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Study sets matching "life insurance"

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Study sets matching "life insurance"

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…
198 terms
Indiana Life Insurance Exam
Which of the following is NOT a charac…
Under a Whole Life Policy, what might…
All of the following policies provide…
All of the following are true statemen…
D. It provides for a tax-free death benefit.
The insured's suicide during the suicide period as designated…
D. Term Life
A. Policy loans are taxed as ordinary income
Which of the following is NOT a charac…
D. It provides for a tax-free death benefit.
Under a Whole Life Policy, what might…
The insured's suicide during the suicide period as designated…
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…
14 terms
Life insurers
What is disintermediation
What is the variable universal model
What are life insurers viewed as?
What is the level of risk tolerance of…
When rates go higher than credited rates and participants tak…
1) Response to disintermediation... 2) Allows the combination of…
Quasi Trust Funds
Low
What is disintermediation
When rates go higher than credited rates and participants tak…
What is the variable universal model
1) Response to disintermediation... 2) Allows the combination of…
50 terms
Life insurance ch 4
Term Life
Term life
Term Life
Permanent Life insurance
Type of life insurance that is temporary
provides "pure death protection"
Type of life insurance that carries no cash value or other li…
Life insurance that builds cash value and remain in effect fo…
Term Life
Type of life insurance that is temporary
Term life
provides "pure death protection"
25 terms
LIFE INSURE
1. After a group life master policy ha…
2. If each partner purchases policies…
3. When does a tertiary beneficiary co…
4. The primary insurance amount (PIA)…
A. AIt may cancel the insurance of any group members who have…
A. Entity plan... B. Cross purchase plan... C. Partnership plan... D.…
A. When the primary beneficiary dies... B. When the secondary be…
A. 1/2 worker's retirement at 62... B. 1/2 worker's retirement a…
1. After a group life master policy ha…
A. AIt may cancel the insurance of any group members who have…
2. If each partner purchases policies…
A. Entity plan... B. Cross purchase plan... C. Partnership plan... D.…
71 terms
Intro to Insurance, Legal Nature of Insurance, & Life Insurance
Deductible
Exclusions
Riders & Endorsements
Risk Management Process (6 steps)
A stated amount of money the insured is required to pay on a…
- Outline the perils that are not covered in a policy... - Examp…
- Used interchangeably... - Describe written additions to an ins…
1. Determine the objectives of the risk mgmt process... 2. Ident…
Deductible
A stated amount of money the insured is required to pay on a…
Exclusions
- Outline the perils that are not covered in a policy... - Examp…
Life Insurance Terms
Life Insurance
Permanent life
Term life
Supplemental Insurance
helps protect your family against the loss of your income whe…
insurance provides coverage throughout the insured's lifetime…
insurance provides coverage only for a specified period of ti…
Insurance policies may also include additional coverages, or…
Life Insurance
helps protect your family against the loss of your income whe…
Permanent life
insurance provides coverage throughout the insured's lifetime…
10 terms
Term Life Insurance
Term Insurance
Pure Death Protection
Types of Term Coverage
Level Term Insurance
-Defined as temporary protection, because it only provides co…
-if the insured dies during this term, the policy pays the de…
1. Level... 2. Increasing... 3. Decreasing... -no matter which type i…
-most common type of temporary protection purchased... -"level"…
Term Insurance
-Defined as temporary protection, because it only provides co…
Pure Death Protection
-if the insured dies during this term, the policy pays the de…
79 terms
Amount of Life Insurance to Own
Human Life Value Approach
Human Life Value Calculations
Advantage of Human Life Value
Limitations of Human Life Value
Human life value can be defined as the present value of the f…
1. Estimate average annual earnings over an individual's prod…
Crudely measures the economic value of a human life
1. Other sources of income are ignored (Social Security survi…
Human Life Value Approach
Human life value can be defined as the present value of the f…
Human Life Value Calculations
1. Estimate average annual earnings over an individual's prod…
34 terms
LIFE INSURANCE POLICIES
Life insurers issue three basic kinds
Ordinary Insurance
Industrial Insurance
Group Insurance
1. Ordinary... 2. Group... 3. Industrial
Ordinary Insurance includes all types of temporary or term in…
Industrial Insurance is marketed today in rather small face a…
Group provides insurance for a number of individuals under on…
Life insurers issue three basic kinds
1. Ordinary... 2. Group... 3. Industrial
Ordinary Insurance
Ordinary Insurance includes all types of temporary or term in…
53 terms
Life Insurance: Annuities
True or False: most annuities have an…
True or False: an annuity contract tha…
True or False: an annuity contract whe…
Does a fixed annuity have a guaranteed…
True
False
False
Yes
True or False: most annuities have an…
True
True or False: an annuity contract tha…
False
34 terms
Life Insurance Test 2
Unbundled
Flexible Premium
Adjustable death benefit
Death Benefit Option A - Level death b…
policy cash value and pure insurance protection costs are sho…
-the policyowner is permitted to select whatever premium he/s…
-permits the policyowner to raise or lower death benefirt... -in…
the death benefit increases during the later years of the pol…
Unbundled
policy cash value and pure insurance protection costs are sho…
Flexible Premium
-the policyowner is permitted to select whatever premium he/s…
23 terms
Life Insurance Policies
Characteristics of term life insurance?
