Set 2

Front 5

The transfer of ownership rights of a life insurance policy from one person to another

Back 5

Assignment

Front 6

The age of the insured at a determined date

Back 6

Attained age

Front 7

A statement usually obtained from the applicant's doctor

Back 7

Attending Physician Statement (APS)

Front 8

an insurance company authorized and licensed to transact business in a particular state

Back 8

Authorized (admitted) Insurer

Front 9

a method of dealing with risk by deliberaretly keeping away from it (e.g. if a person wanted to avoid the risk of being killed in an airplane crash, he/she might choose never to fly in a plane)

Back 9

Avoidance

Front 10

a ledger or proposal used in the sale of a life insurance policy that shows both guaranteed and non–guaranteed elements.

Back 10

Basic Illustrations

Front 11

The person who receives the proceeds from the policy when the insured dies.

Back 11

Beneficiary

Front 12

A temporary contract that puts an insurance policy into force before the premium is paid

Back 12

Binder (Binding Receipt)

Front 13

the method of determining primary coverage for a dependent child, under which the plan of the parent whose birthday occurs first in the calendar year is designated as primary.

Back 13

Birthday Rule

Front 14

An individual who represents an insured in the process of purchasing and negotiating a contract of insurance

Back 14

Broker

Front 15

A legal contract that determines what will be done with a business in the event that an owner dies or becomes disabled.

Back 15

Buy–Sell Agreement

Front 16

a booklet that describes insurance policies and concepts and provides general information to help an applicant make an informed decision.

Back 16

Buyer's Guide

Front 17

the amount to which a policyowner is entitled if the policy is surrendered before maturity.

Back 17

Cash Value

Front 18

A statement or booklet that confirms that a policy has been written and describes a the coverage in general

Back 18

Certificate

Front 19

A document that authorizes a company to start conducting business and specifies the kind(s) of insurance a company can transact. it is illegal for an insurance company to transact insurance without this certificate.

Back 19

Certificate of Authority.

Front 20

A legal contract that determines what will be done with a business in the event that an owner dies or becomes disabled.

Back 20

Buy–Sell Agreement

Front 21

a booklet that describes insurance policies and concepts and provides general information to help an applicant make an informed decision.

Back 21

Buyer's Guide

Front 22

the amount to which a policyowner is entitled if the policy is surrendered before maturity.

Back 22

Cash Value

Front 23

A statement or booklet that confirms that a policy has been written and describes a the coverage in general

Back 23

Certificate

Front 24

A document that authorizes a company to start conducting business and specifies the kind(s) of insurance a company can transact. it is illegal for an insurance company to transact insurance without this certificate.

Back 24

Certificate of Insurance

Front 25

A legal contract that determines what will be done with a business in the event that an owner dies or becomes disabled.

Back 25

Buy–Sell Agreement

Front 26

a booklet that describes insurance policies and concepts and provides general information to help an applicant make an informed decision.

Back 26

Buyer's Guide

Front 27

the amount to which a policyowner is entitled if the policy is surrendered before maturity.

Back 27

Cash Value

Front 28

A statement or booklet that confirms that a policy has been written and describes a the coverage in general

Back 28

Certificate

Front 29

A document that authorizes a company to start conducting business and specifies the kind(s) of insurance a company can transact. it is illegal for an insurance company to transact insurance without this certificate.

Back 29

Certificate of Authority

Front 30

A legal document that indicates that an insurance policy has been issued and that states both the amounts and types of insurance provided.

Back 30

Certificate of Insurance

Front 31

A request for payment of the benefits provided by an insurance contract.

Back 31

Claim

Front 32

an unfair trade practice in which an agent uses physical or mental force with the intent of inducing an applicant to purchase insurance.

Back 32

Coercion

Front 33

A provision that states the insurer will share the losses covered by the policy in a proportion agreed upon in advance.

Back 33

Coinsurance Clause

Front 34

A practice in which a person in a fiduciary capacity illegally mixes his/her personal funds with funds he/she is holding in trust.

Back 34

Commingling

Front 35

The payment that is made by insurers to agents or brokers for the sale and service of policies.

Back 35

Commission

Front 36

The chief executive and administrative officer of a state insurance department

Back 36

Commissioner

Front 37

the withholding of known facts in which, if material, can void a contract.

Back 37

Concealment

Front 38

A type of an agreement in which both parties must perform certain duties and follow rules of conduct to make the contract enforceable

Back 38

Conditional contract

Front 39

The binding force in a contract that requires something of value to be exchanged for the transfer risk. The consideration on the part of the insured is the representations made in the application and the payment of premium; the consideration on the part of the insurer is the promise to pay in the event of loss.

Back 39

Consideration