Keywords

Question 1

The person who can exercise the rights or options
Conferred by thr policy policyholder is usually the
Payor as well

Answer 1

Policyholder

Question 2

Described an applicant who represents the likelihood

Of risk lower than that of the standard applicant

Answer 2

Preferred risk

Question 3

Initial payments and subsequent periodic

Payments required to keep a policy in force

Answer 3

Premium

Question 4

Refers to the frequency of premium payment

Answer 4

Premium mode

Question 5

Agents collects a premium at the Time of application

That producer must give a premium receipt to the applicant

Answer 5

Premium receipt

Question 6

The person whose life is requesting to be insured

Answer 6

Proposed insured

Question 7

Additional charge to the standard premium b/c
The person insured is classified as a higher than average
Risk

Answer 7

Rated policy

Question 8

Additional amount added to the standard premium to

Account for the additional risk

Answer 8

Rated up premium

Question 9

Legal activity where producer convinces a prospective
Client to lapse or SURRENDER a life or health and purchase
A new policy

Answer 9

Replacement

Question 10

Applicant statements on the application are considered

Representations and not warranties

Answer 10

Representations