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18 Cards in this Set
- Front
- Back
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Acceptance constitutes a ____.
Inability to enforce legal rights once given up |
Waiver
Estoppel |
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___ are guarantees to be true
___ policies are totally incontestable after 2 years |
Warranty
Life |
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Conditional recepit is never given unless the ___ is paid.
C.O.D.'s are used when? |
Premium
when producer thinks applicant may be rejected. |
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Insurable interest must exist when?
Who can order a consumer report on an applicant? |
At the time of application
Underwriters |
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Underwriters may verify applicant's medical history by ordering a ___ report
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MIB- Medical Information Burea
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The Fair Credit Reporting Act was designed to protect applicant's ___.
Applies when ordering __ __ on an applicant |
Privacy
Consumer Reports |
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Non-Standard or Sub-Standard clients pay ____.
The __ classifies the risk along with the producer. |
A higher rate than standard. Could have health problem/riskier life.
Underwriter |
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Life Coverage Begins....
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When all conditions have been satisfied or the underwriter approves the application; whichever occurs first
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Applicant's consideration is ____.
Insurer's consideration is ___. |
The premium paid, + the statements on the application
Promise to provide coverage in return |
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Producer should ____ deliver the policy to the client.
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Personally deliver
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What is the time in which you can call?
Who is the Telephone Communication Trade Act administered by? |
8 am to 9pm
The FTC- federal trade commission |
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Solicitors must update their call lists every ___ days.
When is the earliest that coverage could begin, assumming the applicant had paid first premium, had no conditions to fulfill, and had not lied. |
31 days
Day of the application |
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___ (rate ups) may be accomplished by using a rate charge for a higher ____
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Surcharge.
Higher age, different sex, a flat fee, or a % adjustment to the Manual Rate |
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A surcharge is an example of a ___ offer. There is no coverage until the client accepts the policy at the higher rate and pays the increased premium.
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Counter offer
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Is a surcharge a 1 time fee?
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No, it is per 1,000 of coverage
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If application is approved that is not complete, the company gives up...
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some of its ability to contest a claim
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Insurable interest must exist at the time of application but not necessarily at the time of ___.
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A claim
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A ___ policy is one issued to a sub-standard risk.
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Rated Policy
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