Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/10

Click to flip

10 Cards in this Set

  • Front
  • Back
-Type of life insurance that was used for workers to cover funeral expenses
-FV of $1,000 or less
-Insurability not usually required
-Accounts for only 1% of L.I.
-Not on a needs basis, you first see how much your client can afford, and then determine the FV.
-Premium is based on applicants age on their NEXT birthday.
-Premiums collected thru WORKING DEBIT system.
-Cover all family members from birth to 65/70.
INDUSTRIAL LIFE INSURANCE
-No policy loans
-No assignment
-No settlement options (lump sum only!)
-No suicide clause
-Automatic Double Indemnity for accidents
-10% discount if insured doesn't use Working Debit System and pays directly to insurer.
INDUSTRIAL PROVISIONS
-Life Ins. on 2 or more
-Policy is written if all were 1 individual
-25 > members and the IC won't care about age,sex, or health of individuals.
-All premiums are the same
GROUP LIFE INSURANCE
-Average age
-Males to Females ratio
-Group history,ex.death
-Selected Benefits
PREMIUM CONSIDERATIONS OF GROUP LIFE INSURANCE
-2>people
-Dependents of Group members (>19,students<25,& disabled)
-Trusts: firms, corporations
-Must submit enrollment within 31 days of becoming a member to be covered.
GROUP LIFE ELIGIBILITY
-The only policy written for Group Life Ins.
-Agreements between employer and agent(IC).
MASTER POLICY/CONTRACT
-States that you are a member of a Group Life Ins. policy.
-Outlines coverage
CERTIFICATES OF PARTICIPATION
C: group member pays part of the premium. 75% of members must pay in order to be valid.
NC: Employer pays all of the premium, and all group members must benefit from this. The employer can't discriminate.
CONTRIBUTORY VS. NONCONTRIBUTORY
-A type of Group Life that provides coverage for a set period of time
-Renewed annually with premium adjustments
-non-contibutory
-Protection as long as members remain in the group.
GROUP TERM LIFE INSURANCE
-Allows members of a group that have group term and LEAVE that group convert their group term policy to an individual permanent policy.
-Must be done within 30 days of leaving group.
-Doesn't have to prove insurability (FV of new policy is going to be lower).
CONVERSION OPTION