Study sets matching "terms assignment life insurance"

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Study sets matching "terms assignment life insurance"

51 terms
Assignment 6 - Life Insurance Policies Practice Exam
Which of the following is an example o…
Which policy provides the greatest amo…
All of the following are true about th…
A client pays $4,000 in premiums on hi…
Text Explanation: B... There are three basic types of life insu…
Text Explanation: D... If we had not mentioned cash accumulatio…
Text Explanation: C... Limited pay whole life (such as a 20 pay…
Text Explanation: D... When taking cash surrender the insured o…
Which of the following is an example o…
Text Explanation: B... There are three basic types of life insu…
Which policy provides the greatest amo…
Text Explanation: D... If we had not mentioned cash accumulatio…
51 terms
Assignment 6 - Life Insurance Policies Practice Exam
Which of the following is an example o…
Which policy provides the greatest amo…
All of the following are true about th…
A client pays $4,000 in premiums on hi…
Text Explanation: B... There are three basic types of life insu…
Text Explanation: D... If we had not mentioned cash accumulatio…
Text Explanation: C... Limited pay whole life (such as a 20 pay…
Text Explanation: D... When taking cash surrender the insured o…
Which of the following is an example o…
Text Explanation: B... There are three basic types of life insu…
Which policy provides the greatest amo…
Text Explanation: D... If we had not mentioned cash accumulatio…
51 terms
Assignment 6 - Life Insurance Policies Practice Exam
Which of the following is an example o…
Which policy provides the greatest amo…
All of the following are true about th…
A client pays $4,000 in premiums on hi…
Text Explanation: B... There are three basic types of life insu…
Text Explanation: D... If we had not mentioned cash accumulatio…
Text Explanation: C... Limited pay whole life (such as a 20 pay…
Text Explanation: D... When taking cash surrender the insured o…
Which of the following is an example o…
Text Explanation: B... There are three basic types of life insu…
Which policy provides the greatest amo…
Text Explanation: D... If we had not mentioned cash accumulatio…
44 terms
Life & Health Insurance Terms
A & H
Absolute Assignment
Accident
Accidental Death Insurance
Accident and Health
Assignment by the policy owner of all control and rights to a…
A fortuitous event, unforeseen and unintended
Form of health insurance that provides payment if death of in…
A & H
Accident and Health
Absolute Assignment
Assignment by the policy owner of all control and rights to a…
23 terms
Life Insurance Terms
Agent
Beneficiary
Death benefit
Estate
individual who represents an insurance company, also known as…
person who receives the benefits of an insurance policy
amount paid upon the death of the insured in a life insurance…
the assets and liabilities left by a person at death
Agent
individual who represents an insurance company, also known as…
Beneficiary
person who receives the benefits of an insurance policy
43 terms
INS 22 Assignment 9: Life Insurance Planning
Describe the costs associated with pre…
Describe the financial impact of the p…
Describe a "sandwiched" family
Needs approach
- lost income:decreased wage earner's income is lost... - final…
the financial impact of the premature death of either spouse…
members of a sandwiched generation include baby boomers, now…
method used to determine an adequate amount of life insurance…
Describe the costs associated with pre…
- lost income:decreased wage earner's income is lost... - final…
Describe the financial impact of the p…
the financial impact of the premature death of either spouse…
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
Assignment 6 - Life Insurance Policies Practice Exam
Which of the following is an example o…
Which policy provides the greatest amo…
All of the following are true about th…
A client pays $4,000 in premiums on hi…
Text Explanation: B... There are three basic types of life insu…
Text Explanation: D... If we had not mentioned cash accumulatio…
Text Explanation: C... Limited pay whole life (such as a 20 pay…
Text Explanation: D... When taking cash surrender the insured o…
Which of the following is an example o…
Text Explanation: B... There are three basic types of life insu…
Which policy provides the greatest amo…
Text Explanation: D... If we had not mentioned cash accumulatio…
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…
66 terms
Assignment 9 - Life insurance Policy Provisions Exam
The provision in a life insurance poli…
Upon your death, if your beneficiary c…
All of the following are true about th…
When an insured sells or assigns their…
Text Explanation: D... Automatic Premium Loan (APL) is a rider…
Text Explanation: B... Although the death benefit would not be…
Text Explanation: C... The right to apply for Reinstatement is…
Text Explanation: D... If you get a terminal illness, you may n…
The provision in a life insurance poli…
Text Explanation: D... Automatic Premium Loan (APL) is a rider…
