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45 Cards in this Set

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a contract that insures one person on the policy and one on a rider.
survivorship life
The agent has ___calendar days to get the required information to the DOI concerning a claim.
21
life insurance policy that is a 20 year pay with a level death benefit and the cash value increases in increments to an amount equal to the face of the policy at 65
Endowment
A temporary insurance agreement is another term for a
Binding Receipt
Which department is primarily involved with the selection of risks?
The underwriting unit
how is the life agent's license renewed
Pay the renewal billing notice the Department sends out about 60 days before the renewal date
Act mandates that a credit reporting company responds to a consumer complaint when that company's credit report inaccurately reflects information about the consumer.
Fair Credit Reporting Act
California Insurance Code defines 24-hour Coverage as jointly issuing a___and_____
Workers Compensation and a Health care
If the insurer believes that the claimant has submitted a fraudulent claim then the number of calendar days:
80
A private insurance that fills in the gaps of a government program would be:
Medicare Supplements
An insurer must returned any unearned premium to the agent or insured:
within 25 days
An insurer must returned any unearned premium to the agent or insured within:
25 days
Marine
Auto
Fire
Life
of which can not be binded
Life
The agent cannot transact any insurance business for which a license is required, This license is:
license is inactive
When the plans both have the provision, coverage as an employee is primary to coverage paid to dependents
coordination-of-benefits provision
Eating and dressing
mobility, toiletry,
bathing,and transferring
Activities of Daily Living
beneficiaries will receive equal shares of the death benefit divided :

Sharing the beneficiary's share of anestate among that beneficiary's children
Per capita

Per stirpes
refers to how often a specific group suffers loss in a given period and has a directrelationship to the price of insurance
Frequency
Convicted, "no contest
nolo contendere
clause that protects the proceeds of a life insurance policy from attachment by creditors after the death of the insured
Spendthrift trust clause
association of industry specific employers who are joined together in order to qualify for, or gain premium advantages, in group insurance .
MET
Multiple Employer Trust
Any person who diverts or misappropriates fiduciary funds is guilty of:
Theft
period in a group health policy is intended for people who joined the group after the effective date
probationary period
COBRA applies to employers with at least
20 employees
regulates trade practices in the insurance business accordance with the intent of Congress
Unfair Practices Article
act gives authority 8 federal agenciesm,
allows the administration of the Financial Privacy Rule and the Safeguards Rule,also know as the Financial Modernization Act of 1999
Gramm-Leach-Bliley Act
unwillful violation fine:
Willful is up to
5,000 per violation
$10,000

Unfair Practice
established rules for protecting personal medical information
HIPPA
collection of,use of, & disclosure of information
California Privacy Act
protects against Auto Insurers, Marine Insurers,Burglary insurance. But not Self-insurers.
CIGA
Replacement Cost Value
Agreed Value
Stated Value
Valuations

..not Market Value minus the depreciation
means servicing a policyholder and you must be licensed
Transaction subsequent
Are you working?

Is your medical condition on the list of impairments?

Is your medical condition severe.
Can you do any other type of work?
Social Security five step question guide
20 days to file, The insured must submit proof of disability, must report the loss to the company within a reasonable period
Notice of Claim provision
protect against inflation. tie adjustments to increases in the Consumer Price Index (CPI).
Most riders cap the maximum increase to a percentage such as 4% a year.
Cost of Living Rider (COLA)
% of his or her disability benefit based on the percentage of income loss.
residual disability provision
disability insurance would offer a guaranteed future premium
Non-cancelable policy
Pays a lump sum benefit for certain specified loss.(the sight of one eye with no possibility of recovery, or a hand or foot is severed through or above the wrist or ankle)
Capital Sum Benefit
cannot have a monopoly on business, competes with insurance companies for a share of the workers` comp business.
Any employer with at least one employee can purchase coverage
California State Fund
SCIF
Less administrative paperwork.
Lower overall cost of insurance

Makes the usage of insurance easier
24 hour coverage
disability rider provides increases in coverage for specific periods of time
Automatic Increase Rider
disability insurance would offer a guaranteed future premium

likely to change the policy the least and cost the most

protect the client against premium increases
Non-cancelable policy
elimination period in case of a relapse
recurrent disability
To make up income that cannot be earned due to a permanent partial disability
residual benefit
loses his speech, hearing and sight and the use of both hands, both feet or one hand and one foot
Residual disability