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46 Cards in this Set
- Front
- Back
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Straight Life |
whole life, lowest anual premium |
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Group Plans |
Average age, Men 2 Woman |
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Credit Insurance |
Creditor= Beneficiary |
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Equity Indexed |
S&P 500; Guaranteed minimum |
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Universal A |
Level Death & IRA Corridor |
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Universal B |
Increasing Death; Greater expense; Benneficiary = Death & Cash Value |
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Statement Of Policy Information |
15 Day Delivery |
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Annually Renewable |
Level Death; Premium Increase |
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Variable Products |
Must be regulated through SEC, FINRA, & Michigan |
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Selling Variable Life |
Registered w/ FINRA, have securities, & Licensed to Sell. |
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Limited Pay Whole Life |
Shorter Premium; Higher Cash Value |
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Interest Sensitive Whole Life |
Guaranteed Death; Guaranted Minimum Rate; Fluctuating Premium |
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Non-Resident License |
Must Apply in 90 days; Good for 180. |
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Licensed Councler |
Audit Abstract; Provide Advise; Advertise & Solicit |
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Business Entity |
Legal Entity; May act as insurance producer. |
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Misrepresentation |
Issue or Publish false, misleading, deceptive material. |
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Reporting a false claim |
$1000 fine |
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Must be licensed to |
be a producer, agent, solicitor, adjuster or counsler. |
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Pre-Licensing Education |
File Within 12 Months |
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Coercion |
Requiring Insurance w/ Specified insurer. |
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Continuing Education |
24 hrs CE; 3 hrs Ethics; 90-day Grace period |
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Conditional Receipt |
Coverage effective when Conditions met |
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Insurance Guaranty Association |
Non-Profit insureds; protect policyowners, insureds, beneficiary's |
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Inspection Report |
Ordered from independent firm or credit agency. |
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Fixed Life & Annuity |
Guaranteed Rate |
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Variable Life & Annuity |
Cash Value & Portfolio |
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Illustration |
Non-Guaranteed; Presentation & Depiction |
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Survivor Protection |
Bread winner/Home maker; 2/3 = beneficiary |
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Replacing Insurance |
3 Business days; 3 Years |
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Advertising |
4 years |
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Human Life Value Approach |
Calculation of Wages, assets, expenses, enflation. |
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Paid-up Option |
Single Premium; Reduced Face; Cash Value |
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Interest Only Settlement |
Beneficiary only gets Interest |
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Absolute Assignment |
Transfer all rights |
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Collateral Assignment |
Transfer Partial Rights; Temporary. |
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Legal Action Agenst Insurer |
6 years |
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Grace Period |
30 days grace; Face Minus Premium Owed |
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Extended Term |
Non-forferture; Same Face Amount |
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Contract of Adhesion |
Take it or Leave it |
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Childrens Riders |
Expire @ Certain Age (Term) |
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Settlement Option |
Face Amount @ Death; Cash Value @ Surrender |
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Premium Reciept |
Premium @ Application |
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Annuity Period |
Accumulated money converted to Revenue |
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Class Designation |
Vague term "children" to classify beneficiaries |
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Medical Information Bureo |
Underwritter information |
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Indexed Whole Life Policy |
Fixed Premium, Guaranteed Death, Fluctuating cash value |
