Life policy,provisions,and Riders Flashcards
___ is a great amount of coverage for a limited time
term Life policy
____ is when the policyholder has the option to give up the policy and where does the cash go
Nonforfeight option
___ is the option for the policy holder to receive payment in 5 ways
Dividends
____ death benifits for the entire life span
Whole life policy
____includes the application, amendments, and riders
Entire contract provion
____ promises that the insurance complany will pay and give scope of what is to be paid. to pay
Insuring clause
___ is when the applicant gets to look over the contract for a few days
Free lookover
___ is the period of time in which the premium due date has passed and the policy remains in force without penalty.
Grace period
____ is as long as the policy owner pays the premiums and the past due premiums
Reinstatement period
___ is when the owner has the right to withdraw after a certain number of years( cash or borrowed money)_
Policy loan
___ is when the insurer has a period of time to challenge if the policy is valid
Incontestable provision
What is it when the policyholder has all power over the rights of benefits
Absolute assignment
___ is when the policy is being signed over to a debit collecter
Collateral assignment
__ is when the policy is voided and benefits will not be paid if the insured kills themselves
Suicide clause
This allows the insurer to adjust benefits based on age and sex.
Misstatement of age and sex provision
