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10 Cards in this Set

  • Front
  • Back
A promise in exchange for an action
unillateral contract
risk
uncertainty concerning financial loss
SPIA
Single Premium Immediate Annuity
SPDA
Single Premium Deferred Annuity
NAIC
National Association of Insurance Commissioners
1035 Exchange
allows you to convert an insurance option into an annuity
Revocable
term indicating the insured's right to change benificiaries in his plan
reinsurer
insures an insurer
modified life insurance
starts with lower payments but increases later ( good for young couple starting out)
free look period
10 days after any insurance plan is purchased in which you can get a full refund