... - dependent income…
- death of a partner or co-shareholder... - death of a key emplo…
A buy-sell agreement is often used to transfer the ownership…
List family risk exposures related to…
- final expenses... - contingent liabilities... - dependent income…
List four closely held business risk e…
- death of a partner or co-shareholder... - death of a key emplo…
22 terms
Life Insurance Policies - LIFE
Term insurance
3 basic term coverage available
Level Term Insurance
Annually renewable term
temporary protection bc it only provides coverage for a speci…
Level, Increasing and Decreasing
death benefit does not change through the life of the policy
death benefit remains level; guaranteed to renew without proo…
Term insurance
temporary protection bc it only provides coverage for a speci…
3 basic term coverage available
Level, Increasing and Decreasing
9 terms
Whole life insurance
Permanent
Whole life insurance
Basic forms of whole life
Ordinary straight life
A general term for various life policies that build cash valu…
Provides a lifetime protection with a cash value element that…
1. Straight life... 2. Limited-pay... 3. Single premium ... Combinati…
Policyowner pays premium from the time is issued until death…
Permanent
A general term for various life policies that build cash valu…
Whole life insurance
Provides a lifetime protection with a cash value element that…
41 terms
Types of Individual Life Insurance
Another name for Term Life insurance i…
Another name for Death Benefit is...
What are the basic types of Term Life…
What are the basic types of Level Term…
Pure Death Protection
Face Value
1. Level... 2. Decreasing... 3. Increasing
1. Level Premium... 2. Annual Renewable Term
Another name for Term Life insurance i…
Pure Death Protection
Another name for Death Benefit is...
Face Value
14 terms
Unit 7: Life Insurance
Actuaries
Annuities
Beneficiaries
Cash Value
Mathematicians employed by insurers to collect and analyze ri…
A contract which protects against the risk of living longer t…
The named individuals or entities designated by the policyown…
A type of life insurance policy that pays out upon the policy…
Actuaries
Mathematicians employed by insurers to collect and analyze ri…
Annuities
A contract which protects against the risk of living longer t…
10 terms
Types of Life Insurance
Group
Individual
Ordinary
Industrial
1. One Master Policy... 2. Policy Owned by Organization... 3. Indiv…
1. Single owner owns the policy on the insured and possibly a…
1. Individual coverage in a variety of term or permanent plan…
1. Industrial coverage in small amounts... 2. No medical exam to…
Group
1. One Master Policy... 2. Policy Owned by Organization... 3. Indiv…
Individual
1. Single owner owns the policy on the insured and possibly a…
436 terms
Insurance - Wisconsin Health and Life
Accident
Accident Insurance
Accidental Bodily Injury
Accidental Death and Dismemberment
An unplanned, unforeseen event which occurs suddenly and at a…
A type of insurance that protects the insured against loss du…
Unplanned, unforeseen traumatic injury to the body.
An insurance policy which pays a specified amount or a specif…
Accident
An unplanned, unforeseen event which occurs suddenly and at a…
Accident Insurance
A type of insurance that protects the insured against loss du…
Classification of Life Insurance: Term Insurance
Term Insurance
Basic characteristics
Basic Types: Expiration Protection
Basic Types: Variability of face amount
Covers you for a limited time
Temporary... No cash values
•Straight, renewable, convertible, reentry
•Level, decreasing, increasing (return of premium)... •Ex. Face…
Term Insurance
Covers you for a limited time
Basic characteristics
Temporary... No cash values
102 terms
Life Insurance Vocabulary
Morbidity Table (發病率表)
Insurable Interest (可保利益)
Contract (合同)
Valid Contract(有效合同)
The table that shows the average number of sickness or accide…
Financial interest in having the life of the insured continue…
An agreement that outlines the rights and responsibilities of…
A insurance contract has 4 requirements(保險合同有4個要求):... i. mutual…
Morbidity Table (發病率表)
The table that shows the average number of sickness or accide…
Insurable Interest (可保利益)
Financial interest in having the life of the insured continue…
23 terms
Whole Life Insurance
whole life insurance
two features
various types differ
ordinary (straight) life insurance
In contrast to term insurance, with its three basic forms, th…
It provides guaranteed death benefit protection for the insur…
While all forms of whole life have these two guaranteed featu…
The most basic type of whole life insurance is called either…
whole life insurance
In contrast to term insurance, with its three basic forms, th…
two features
It provides guaranteed death benefit protection for the insur…
19 terms
Life insurance (Term Life)
What is Term Life Insurance?
Term LI Premium
What does Term Life Ins. create when u…
Life Insurance Advantages
Death Benefit if insured dies during term period... Pure Life In…
Initial Term premium much less than permanent LI premium
Instant Estate such as family income for spouse/children, deb…
Face amount paid immediately at death... Death benefit is income…
What is Term Life Insurance?
Death Benefit if insured dies during term period... Pure Life In…
Term LI Premium
Initial Term premium much less than permanent LI premium
12 terms
Life insurance vocab
Health Insurance
Coverage
Insured
Premium
A type of insurance coverage that pays for medical and surgic…
specific services paid for by the insurance company
Person (or persons) whose costs are covered by an insurance p…
amount paid for insurance coverage (not for any specific medi…
Health Insurance
A type of insurance coverage that pays for medical and surgic…
Coverage
specific services paid for by the insurance company
14 terms
Life Insurance (Whole Life)
What is Whole Life Insurance?
DB and Level Annual Premium
When is Whole Life best?
Whole Life CV
Aka Ordinary Life... Protection for Life... Level Premiums... Level DB…
DB for life... Premiums reflect current mortality, expense and i…
Long term needs for death protection (Funeral, probate, & est…
Tax deferred... No market risk (Current Interest paid on current…
What is Whole Life Insurance?
Aka Ordinary Life... Protection for Life... Level Premiums... Level DB…
DB and Level Annual Premium
DB for life... Premiums reflect current mortality, expense and i…
5 of 10