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14 Cards in this Set

  • Front
  • Back
RENEWABLE TERM
is one that may be renewed at the end of the specified period for another term period without evidence of insurability
CONVERTIBLE TERM
allows the policy owner to convert or exhange the temporary protection for permanent protection without evidence of insurability
REENTRY/REISSUE
insured has the opportunity to provide evidence of insurability at the end of the term to qualify to renew the policy at a lower premium rate than the guaranteed rate available without evidence of insurability
CURRENT ASSUMPTION

INTEREST SENSITIVE WHOLE LIFE

EXCESS INTEREST WHOLE LIFE
-minimum guaranteed cash value based on minimum guaranteed rate of return
FAMILY MAINTENANCE VS. FAMILY INCOME
both are designed to provide a peried of month income following the death of the insured, if death occurs during the specified time.

Income: decreasing term
Maintenance: level term
AUTOMATIC PREMIUM LOAN PROVISION
allows the company to use automatically, whatever protion of the cash value is needed to pay premiums as the become due
INCONTESTABILITY CLAUSE
after the policy has been in force a certain length of time, the company can no longer contest it or void it except for nonpayment
COMAPNIES OR PERSONS WHO ARE EXAMINED FOR VIOLATIONS MAY REQUEST A HEARING WTIHIN _____ DAYS OF RECEIVING AN EXAMINATION REPORT
14 days
2.a.4
DIRECTOR OF INSURANCE HAS THE AUTHORITY TO:
-make rules and reg
-conduct investigation, examinations and hearings
-subpoena and examin witnesses
-anything lawful necessary for enforcing the laws and regulations
PRODUCERS HAVE ___DAYS TO REQUEST A HEARING UPON RECEIVING THE EXAMINATION REPORT
14
A PERSON WHO VIOLATES A WRITTEN ORDER ISSUED BY THE DIRECTOR IS SUBJECT THE THE FOLLOWING PENALTIES:
-may have the license revoked or suspended
-civil penalty of 20,000
TEMPORARY INSURANCE PRODUCER LICENSE
may be issued for up to 180 days and may renew for an additional 180 days

issued to:
court-appointed representative of a licensed producer who dies or becomes disabled allowing for sale of business, or training of new personnel
*does NOT require examination*
CONTROLLED BUSINESS
insurance provided by or through the person upon:

1) his own life, person, property, or rishs or those of his spoise; or
2) the life, person, property, or risks of his employer or own business
FACILITY-OF-PAYMENT CLAUSE
It authorizes the insurer to designate the payee of life insurance death benefits if the designated beneficiary cannot be located.