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45 Cards in this Set
- Front
- Back
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a contract that insures one person on the policy and one on a rider.
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survivorship life
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The agent has ___calendar days to get the required information to the DOI concerning a claim.
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21
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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
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Endowment
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A temporary insurance agreement is another term for a
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Binding Receipt
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Which department is primarily involved with the selection of risks?
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The underwriting unit
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how is the life agent's license renewed
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Pay the renewal billing notice the Department sends out about 60 days before the renewal date
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Act mandates that a credit reporting company responds to a consumer complaint when that company's credit report inaccurately reflects information about the consumer.
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Fair Credit Reporting Act
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California Insurance Code defines 24-hour Coverage as jointly issuing a___and_____
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Workers Compensation and a Health care
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If the insurer believes that the claimant has submitted a fraudulent claim then the number of calendar days:
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80
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A private insurance that fills in the gaps of a government program would be:
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Medicare Supplements
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An insurer must returned any unearned premium to the agent or insured:
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within 25 days
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An insurer must returned any unearned premium to the agent or insured within:
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25 days
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Marine
Auto Fire Life of which can not be binded |
Life
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The agent cannot transact any insurance business for which a license is required, This license is:
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license is inactive
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When the plans both have the provision, coverage as an employee is primary to coverage paid to dependents
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coordination-of-benefits provision
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Eating and dressing
mobility, toiletry, bathing,and transferring |
Activities of Daily Living
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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 |
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refers to how often a specific group suffers loss in a given period and has a directrelationship to the price of insurance
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Frequency
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Convicted, "no contest
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nolo contendere
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clause that protects the proceeds of a life insurance policy from attachment by creditors after the death of the insured
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Spendthrift trust clause
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association of industry specific employers who are joined together in order to qualify for, or gain premium advantages, in group insurance .
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MET
Multiple Employer Trust |
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Any person who diverts or misappropriates fiduciary funds is guilty of:
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Theft
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period in a group health policy is intended for people who joined the group after the effective date
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probationary period
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COBRA applies to employers with at least
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20 employees
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regulates trade practices in the insurance business accordance with the intent of Congress
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Unfair Practices Article
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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
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unwillful violation fine:
Willful is up to |
5,000 per violation
$10,000 Unfair Practice |
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established rules for protecting personal medical information
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HIPPA
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collection of,use of, & disclosure of information
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California Privacy Act
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protects against Auto Insurers, Marine Insurers,Burglary insurance. But not Self-insurers.
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CIGA
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Replacement Cost Value
Agreed Value Stated Value |
Valuations
..not Market Value minus the depreciation |
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means servicing a policyholder and you must be licensed
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Transaction subsequent
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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
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20 days to file, The insured must submit proof of disability, must report the loss to the company within a reasonable period
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Notice of Claim provision
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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)
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% of his or her disability benefit based on the percentage of income loss.
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residual disability provision
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disability insurance would offer a guaranteed future premium
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Non-cancelable policy
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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)
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Capital Sum Benefit
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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 |
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Less administrative paperwork.
Lower overall cost of insurance Makes the usage of insurance easier |
24 hour coverage
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disability rider provides increases in coverage for specific periods of time
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Automatic Increase Rider
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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
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elimination period in case of a relapse
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recurrent disability
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To make up income that cannot be earned due to a permanent partial disability
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residual benefit
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loses his speech, hearing and sight and the use of both hands, both feet or one hand and one foot
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Residual disability
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