Application, Delivery and Policy U/W Flashcards by Hector Ramirez

Q

Universal Life

A

Flexible Premium

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Q

Decreasing Life

A

Credit Life

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Q

Annual Renewable Term

A

One year Term

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Q

Whole Life

A

Permanent Life

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Q

Variable Life

A

Securities License

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Q

Fixed Annuity

A

Guaranteed Rate of Return

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Q

Equity Indexed Annuities

A

Performance of an Index like S&P500

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Q

Accumulation Period (Annuity)

A

Pay-In Period / Contribution

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Q

Annuity Period

A

Pay-Out / Distribution

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Q

Insurable Interest

A

Who can Insure who

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Q

Free look period

A

10 day to check & verify issued policy

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Q

Guaranteed Renewable

A

No Medicals needed at renewal

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Q

Grace Period (individual policy)

A

30 Days after due date

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Q

Grace Period (Group Life)

A

31 Days after due date

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Q

Conditional Receipt

A

Covered, but not approved yet

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Q

Increasing Life

A

Return of Premiums

Q

Mutual Insurers

A

Pay Dividends / Participating / Policyholders

Q

Stock Insurers

A

Pay Stocks / Non-Participating / Stockholders