Upon your death, if your beneficiary c…
Text Explanation: B... Although the death benefit would not be…
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
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
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…
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…
Term Life Insurance
General Characteristics of Term Life
Level Premium term
Annually Renewable Term
Decreasing Term
* Pure protection... * Lasts for specific term... * No cash value
Level death benefit (face amount) and level premium
* Renews each year without proof of insurability... * Premiums i…
Coverage gradually decreases at predetermined times; best use…
General Characteristics of Term Life
* Pure protection... * Lasts for specific term... * No cash value
Level Premium term
Level death benefit (face amount) and level premium
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…
Term Life Insurance
Term Insurance
Level Term Insurance
Level Premium Payment
Decreasing Term Insurance
Provides coverage for a stated period of time and has an expi…
The death benefit remains the same throughout the policy peri…
Premiums increase each year as the age of the insured increas…
Provides a death benefit that decreases gradually over the po…
Term Insurance
Provides coverage for a stated period of time and has an expi…
Level Term Insurance
The death benefit remains the same throughout the policy peri…
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…
10 terms
Set 1 Assignment 6 - Life Insurance Policies Practice Exam
All are true about a Limited Pay Whole…
On term life insurance, the re-entry o…
Which of the following is an example o…
A life insurance policy sold to each s…
D) The policy will read maturity at the end of the premium pa…
B) Being able to pass a physical exam
B) Life Paid-UP at age 65
C: Coverage only for whichever spouse dies first
All are true about a Limited Pay Whole…
D) The policy will read maturity at the end of the premium pa…
On term life insurance, the re-entry o…
B) Being able to pass a physical exam
17 terms
Life Insurance Terms (Thursday)
beneficiary
cash value
decreasing term insurance
dependent
person that receives the insurance benefits
amount of money payable if decided that insurance is no longe…
protection gradually becomes smaller, premiums remain the same
rely on another for financial support
beneficiary
person that receives the insurance benefits
cash value
amount of money payable if decided that insurance is no longe…
81 terms
Life Insurance Terms to Know
Agent/Producer
Applicant or proposed insured
Insurance policy
Insured
A legal representative of an insurance company; the classific…
A person applying for insurance.
A contract between a policyowner (and/or insured) and an insu…
The person covered by the insurance policy. This person may o…
Agent/Producer
A legal representative of an insurance company; the classific…
Applicant or proposed insured
A person applying for insurance.
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…
Term Life Insurance
Term Life Basics
Term vs. Life
Life Insurance Advantages
Key Term Policy Provisions
Death benefit if insured dies within period... Policy expires at…
Term initial premium much lower than life premium... Funding "Te…
-Face amount paid immediately @ death... -Death benefit is incom…
-Guaranteed maximum and current premiums... -Renewable... -Re-entry…
Term Life Basics
Death benefit if insured dies within period... Policy expires at…
Term vs. Life
Term initial premium much lower than life premium... Funding "Te…
288 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…
parties; insured party or life; insurable interest, if 3rd pa…
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…
parties; insured party or life; insurable interest, if 3rd pa…
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
148 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…
Term life insurance
Temporary coverage
Renewable term
Convertible term
Annual renewable term (ART)
For a specific period of term the term could be one year five…
Renewed at the end of the term without providing evidence of…
Maybe converted to a higher premium permanent policy at any t…
Least expensive type of term insurance term is one here every…
Temporary coverage
For a specific period of term the term could be one year five…
Renewable term
Renewed at the end of the term without providing evidence of…
8 terms
Term Life Insurance
Term Life Insurance
The three basic forms of Term Life Ins…
Level Term
Increasing Term
Provides a level amount of protection for a specified period,…
Level, Increasing, Decreasing
Provides a level amount of protection for a specified time. O…
Term insurance that provides a death benefit that increases a…
Term Life Insurance
Provides a level amount of protection for a specified period,…
The three basic forms of Term Life Ins…
Level, Increasing, Decreasing
72 terms
Life Insurance Terms
1099
Absolute Assignment
Accelerated Death Benefit (ADB)
Accidental Death Benefits
Form filed with IRS to report individual income.