What is annually renewable term (ART)…
How does continuous premium straight l…
Which features of an adjustable life p…
provides temporary, pure death protection, with no cash value
ART is the purest form of term insurance in which death benef…
Premiums for straight life will be spread over the insured's…
The premium or the premium paying period, the face amount, an…
Characteristics of term life insurance?
provides temporary, pure death protection, with no cash value
What is annually renewable term (ART)…
ART is the purest form of term insurance in which death benef…
22 terms
Life and Health Insurance and Annuities
Who elects the governing body of a mut…
Which of these describe a participatin…
The stated amount or percent of liquid…
An insurance applicant MUST be informe…
Policyholders
Policyowners are entitled to receive dividends"
reserves
Fair Credit Reporting Act
Who elects the governing body of a mut…
Policyholders
Which of these describe a participatin…
Policyowners are entitled to receive dividends"
37 terms
Life insurance Chapter 10
Riders
a Waiver
Types of Riders
Accidental Death( double indemnity)
are special policy provisions that attach to the policy, or "…
A waiver is a type of rider that is used to exclude benefits…
Cost of Living... Additional Insured... Return of Premium... Return of…
benefit is sometimes referred to as double indemnity because…
Riders
are special policy provisions that attach to the policy, or "…
a Waiver
A waiver is a type of rider that is used to exclude benefits…
33 terms
Insurance Life Insurance Contract B
reinstatement provision
entire contract provision
incontestability clause
suicide clause
spells out requirements that must be satisfied for insurer to…
says that a copy of the application must be made part of the…
waives the insurance company's rights to dispute the validity…
limits insurance company's liability to a refund of premium i…
reinstatement provision
spells out requirements that must be satisfied for insurer to…
entire contract provision
says that a copy of the application must be made part of the…
Insurance - Florida Statutes/Rules/Regulations for Life Insurance
Florida Life Insurance Solicitation Law
Florida Replacement Rule
Code of Ethics of the Florida Associat…
Disclosure Statement
This spells out the information and procedures required of ag…
This sets forth the requirements and procedures to be followe…
This establishes a broad outline defining appropriate and ina…
This is a written statement that provides basic info about th…
Florida Life Insurance Solicitation Law
This spells out the information and procedures required of ag…
Florida Replacement Rule
This sets forth the requirements and procedures to be followe…
103 terms
Life Insurance Definitions
Life Insurance Flash cards
1. Replacing on life contract with ano…
2. A type of risk that involves the ch…
3. Beneficiary whose interest can be r…
...
Twisting
Speculative risk
Revocable beneficiary
Life Insurance Flash cards
...
