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Insurance > Chapter 2 > Flashcards

Chapter 2 Flashcards

1
Q

Do not call registry is updated every _____

A

31 Days

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2
Q

Sales Presentation

A

Buyer’s Guide

Policy Summary

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3
Q

Conditional Receipt

A

Effective date starts upon completion of a task

ex. Medical Examination

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4
Q

Binding Receipt

A

Effective date is temporary after payment until application is accepted

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5
Q

Underwriting Process

A

Selection
Classification
Rating

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6
Q

Agent Report

A

Classified personal assessment of the applicants character

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7
Q

Classification of Risks

A

Standard
Preferred
Substandard

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8
Q

Net Premium =

A

Mortality - Interest

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9
Q

Gross Premium =

A

Net Premium + Expenses

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10
Q

Survivor Protection

A

Provides funds for dependents

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11
Q

Estate Creation

A

Provides immediate funds for survivors by creating a liquid estate

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12
Q

Provides funds to pay estate taxes and loans to conserve or protect the value of the estate

A

Estate Conservation

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13
Q

An amount of accessible cash to be borrowed during the lifetime of the insured

A

Cash Accumulation

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14
Q

Liquidity

A

Provides immediate funds to pay for final expenses and creditors

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15
Q

Viatical Settlements

A

Policy may be purchased by a third party form a terminally ill insured providing immediate cash prior to death

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16
Q

Provides immediate funds to pay for funeral expenses and burial

A

Preneed Plan

17
Q

Benefits payable to a beneficiary are ______ from the insured’s creditors

A

Exempt

18
Q

Stranger Originated Life Insurance (SOLI)

A

When a stranger takes out a life insurance policy for the sole purpose of profit

19
Q

Investor Originated Life Insurance (IOLI)

A

A life insurance transaction which is initiated by investors who purchase insurance on seniors

20
Q

Capital Liquidation

A

Assumes both principal and interest are liquidated over time to provide income

21
Q

Capital Retention/Conservation

A

Assumes income will come from investment earnings only

Insurance (5 decks)

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