Life, Health And Variable Annuity

Front 1

Grace Period

Back 1

a given number of days after the premium due date during which time the premium payment may be delayed without penalty and the policy continues in force.
weekly=7
Monthly=10
All others= 31

Front 2

Reinstatement

Back 2

reinstatement is automatic after 45 days if the delinquent premium is accepted by the company without requiring a new application

Front 3

Notice of Claim

Back 3

Policy owner's obligation to the insure to provide notification of loss within 20 days

Front 4

Claim forums

Back 4

The company's responasblity to supply a claim to an insured within 15 days after receiving notice

Front 5

Proof of loss

Back 5

90 days

Front 6

Time payment of claims

Back 6

45 days

Front 7

legal actions

Back 7

60 days to 5 years

Front 8

Universal

Back 8

premium is flexible & death benefit adjustable

Front 9

Variable

Back 9

death benefit is variable

Front 10

Twisting

Back 10

allow a policy to lapse to purchse another

Front 11

Churining

Back 11

tuse of life to buy another life in the same company for sole purpose of premium

Front 12

Rebting

Back 12

occurs if the buyer of an insurance policy receives and par of the producers commission.

Front 13

Aleatory

Back 13

in that thre is an element of chance for both the contracting parties dollar exchange may not equal

Front 14

Adhesion

Back 14

the contract is prepared by one party the insurer

Front 15

unilateral

Back 15

only one side the insurer make promises.

Front 16

express authority

Back 16

express authority is authority a principal intends to and actually dose give to its agent. given by contact. agent can solicit applications

Front 17

Implied authority

Back 17

assume to have in order to do business. business cards

Front 18

Apparent authority

Back 18

based on actions, words or dees because of circumstances

Front 19

Insurability receipt

Back 19

provides when the applicant pays the intial premium coverage is effective on the condiion that the applicant proves to be insurable. (dade of medical exam)

Front 20

Approval receipt

Back 20

more restictive, covarge is only effective only after the applicaiton is complete.

Front 21

Binding Receipts

Back 21

NWM- insurable even if found not to until rejected.

Front 22

Capital sum

Back 22

in AD&D if one leg is loss 50% is given

Front 23

Principal Sum

Back 23

Full amount in the contract

Front 24

Medicare Part A

Back 24

all hospital services

Front 25

Medicare Part B

Back 25

Physician and surgeons

Front 26

cross purchase

Back 26

intrest of the decaying partner

Front 27

An individual health insurance policy may be cancelled in Florida after the company has given the insured how many days notice?

Back 27

45 days

Front 28

Where would information about a prospective insured's lifestyle be found?

Back 28

Inspection report