Chapter 2 Flashcards
Life Basics
Definition: person making application for himself/herself or another to be insured under an insurance contract. the _______ may be the insured, owner or both.
applicant
definition: a document that is used to collect information provided by the applicant/insured for underwriting purposes. After any unanswered questions are considered waived by the insurer
Application
Definition: one or more “parties” named in the policy to receive the policy’s benefits if the insured dies while the contract is in force.
beneficiary
Definition: he relationship that must exist between the applicant and insured, at the time of application and policy issuance, in order for the contract to be valid.
Insuarable Interest
definition: the individual who has the ownership rights in a policy.
policyowner
definition: a policy owned by a person other than the insured
Third-Party Ownership
definition: insured’s age on the policy issue date
Issue (Original) Age
definition: insureds age at any point in typically used at renewal or conversion
attained age
definition: the date when insurance coverage begins
effective date
definition: the date at which insurance coverage ends
expiration date
with advertising and soliciting, rules and regulations are governed by the…….
Unfair Trade Practices
Telemarketers have to update the Do Not Call list every ______ days. Hours in which they can call are ___ AM to ___ PM
31 days
8AM to 9PM
