Life & Health Insurance
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| show | chance of loss
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| Insurance deals with | show 🗑
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| When purchasing an insurance policy, the risk is | show 🗑
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| The National Association of Insurance Commissioners (NAIC) | show 🗑
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| show | Mutual
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| An insurance company chartered in Illinois is licensed to do business in Indiana. Is? | show 🗑
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| With regard to insurance, the term "consideration" means | show 🗑
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| A life insurance contract contains the enforceable promises of only one party? | show 🗑
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| In purchasing an ins contract, the applicant must accept the contract as written. | show 🗑
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| Which of the following principles states that in forming an ins. contract, both parties have a responsibility to the other? | show 🗑
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| show | The policyowner must expect to suffer a loss from the insured's death.
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| show | If R would have been approv. the pol. as applied for, R's bene will receive $100,000.
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| show | Health of the proposed insrd. Age & gender of the proposed insd. Occup. of the proposed insd.
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| Agent responsibilities toward an applicant | show 🗑
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| show | Applicants who are preferred risks have a lower premium than standard rate risks. An applicant can be considered a substandard risk because of a dangerous occupations. A standard applicant is issued a pol. with a "normal" prem. w/o special restrictions
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| show | Insurers invest prem.to earn interest. The operating expenses factor is sometimes called the "loading" factor. The cost of doing business is part of the premium calculation.
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| show | Youngest Female even if same age of youngest male
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| show | A conditional receipt was iss., the pol.becomes eff. if approved by undw dept & with the results of any req. med. exam.
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| Each application for life insurance requires the signature of | show 🗑
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| show | 20-Pay Life
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| Policy that would have an increased premium after a given period of time | show 🗑
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| show | The right to renew up to a state age or date regardless of health status.
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| Cash values on a life insurance policy belong to the | show 🗑
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| show | Decreasing term
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| show | Face amount stays the same as long as pol. in force, The shorter a prem. period, the faster the cash value will grow, & any outstanding loans at death will reduce pol. proceeds to the bene.
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| J, age 35, has purchased a 20-pay life policy. When she is 55 she will | show 🗑
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| M & N, insureds, purchased a life pol.that will pay a death benefit when the first dies. Kind of policy purchased? | show 🗑
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| What happens with an outstanding policy loan upon death of the insured? | show 🗑
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| show | $25,000 is received tax-free and $5,000 is taxed at ordinary income rates.
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| Which policies would papy a tax-free death benefit to the beneficiary? | show 🗑
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| The payor benefit rider states that premiums will be | show 🗑
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| show | cannot usually be added to existing policies, is normally avail. only to new insureds under a certain age, & guarantees the right to purchase additl ins. w/o proof of insurability
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| M has a $50,000 life ins. pol. with a double indemnity provision. M has a heart attack and dies. The bene. will receive | show 🗑
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| show | Disability income rider
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| A policyowner who wants to retain the rights of ownership should name a bene. as a (an) | show 🗑
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| If the insured lies about his age on a life application this means: | show 🗑
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| show | When the ins. and prim. bene. die in a common disaster that the death benefit paid to the cont. bene.
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| show | pay the full benefit less the overdue premium
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| show | pay all past due premium, pay interest on past due premium and prove insurability.
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| show | Entire Contract clause
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| Part of the Consideration provision | show 🗑
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| show | Name the beneficiary, borrow the cash value and decide how policy proceeds will be paid.
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| Automatic premium loan provision | show 🗑
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| V purchases a pol. on 10/01/10 and it is del. 14 days later. 10-day freelook expire on | show 🗑
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| show | DRB (Daily Room and Board)and ancillary expenses occured during confinement
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| show | specifies the perentage of coasts that will be paid each by the insurer and the insured.
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| When added to a health insurance contract, an impairment rider | show 🗑
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| A major medical expense policy typically expresses a deductible as a | show 🗑
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| show | Preexisting conditions limitation
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| Which feature of a major med. expense pol. requires 100% pymt of covered expenses after the insured's claim reaches a certain level? | show 🗑
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| show | x-ray, blood transfusion and ambulance
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| show | Benefits assigned to health care providers
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| V has a major med. expense pol. covering her disabled child, W. When W reaches the limiting age, the insurer could terminate W's coverage for which reason? | show 🗑
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| show | Q is covered
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| Unilateral | show 🗑
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| show | An insurance company owned by policyholders. Policy dividend is not taxable
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| show | An insurance company owned by stockholders, stock dividend is taxable.
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| show | Doing business in state where it is.
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| Foreign company | show 🗑
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| Alien company | show 🗑
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| Insured | show 🗑
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| show | insurance company
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| premium | show 🗑
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| show | person designated to receive the proceeds of life ins. pol.
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| Risk | show 🗑
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| Contract of Adhesion | show 🗑
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| Contract of Utmost Good Faith | show 🗑
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| Term "consideration" means | show 🗑
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