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10 Cards in this Set

  • Front
  • Back

Commissioner

The head of the Department of Insurance

Consent

Permission to do something

Consideration

Something of value that each party gives to the other. Binding force in any contract

Disclosure

Revealed information to help someone make an informed decision

Free-look period

The period of time given to the policy owner to look over policy and return it for a refund of Premium

Lapse

Policy termination due to non-payment of Premium

Life insurance

Coverage on human lives

Material information

Information that may alter others party decisions regarding a contract

Rescession

An action that takes back, cancels, or nullifies.

Underwriting

Risk selection and classification process