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25 Cards in this Set
- Front
- Back
A living benefit designed to protect against outliving ones resources by making
periodic payments from an account. |
Annuity
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Request form for insurance signed by agent & insured and becomes part of the policy, if accepted.
a) Express facts about the person applying. Are required to be submitted to begin the process of acquiring the life plan. c) Represent a request to an insurer to provide an insurance contract based on the information contained in the application May not be modified by an agent for any reason without the applicant's initials for the change. |
Application
Applicant forms |
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a supplemental form/endorsement to change, add or modify a policy.
On their own life,On certain dates or ages,Without insurability requirements. |
Rider
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Portion the insured pays before the company.
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Deductibles
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– Offer & Acceptance, Competent Parties, Legal Purpose and Consideration
Contract of: |
Elements of a Contract
4 elements |
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–Insured has no say in the contract wording, only accepts or rejects it.
insurance policy was written in an ambiguous or unclear fashion the |
Adhesion
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– Values exchanged may not be equal.
pay benefits based upon a future uncertainty such as death An insurance contract promises to pay benefits based upon a future uncertainty such as death, or illness describes which feature of an insurance contract |
Aleatory
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Premium for a Promise. Insurer is the only one that cannot cancel without just
cause. |
Unilateral
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Must meet all conditions before a claim is paid.
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Conditional
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Cannot transfer. Between company and insured.
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Personal
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Honest information on both parties; to their best belief and knowledge
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Utmost Good Faith
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Written instrument where one undertakes to indemnify another.
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Insurance Policy
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Application: Part 1 – General Information, Part 2 – Medical Information, Part 3 –
Agent’s Report Policy: Title Page/Data Page/Face Page, Riders, Conditions/Clauses, Original Application |
Parts of a Life Application/Policy –
Give Me A Full Cash Reward |
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Void of a contract
or is the revocation of a contract. |
Rescission
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Professional Liability coverage for those who give advice for a fee
coverage is NOT issued in a standard form determined by state law. |
E & O
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Not permissible as an incentive to purchase another product.
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Free Insurance
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Termination of an entire group plan
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Discontinuance
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Continuation of coverage for a totally disabled person affected before
the discontinuation of coverage. |
Extension of Benefits
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The usual elimination (waiting) period for a disability income rider
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3 - 6 months
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waiting if a disability is permanent, a waiting period :
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6 months
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Industrial life insurance contains a limit
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$10,000
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there is a violation of a material warranty or other provision of a policy on the part of either party can rescind the policy
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material warranty.
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pay part of .... the premium
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contributory plan
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the discount provided good drivers is
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20%
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mandates that a credit reporting company responds to a consumer complaint when that company's credit report inaccurately reflects information about the consumer.
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The Fair Credit Reporting Act
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