Re-assignment of beneficiary and owner
Death benefits paid to a policy owner using strict guidelines…
Additional benefits paid to policy owner for death by acciden…
1099
Form filed with IRS to report individual income.
Absolute Assignment
Re-assignment of beneficiary and owner
LIFE INSURANCE POLICIES TERMS
D/B
THERE ARE 2 TYPES OF LEVEL TERM
MORALE-HAZARD
ANNUITIES- YOUR CLIENT IS PLANNING TO…
death benefits
1-art-annual renewable term. 2-death benefit remains level bu…
refers to an increase in the hazard presented by a risk, aris…
straight life
D/B
death benefits
THERE ARE 2 TYPES OF LEVEL TERM
1-art-annual renewable term. 2-death benefit remains level bu…
27 terms
Life Insurance Terms
Life Insurance
Insurable Interest
Valid Insurable Interest
Survivor Protection
Protects against financial loss associated with an insured's…
The policy owner must face the possibility of losing money or…
1. Policy owner's own life... 2. Life of a family member (spouse…
Can provide the necessary funds for the survivors of the insu…
Life Insurance
Protects against financial loss associated with an insured's…
Insurable Interest
The policy owner must face the possibility of losing money or…
Ohio Life Insurance Terms
Accelerated Benefits
Accidental Death Benefits
Accidental Death Insurance
Accumulation Period
- Riders attached to life insurance policies that allow death…
- A policy rider that states that the cause of death will be…
- An insurance policy that provides payment if the insured's…
- The time before an annuitant's retirement during which the…
Accelerated Benefits
- Riders attached to life insurance policies that allow death…
Accidental Death Benefits
- A policy rider that states that the cause of death will be…
65 terms
Life Insurance Terms
Pure Risk
speculative risk
Physical hazard
Moral hazard
only chance of loss, no possibility of gain
uncertainty of loss and gain (investing in stock market, gamb…
arise from material, structural, or operational features (sli…
arise from people's habits and values (filing a false claim)
Pure Risk
only chance of loss, no possibility of gain
speculative risk
uncertainty of loss and gain (investing in stock market, gamb…
232 terms
Life Insurance Terms
Accelerated benefits rider
Accident
Accidental Death and Dismemberment Ins…
Accidental Death Benefit
may be added to a life insurance policy that permits the poli…
an unforeseen, unintended, unexpected event, or fortuitous ev…
a form of insurance affording benefits in the event of accide…
a lump sum payment for loss of life due to an accident that w…
Accelerated benefits rider
may be added to a life insurance policy that permits the poli…
Accident
an unforeseen, unintended, unexpected event, or fortuitous ev…
9 terms
Insurance - Life Terms
Risk
Law of Large Numbers
Policyowner
Insured
Uncertainty of financial loss
The larger the size of the group the more accurately the expe…
...
...
Risk
Uncertainty of financial loss
Law of Large Numbers
The larger the size of the group the more accurately the expe…
21 terms
Life Insurance Terms VI
Increasing term policy
Continuous premium whole life
Limited payment whole life
Current assumption whole life policies…
Begin with little or no insurance protection and the face amo…
Stretch the premium payments over the whole life of the insur…
Allow the policyowner to pay for the entire policy in shorter…
Offer flexible premium payments that are tied to current inte…
Increasing term policy
Begin with little or no insurance protection and the face amo…
Continuous premium whole life
Stretch the premium payments over the whole life of the insur…
14 terms
Term Life Insurance
Annual renewable term insurance
Term Insurance
Premium changes annually
No
What is the cheapest term policy?
Sometimes what is defined as pure protection?
Why is annual term insurance cheaper?
