18

Question 1

Define characteristics of insurance contract fairly universal from one policy to next

Answer 1

Provisions

Question 2

Added to policy to modify provisions that exist

Answer 2

Riders

Question 3

Offer insurers and insureds ways to invest or distribute sum of money available in life policy

Answer 3

Options

Question 4

Essential activities that include bathing dressing eating transferring toileting continence

Answer 4

Activities of daily living
Adl

Question 5

Transfer of rights of policy ownership

Answer 5

Assignment

Question 6

Something of value that each party gives to the other binding force

Answer 6

Consideration

Question 7

A principle of reimbursement that insurance is based
Event Of loss insurer reimburse for loss

Answer 7

Indemnity

Question 8

Payment of entire benefit in one sum

Answer 8

Lump sum

Question 9

National association of insurance commissioners organization of commissioners from all states and jurisdictions formed to resolve ins regulatory issues

Answer 9

Naic

Question 10

Face value of policy original amount invested before earnings

Answer 10

Principal

Question 11

Entire contract =

Answer 11

Policy
Copy of app
Any riders or amendments

Question 12

Insuring agreement aka

Answer 12

Insuring clause

Question 13

Sets forth basic agreement between insurer and insurd

Answer 13

Insuring clause

Question 14

States insurers promise to pay death benefit upon insureds death
On policy face page
Defines who parties are and how long coverage is in force and type of loss insured against

Answer 14

Insuring clause

Question 15

Contains promise to pay

Answer 15

Insuring clause

Question 16

According to entire contract provision policy must contain

Answer 16

Copy of original app for ins

Question 17

Provision states that both policy and copy of app form contract between owner and insurer

Answer 17

Entire contract

Question 18

When does free look begin

Answer 18

When the policy is delivered not when issued