1. Replacing on life contract with ano…
Twisting
33 terms
Ch. 11 Life Insurance
premature death
human life value
estate clearance fund
readjustment period
the death of a family head with outstanding unfulfilled finan…
the present value of the family's share of the deceased bread…
cleanup fund is needed immediately when the family head dies
a one or two year period following the breadwinner's death
premature death
the death of a family head with outstanding unfulfilled finan…
human life value
the present value of the family's share of the deceased bread…
14 terms
Term Life Insurance
Term Life Insurance
Level Term Insurance
Level Premium Term
Renewable Term
is the most basic form of life insurance. Term life insurance…
The most popular form of term life insurance is level term. L…
Regardless of their term of coverage, all level term life ins…
Two optional features common to level term insurance contract…
Term Life Insurance
is the most basic form of life insurance. Term life insurance…
Level Term Insurance
The most popular form of term life insurance is level term. L…
121 terms
Prelicense premade life insurance
Family Income Life Policy and Family M…
Irrevocable Beneficiary
Nonqualified Retirement Plan
Fixed Life Insurance
These two types of specialized life insurance policies are si…
This beneficiary designation cannot be changed by the policyo…
An employer-sponsored retirement plan that does not meet the…
A form of permanent life insurance that features a guaranteed…
Family Income Life Policy and Family M…
These two types of specialized life insurance policies are si…
Irrevocable Beneficiary
This beneficiary designation cannot be changed by the policyo…
23 terms
Life 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 & statistic…
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…
19 terms
Universal Life Insurance
Universal Life Basics
Death Benefit Option A
Death Benefit Option B
CQ: All Universal Life premiums flow f…
-Permanent life insurance... -Flexible premium... -Current assumpti…
Cash value increases as protection decreases
Level protection as cash value increases
Cash value account
Universal Life Basics
-Permanent life insurance... -Flexible premium... -Current assumpti…
Death Benefit Option A
Cash value increases as protection decreases
577 terms
Tennessee Life Insurance Terms
401(k) plan
403(b) plan
457 plan
7-pay test
One of the most popular types of qualified employer plans. 40…
A retirement plan reserved for non-profit organizations and t…
Qualified retirement plans reserved for employees of state an…
To be considered a life insurance policy, the policy must mee…
401(k) plan
One of the most popular types of qualified employer plans. 40…
403(b) plan
A retirement plan reserved for non-profit organizations and t…
14 terms
Life Insurance Vocabulary @Verticalhunger
Premium
Claim
Policy
Death Benefit
the price of insurance protection for a specified risk for a…
A demand made by the insured,or beneficiary, for payments of…
The writer contract effecting insurance, or the certificate o…
The limit of insurance of the amount of benefit that will be…
Premium
the price of insurance protection for a specified risk for a…
Claim
A demand made by the insured,or beneficiary, for payments of…
12 terms
Life and Health Insurance
life insurance
proceeds
beneficiary
cash-value insurance
insurance paid to a person or people designated to receive th…
when the policyholder dies the insurance company pays the sur…
who is a survivor, is someone who receives part or all of the…
provides both savings and death benefits
life insurance
insurance paid to a person or people designated to receive th…
proceeds
when the policyholder dies the insurance company pays the sur…
9 terms
Life & Health Insurance
beneficiary
cash value
co-payment
deductible
(n) one who benefits from something; a person who is left mon…
The amount of money saved in a whole life policy that the pol…
a small fixed fee paid by the patient at the time of an offic…
A certain amount of money that the patient must pay each year…
beneficiary
(n) one who benefits from something; a person who is left mon…
cash value
The amount of money saved in a whole life policy that the pol…
79 terms
Life Insurance: Basics of Life Insurance (9 questions)
Purpose of Insurance
For test purposes, insurance is define…
Parties to and Insurance Policy
Insured
To spread risk among others and is intended to provide a prac…
A social device for handling risk by transferring it to the i…
1. Insured... 2. Owner... 3. Insurer... 4. Beneficiary
the insured is the person whose life is covered by the policy
Purpose of Insurance
To spread risk among others and is intended to provide a prac…
For test purposes, insurance is define…
A social device for handling risk by transferring it to the i…
11 terms
Life Insurance Vocabulary
Beneficiary
Cash surrender value
Claim
Death benefit
The person named in a life insurance policy as the recipient…
The amount of money available upon the policy owner's termina…
The demand made by an individual to recover losses covered by…
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 of money available upon the policy owner's termina…
34 terms
Selling Life Insurance
Key Person
Executive Bonus Plan
Deferred Compensation
Sole Proprietorship
Life insurance that is used to protect a business from the fi…
Company pays life insurance premiums as taxable income.
Arrangement where an employee agrees to accept some income at…
An unincorporated form of business where an individual owns a…
Key Person
Life insurance that is used to protect a business from the fi…
Executive Bonus Plan
Company pays life insurance premiums as taxable income.
