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Pre-Licensing Set > New License PDF > Flashcards

New License PDF Flashcards

1
Q

401 K Plan

A

employee can set aside a portion of their income

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2
Q

Absolute Assignment v. Collateral

A

of rights and/or benefits by the policyowner.

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3
Q

Assignment

A

Collateral: A temporary and/or revocable transfer

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4
Q

Accelerated Death Benefit

A

payment of the policy’s death benefit before the

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5
Q

Accumulate at Interest

A

leaves the dividends with the insurer to invest

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6
Q

Adverse Selection

A

continue insurance to a greater extent than more

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7
Q

Agency Agreement or Agency Contract

A

company.

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8
Q

Agent Authorities

A

assumes an agent has based upon his/her

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9
Q

Aleatory

A

obtain a far greater value than the other under

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10
Q

Buy-Sell Agreement

A

survivors have the right to purchase the

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11
Q

Cash Settlement Option

A

beneficiary receives a lump-sum payment of the

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12
Q

Cash Value

A

cash value accumulates throughout the duration

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13
Q

Conditional Receipt

A

the later of either the date of application or the

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14
Q

Contingent Beneficiary

A

the policy proceeds in the event that the primary

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15
Q

Contributory Plan v. Noncontributory Plan

A

premiums. Noncontributory: A group insurance

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16
Q

Convertible Term

A

“conversion” of the policy into permanent

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17
Q

Estoppel

A

asserting a known right that they have previously

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18
Q

Extended Term Insurance

A

Insurance Policy of the same face amount as the

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19
Q

Facultative Reinsurance v. Treaty

A

company to another on a policy-by-policy basis.

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20
Q

Reinsurance

A

Treaty: Transferring risk from one insurance

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21
Q

Fair Credit Reporting Act

A

how companies can access consumers’ credit

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22
Q

Fixed Amount Annuity

A

payment at regular intervals during the lifetime of

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23
Q

Fixed Amount Settlement Option

A

beneficiary receives periodic payments of a set

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24
Q

Fixed Period Settlement Option

A

beneficiary receives income from the policy

25
Q

Free Look Provision

A

insurer during this time for any reason and

26
Q

Graded Premium Policy

A

to 20 years and then level off.

27
Q

Guaranteed Insurability Rider

A

purchase additional amounts of coverage at pre-

28
Q

Guaranty Association

A

companies designed to protect consumers from

29
Q

Human Life Value Approach

A

multiplied by the number of years remaining until

30
Q

Insurable Interest

A

In a position to loose something of value if the

31
Q

Joint and Survivor Annuity

A

normally reduce at the death of each annuitant

32
Q

Lapsed Policy

A

premiums. Also known as forfeit, surrender,

33
Q

Law of Agency

A

scope of the authority granted to him/her by the

34
Q

Law of Large Numbers

A

grouped together become more accurately

35
Q

Level Term Insurance

A

remains the same from the date the policy is

36
Q

License

A

insurance to an individual verifying that he/she is

37
Q

Life Annuity/Straight Life Annuity

A

annuitant elects to receive fixed periodic

38
Q

Medical Information Bureau

A

other companies during the underwriting

39
Q

Modified Life Policy

A

during later years.

40
Q

Nonforfeiture Options

A

upon surrender of that policy.

41
Q

Participating Company

A

unused premium in the form of a policy dividend

42
Q

Payor Rider

A

premiums of a Juvenile Policy if the owner dies

43
Q

Peril

A

The cause of a loss (Fire)

44
Q

Proof of Insurability

A

character, occupation, living habits, etc.

45
Q

Reduced Paid-up Insurance

A

Face amount of the new policy would be less

46
Q

Reinsurance

A

companies.

47
Q

Renewable Term

A

the policy for another term without proof of

48
Q

Representations

A

that are true to the best of his or her knowledge

49
Q

Riders

A

Vary from policy to policy and company to

50
Q

Risk Classifications

A

conditions to be included in the policy or issued a

51
Q

Speculative Risk

A

gain.

52
Q

Stock Insurer

A

controlled by its stockholders who elect a board

53
Q

Tax Sheltered Annuity (403B)

A

non-profit organizations.

54
Q

Twisting

A

induce a client to drop a policy with an existing

55
Q

Underwriting

A

classifies and ultimately either accepts or rejects

56
Q

Variable Annuity

A

annuity units to the annuitant for the rest of

57
Q

Warranty

A

absolutely true.

58
Q

Whole Life Insurance

A

matures and pays out either the face amount or

Pre-Licensing Set (1 decks)

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