Category#2: The Insurance Contract/policy

Front 1

A living benefit designed to protect against outliving ones resources by making
periodic payments from an account.

Back 1

Annuity

Front 2

Request form for insurance signed by agent & insured and becomes part of the policy, if accepted.
a) Express facts about the person applying.
Are required to be submitted to begin the process of acquiring the life plan.
c) Represent a request to an insurer to provide an insurance contract based on the information contained in the application

May not be modified by an agent for any reason without the applicant's initials for the change.

Back 2

Application

Applicant forms

Front 3

a supplemental form/endorsement to change, add or modify a policy.

On their own life,On certain dates or ages,Without insurability requirements.

Back 3

Rider

Front 4

Portion the insured pays before the company.

Back 4

Deductibles

Front 5

– Offer & Acceptance, Competent Parties, Legal Purpose and Consideration
Contract of:

Back 5

Elements of a Contract
4 elements

Front 6

–Insured has no say in the contract wording, only accepts or rejects it.
insurance policy was written in an ambiguous or unclear fashion the

Back 6

Adhesion

Front 7

– Values exchanged may not be equal.

pay benefits based upon a future uncertainty such as death
An insurance contract promises to pay benefits based upon a future uncertainty such as death, or illness describes which feature of an insurance contract

Back 7

Aleatory

Front 8

Premium for a Promise. Insurer is the only one that cannot cancel without just
cause.

Back 8

Unilateral

Front 9

Must meet all conditions before a claim is paid.

Back 9

Conditional

Front 10

Cannot transfer. Between company and insured.

Back 10

Personal

Front 11

Honest information on both parties; to their best belief and knowledge

Back 11

Utmost Good Faith

Front 12

Written instrument where one undertakes to indemnify another.

Back 12

Insurance Policy

Front 13

Application: Part 1 – General Information, Part 2 – Medical Information, Part 3 –
Agent’s Report
Policy: Title Page/Data Page/Face Page, Riders, Conditions/Clauses, Original
Application

Back 13

Parts of a Life Application/Policy –

Give Me A Full Cash Reward

Front 14

Void of a contract

or

is the revocation of a contract.

Back 14

Rescission

Front 15

Professional Liability coverage for those who give advice for a fee

coverage is NOT issued in a standard form determined by state law.

Back 15

E & O

Front 16

Not permissible as an incentive to purchase another product.

Back 16

Free Insurance

Front 17

Termination of an entire group plan

Back 17

Discontinuance

Front 18

Continuation of coverage for a totally disabled person affected before
the discontinuation of coverage.

Back 18

Extension of Benefits

Front 19

The usual elimination (waiting) period for a disability income rider

Back 19

3 - 6 months

Front 20

waiting if a disability is permanent, a waiting period :

Back 20

6 months

Front 21

Industrial life insurance contains a limit

Back 21

$10,000

Front 22

there is a violation of a material warranty or other provision of a policy on the part of either party can rescind the policy

Back 22

material warranty.

Front 23

pay part of .... the premium

Back 23

contributory plan

Front 24

the discount provided good drivers is

Back 24

20%

Front 25

mandates that a credit reporting company responds to a consumer complaint when that company's credit report inaccurately reflects information about the consumer.

Back 25

The Fair Credit Reporting Act