46 terms
Life Insurance Exam 2
Which of the following would an agent…
It is a federal offense for an insuran…
How often must an insurer file the nat…
When are parties to a contract require…
A misdemeanor
Misrepresent facts on an insurance application
Annually
Never
Which of the following would an agent…
A misdemeanor
It is a federal offense for an insuran…
Misrepresent facts on an insurance application
21 terms
Insurance Whole Life
Whole Life Insurance
Death Benefit and Level Premium
Premiums
Level Death Benefit
Also Ordinary Life Insurance... Protection for life... Level premiu…
Death benefit for life, level annual premiums
Current assumption premiums: Current mortality, expense, and…
As you increase in age, probability of death increases
Whole Life Insurance
Also Ordinary Life Insurance... Protection for life... Level premiu…
Death Benefit and Level Premium
Death benefit for life, level annual premiums
89 terms
Chapter 2 - Life Insurance
Applicant
Application
Beneficiary
Insurable Interest
A person making application for himself/herself or another to…
A written formal request by an applicant to an insurer reques…
One or more "parties" named in the policy to receive the poli…
The relationship that must exist between the applicant and in…
Applicant
A person making application for himself/herself or another to…
Application
A written formal request by an applicant to an insurer reques…
69 terms
life insurance test
Waiver of Premium
accidental death and dismemberment
eligibilty/enrollment period
employee retirement income security ac…
allows for the waiver of premium payments in the event of the…
a type of life and health insurance which pays a lump-sum ben…
used in life and health group benefits. period of time an emp…
federal law that outlines plan description and benefits for p…
Waiver of Premium
allows for the waiver of premium payments in the event of the…
accidental death and dismemberment
a type of life and health insurance which pays a lump-sum ben…
269 terms
Life Insurance Terms
Accelerated Benefits
Accident Insurance
Accidental Bodily Injury
Accidental Death and Dismemberment
Riders on life policies which allow death benefits for nursin…
A type of insurance which protects against loss due to bodily…
Unforeseen traumatic injury to the body
A policy which pays a specified amount if the insured dies, l…
Accelerated Benefits
Riders on life policies which allow death benefits for nursin…
Accident Insurance
A type of insurance which protects against loss due to bodily…
20 terms
Life Insurance Ch 3
Life Insurance
Individuals or businesses
Survivor Protection
Estate Creation
Protects against financial loss associated with an insured's…
the two parties that may purchase life insurance
the personal use of life insurance to protect family members…
the personal use of life insurance that may create an estate…
Life Insurance
Protects against financial loss associated with an insured's…
Individuals or businesses
the two parties that may purchase life insurance
CH 11 Life Insurance
Defined as the death of a family head…
Three approaches can be used to estima…
Defined as the present value of the fa…
Human life value can be calculated by…
Premature Death
1. Human life value approach... 2. Needs approach... 3. Capital ret…
Human life value
1. Estimate the individual's average annual earnings over his…
Defined as the death of a family head…
Premature Death
Three approaches can be used to estima…
1. Human life value approach... 2. Needs approach... 3. Capital ret…
13 terms
Group life insurance
Group life insurance
Characteristics and features of group…
Sponser
Group insurance underwriting process a…
Group life is used to the sponsoring organization and covers…
Group life insurance is usually written for employees-employe…
Is the policyholder in a group life insurance
Group underwriting is based on the group characteristics and…
Group life insurance
Group life is used to the sponsoring organization and covers…
Characteristics and features of group…
Group life insurance is usually written for employees-employe…
8 terms
The Life Insurance Selection Process
What are the life insurance selection…
Identify the factors that affect the l…
Identify the factors that affect the l…
Identify the factors that affect the l…
a. client profile... b. client goals and objectives... c. survivors…
If the individual has no dependents, no insurance may be need…
Are there sufficient financial resources available to avoid c…
A planner would ask similar questions to those asked in 5b.... T…
What are the life insurance selection…
a. client profile... b. client goals and objectives... c. survivors…
