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14 Cards in this Set
- Front
- Back
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RENEWABLE TERM
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is one that may be renewed at the end of the specified period for another term period without evidence of insurability
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CONVERTIBLE TERM
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allows the policy owner to convert or exhange the temporary protection for permanent protection without evidence of insurability
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REENTRY/REISSUE
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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
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CURRENT ASSUMPTION
INTEREST SENSITIVE WHOLE LIFE EXCESS INTEREST WHOLE LIFE |
-minimum guaranteed cash value based on minimum guaranteed rate of return
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FAMILY MAINTENANCE VS. FAMILY INCOME
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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 |
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AUTOMATIC PREMIUM LOAN PROVISION
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allows the company to use automatically, whatever protion of the cash value is needed to pay premiums as the become due
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INCONTESTABILITY CLAUSE
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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
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COMAPNIES OR PERSONS WHO ARE EXAMINED FOR VIOLATIONS MAY REQUEST A HEARING WTIHIN _____ DAYS OF RECEIVING AN EXAMINATION REPORT
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14 days
2.a.4 |
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DIRECTOR OF INSURANCE HAS THE AUTHORITY TO:
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-make rules and reg
-conduct investigation, examinations and hearings -subpoena and examin witnesses -anything lawful necessary for enforcing the laws and regulations |
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PRODUCERS HAVE ___DAYS TO REQUEST A HEARING UPON RECEIVING THE EXAMINATION REPORT
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14
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A PERSON WHO VIOLATES A WRITTEN ORDER ISSUED BY THE DIRECTOR IS SUBJECT THE THE FOLLOWING PENALTIES:
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-may have the license revoked or suspended
-civil penalty of 20,000 |
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TEMPORARY INSURANCE PRODUCER LICENSE
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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* |
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CONTROLLED BUSINESS
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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 |
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FACILITY-OF-PAYMENT CLAUSE
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It authorizes the insurer to designate the payee of life insurance death benefits if the designated beneficiary cannot be located.
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