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3 Cards in this Set
- Front
- Back
- 3rd side (hint)
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annuity |
Annuities are considered to be the opposite of life insurance since annuities pay while you're alive and life insurance pays when you die. Life insurance proceeds creates an estates while annuities are used to liquidate an estate over period of time. All annuities are insurance products and a life insurance license is required. |
Life insurance Vs annuities |
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Applicant |
The party making application to the insurance company for the policy. Applicants must provide the insurer with the truth to the best of their knowledge which is known as a "representation" |
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Application |
A form on which the prospective insured states facts requested by the insurer and on the bases of which (together with any information from medical examiner, attending physician hospitals, investigators and the producer) the insurer decides whether or not to accept the risk modify the coverage offered, or decline the risk. An application without premium money is a request for an offer with premium money it is an offer itself. If attached to the policy at issue it become part of the entire contract. |
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