Identify the factors that affect the l…
If the individual has no dependents, no insurance may be need…
30 terms
Life & Health Insurance Study
Types of Policies
Term Policies
Types of Term Policies
Level Term
Temporary (Term)... Permanent (Whole Life)... All Life Products Of…
Pure Life Insurance... Temporary... Provides coverage for a speci…
3 Basic Types... *Premium is level during the term, death benefi…
- Most Common... - Death benefit doesn't change... - Renewable at a…
Types of Policies
Temporary (Term)... Permanent (Whole Life)... All Life Products Of…
Term Policies
Pure Life Insurance... Temporary... Provides coverage for a speci…
Classification of Life Insurance: Whole Life Insurance
Basic characteristics
Basic Types: Ordinary
Basic Types: Limited Payment
Basic Types: Single Payment
- Permanent... - Builds cash values - guaranteed, schedule when…
(continuous, premium, straight)
level premium for set amount of time, covers forever though
build cash value more rapidly
Basic characteristics
- Permanent... - Builds cash values - guaranteed, schedule when…
Basic Types: Ordinary
(continuous, premium, straight)
202 terms
Life Insurance PA
Risk
When you BUY or PURCHASE insurance,
If you do not buy Insurance you are co…
Since you did not transfer risk to the…
UNCERTAINTY OR CHANCE OF LOSS
you TRANSFER the risk
SELF INSURED
Risk Retention
Risk
UNCERTAINTY OR CHANCE OF LOSS
When you BUY or PURCHASE insurance,
you TRANSFER the risk
19 terms
Individual Life Insurance
Needs Analysis
Human Life Value
Term Insurance
Annual Renewable Term (ART)
Focuses on the income and cash of survivors needs that must b…
Individuals income earning ability... Present value of the inc…
Pays face amount of policy if insured dies during term (DEFIN…
-Renewable every year... -Premium higher every year (SUBSTANTIAL…
Needs Analysis
Focuses on the income and cash of survivors needs that must b…
Human Life Value
Individuals income earning ability... Present value of the inc…
18 terms
life insurance test 2
What is Term Life Insurance?
When is Term Insurance Indicated?
Life Insurance Advantages
Key Term Policy Provisions
Death benefit if insured dies during term period... Policy expir…
Maximum death benefit at minimum premium... Initial term premium…
Face amount paid immediately at death... Death benefit is income…
-Guaranteed maximum and current premiums... Renewable... -Re-entry…
What is Term Life Insurance?
Death benefit if insured dies during term period... Policy expir…
When is Term Insurance Indicated?
Maximum death benefit at minimum premium... Initial term premium…
30 terms
Insurance Life Basics
premium
what is life insurance
evidence of insurability
applicant
the money a policy owner pays to an insurer for the protectio…
a person has life insurance policy and when they die the deat…
any statement or proof of an insureds physical condition an/o…
applies for a policy on own life or on the life of another
premium
the money a policy owner pays to an insurer for the protectio…
what is life insurance
a person has life insurance policy and when they die the deat…
75 terms
Life Insurance Exam
Agent
Applicant or Proposed Insured
Beneficiary
Death benefit
individual who has entered into an independent contract or ag…
Person applying for insurance
person who receives the benefits of an insurance policy
amount paid upon the death of the insured in a life insurance…
Agent
individual who has entered into an independent contract or ag…
Applicant or Proposed Insured
Person applying for insurance
115 terms
Life insurance AZ
accelerated benefits
accidental death benefits
accidental death insurance
accumulation period
riders attached to life insurance policies that allow death b…
policy rider that states that the cause of death will be anal…
an insurance policy that provides payment if the insured's de…
the time before an annuitants retirement during which the ann…
accelerated benefits
riders attached to life insurance policies that allow death b…
accidental death benefits
policy rider that states that the cause of death will be anal…
254 terms
Life Insurance Exam
Risk... Pure Risk... Speculative Risk
Exposure
Hazards ... Physical... Moral... Morale
Peril
Risk: Uncertainty or chance of loss occurring... Pure Risk: Refe…
Unit of measure used to determine rates charged for coverage…
Conditions/situations that increase risk ... Physical: Character…
Cause of Loss like a fire ... EX: Life insurance insures against…
Risk... Pure Risk... Speculative Risk
Risk: Uncertainty or chance of loss occurring... Pure Risk: Refe…
Exposure
Unit of measure used to determine rates charged for coverage…
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