Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
24 Cards in this Set
- Front
- Back
|
Elements of a legal contract |
- Agreement - consideration - compitent parties - legal purpose |
|
|
Adhesion |
One party prepares a contract, the other party must accept it as is |
|
|
Aleatory |
Exchange of unequal amounts |
|
|
Conditional |
Certain conditions must be met. |
|
|
Unilateral |
Only one party is leagaly bound to the contract |
|
|
Agents report |
Agents observations about an applicant that can assist in underwriting |
|
|
Risk classifications (3 types) |
Standard Substandard Preferred |
|
|
Underwriting sources |
Application Consumers report MIB |
|
|
Fair credit reporting act |
Protects consumers against circulation of innacurate or obsolete information |
|
|
3 key Primium factors |
Mortality Interest Expense |
|
|
Mode |
Frequency of primium payments |
|
|
Policy issue date |
-Primium paid with application -primium and statement of good health on policy delivery |
|
|
Policy statement |
Writen statement describing features and elements of policy |
|
|
Illustration |
-Is not part of a contract -Distinguishes between guaranteed and projected amounts - identifies values which are not guaranteed. |
|
|
Buyers guide |
- generic information about life insurance - provided prior to accepting innitial premium. |
|
|
Stoli |
Stranger owned life insurance |
|
|
Medical information bureau |
-Membership corporation owned by member insurance companies |
|
|
consumers report |
Information regarding consumers credit, character, reputation, or habbits |
|
|
Ageants report |
Provides underwriter with known information of applicant |
|
|
Underwriting |
The risk selection process |
|
|
Application part 1 |
Generall information |
|
|
Application part 2 |
Medical information |
|
|
Representation |
A statement believed to be true |
|
|
Warranty |
An absolute true statement |
