Primerica

Front 1

Agency Contract

Back 1

a contract that is held between an insurer and an agent / producer containing the expressed authority given to the agent / producer , and the duties and responsibilities to the principal. An agent who is in violation of the agency contract maybe held personally liable to the insurer.

Front 2

Agent / producer

Back 2

A person who acts for another person or entity with regard to contractual arrangements with third parties; a legal representative of an insurance company. The classification of producer usually include agents and brokers; agents are the agents of the insurer; insurer is the principal

Front 3

Insurer

Back 3

The party who indemnifies against losses, provides other benefits, or render services

Front 4

Applicant

Back 4

A person who requests or seeks insurance from an insurer

Front 5

Beneficiary

Back 5

The person who receives the benefits from the policy of insurance

Front 6

Death benefit

Back 6

The amount paid when a claim is issued against a policy of insurance

Front 7

Insurance policy

Back 7

A contract between the policy owner and an insurance company which agrees to pay the insured or the beneficiary for a loss cause by specific events

Front 8

Insured

Back 8

The person covered by the policy of insurance who may or may not be the applicant or policyholder

Front 9

insurer

Back 9

The company who issues a policy of insurance

Front 10

Life insurance

Back 10

A coverage upon a person's life, and granting, purchasing or disposing of annuities

Front 11

Policy owner

Back 11

The person who is entitled to exercise the rights and privileges in the policy and who may or may not be the insured

Front 12

Premium

Back 12

The money paid to the insurance company for the policy of insurance

Front 13

Warranty

Back 13

an absolute true statement upon which develop the vadility of the insurance policy depends

Front 14

Representations

Back 14

Statements believed to be true to the best of one's knowledge, but they are not guaranteed to be true

Front 15

Misrepresentations

Back 15

Untrue statements on the application

Front 16

Material misrepresentations

Back 16

Statement that if discovered would alter the underwriting decision of the insurance company

Front 17

Premium receipt

Back 17

Type of receipt issued will determine when coverage will be effective

Front 18

Conditional receipt

Back 18

says that coverage will be effective either on the date of the application or the day of the medical exam whichever occurs last unless coverage is declined or rated or issues with riders excluding specific coverage