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10 Cards in this Set
- Front
- Back
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Commissioner |
The head of the Department of Insurance. |
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Consent |
Permission to do something. |
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Consideration |
Something of value that each party gives to the other (binding force in any contract). |
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Disclosure |
Revealed information to help someone make an informed decision |
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Free-look period |
A period of time given to the policyowner to look over a policy and return it for a refund of premium |
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Lapse |
Policy termination due to nonpayment of premium |
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Life insurance |
Coverage on human lives |
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Material information |
Information that may alter either party's decision regarding a contract |
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Recession |
An action that takes back, cancels, or nullifies |
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Underwriting |
Risk selection of classification process |