Is annual renewable term life insurance available at advanced…
Annual renewable term insurance
What is the cheapest term policy?
Term Insurance
Sometimes what is defined as pure protection?
236 terms
Life and Health Insurance Terms II
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…
91 terms
Arkansas Life Insurance Exam Terms
Accelerated Benefits
Accidental Death Benefits
Accidental Death Insurance
Accumulation Period
Riders attached to life insurance policies which allow death…
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 which allow death…
Accidental Death Benefits
A policy rider that states that the cause of death will be an…
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…
parties; insured party or life; insurable interest, if 3rd pa…
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…
parties; insured party or life; insurable interest, if 3rd pa…
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…
Life Insurance Terms
Adverse selection
Agent/Producer
Applicant or proposed insured
Beneficiary
insuring of risks that are more prone to losses than the aver…
a legal rep of an insurance company.... -"producer" usually incl…
a person applying for insurance
a person who receives the benefits of an insurance policy
Adverse selection
insuring of risks that are more prone to losses than the aver…
Agent/Producer
a legal rep of an insurance company.... -"producer" usually incl…
Term Life Insurance
Renewability
Convertible term
Deposit term
Modified whole life
guaranteed renewable at stated rates until a certain age rega…
allows conversion to a cash value contract regardless of heal…
in exchange for a lower rate per $1,000 of coverage, the buye…
a policy that provides low premiums for the first few years (…
Renewability
guaranteed renewable at stated rates until a certain age rega…
Convertible term
allows conversion to a cash value contract regardless of heal…
13 terms
Life and Health Insurance Terms (B)
Backdating
Basic Medical Expense Policy
Beneficiary
Benefit
The practice of making a policy effective at an earlier date…
Health insurance policy that provides "first dollar" benefits…
a person who derives advantage from something, especially a t…
May be either money or a right to the policy owner upon the h…
Backdating
The practice of making a policy effective at an earlier date…
Basic Medical Expense Policy
Health insurance policy that provides "first dollar" benefits…
Term Life Insurance
temporary insurance
pure insurance
Term insurance is appropriate:
Disadvantages of term insurance are:
Whole life insurance is permanent insurance, as it is certain…
A term insurance policy is considered pure insurance, as it p…
when a policyowner wants the greatest amount of insurance for…
premiums that increase and become unaffordable in later years…
temporary insurance
Whole life insurance is permanent insurance, as it is certain…
pure insurance
A term insurance policy is considered pure insurance, as it p…
Life & Health Insurance Terms
Aleatory
Amount of Risk
ART
Annuity
Feature of insurance contracts in that there is an element of…
Difference between the face amount of the policy and the rese…
Form of Renewable term insurance that provides coverage for o…
Contract that provides a stipulated sum payable at certain re…
Aleatory
Feature of insurance contracts in that there is an element of…
Amount of Risk
Difference between the face amount of the policy and the rese…
1C Term Life Insurance
level term
decreasing term
increasing term
renewable term
issued for a fixed face amount... premiums are level for term o…
initial face amount declines... death benefit decreases... for ty…
begin with little or no insurance protection... face amount gro…
issued for a specific term and may be renewed at the end of t…
level term
issued for a fixed face amount... premiums are level for term o…
decreasing term
initial face amount declines... death benefit decreases... for ty…
60 terms
Life Insurance Terms 1
Annuity Period
Accumulation Period
Variable Annuity Payout
Fixed Annuity Payout
The "taking out" time that follows the accumulation period an…
The "putting in" time and growth time
The payout can fluctuate, reflecting the investment experienc…
A fixed dollar amount payout that remains the same for the re…
Annuity Period
The "taking out" time that follows the accumulation period an…
Accumulation Period
The "putting in" time and growth time
10 terms
Life and Health Insurance Terms
Policyholder
Insured
Beneficiary
Face value or policy amount
Person who takes out or pays for the policy and makes all the…
Person whose life is insured in the event of their death.
Person who gets the money if the insured dies.
the amount the beneficiary will receive upon the death of the…
Policyholder
Person who takes out or pays for the policy and makes all the…
Insured
Person whose life is insured in the event of their death.
236 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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