Flashcard Set Preview
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| 1 |
policy;copy of the application
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The entire contract consists of the ________________and a ______________________.
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| 2 |
insuring
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The _____________ clause is the basic agreement between the insured and the insurer.
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| 3 |
free look; 10
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The _______________ provision allows the policyowner ________________ days to look over the...
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| 4 |
consideration
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Something of value provided by both the insurance company and the policyowner is called _________________.
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| 5 |
policy owner
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Ownership rights rest with the __________________.
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| 6 |
absolute; collateral
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There are two types of assignment: ________________ and ____________________________
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| 7 |
primary; secondary; teriary; contingent
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The first beneficiary is the _____________________, the next is the _________________ and third...
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| 8 |
revokable;irrevokable
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Beneficiaries are named either on a ________________ or __________________ basis.
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| 9 |
first
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Under the Uniform Simultaneous Death Law, the law assumes that the primary beneficiary dies...
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| 10 |
frequency; annual; semannually; quarterly; monthly
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The mode is the _______________ of the policy premium payment. The four acceptable payment...
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| 11 |
grace period; 30 to 31
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The period of time after the premium due date that the policyowner has to pay the premium before...
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| 12 |
reinstatement; insurability; past due payments; loans
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The __________________ provision allows the policyowner to put a policy that has lapsed back...
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| 13 |
incontestibility; 2 year
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The ________________ clause prevents the company from denying a claim due to statements on...
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| 14 |
misstatement of age
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The _____________________ provision allows the insurance company to adjust the policy's face...
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| 15 |
policy loan; outstanding loan; interest
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If the policy has cash value, the insured may make a ____________ against the amount available....
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| 16 |
automatic premium loan
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The __________________ provision prevents the unintentional lapse of a policy due to nonpayment...
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| 17 |
exclusions
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____________________ are policy provisions that exclude certain types of risk.
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| 18 |
suicide clause
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The ___________________ limits the death benefit to a refund of premium paid if this occurs...
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| 19 |
waiver of premium; 6 month; total disability
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The ______________________ rider waives the premium for the policy if the insured becomes totally...
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| 20 |
guaranteed insurability
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20. The _____________________ rider allows the insured to purchase additional amounts of insurance...
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| 21 |
accidental death rider; 90 days
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The __________________ will pay some multiple of the face amount if death is the result of...
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| 22 |
principal; capital
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The Accidental Death and Dismemberment Rider (AD&D) pays the _________________ for accidental...
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| 23 |
Accelerated Death Benefits
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_____________________ or living riders allow for the early payment of a percentage of the death...
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| 24 |
Nonforfeiture Values
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___________________ are guarantees required by state law for insurance policies with cash values.
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| 25 |
cash; reduced paid up; extended term
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The three nonforfeiture values normally available are ________________, _________________,...
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| 26 |
Dividends; guaranteed; taxable
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______________________ are paid on participating policies. They cannot be ___________ and they...
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| 27 |
accumulate at interest; interest
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With the ______________ dividend option the insured begins a savings account with the insurance...
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| 28 |
paid up additions
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When the policyowner uses the dividend to purchase smaller amounts of the same type of insurance...
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| 29 |
paid up
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The _________________ option simply allows the policyowner to pay the policy off sooner than...
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| 30 |
Settlement Options
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__________________________ are triggered by the maturity of a life insurance policy or the...
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| 31 |
Life income
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With the __________________ option, the beneficiary or annuitant would receive income payments...
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| 32 |
Life Income with period certain
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When the annuitant or beneficiary receive income payments for life but also are guaranteed...
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| 33 |
Life Income joint and survivor option; last
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The ___________ pays`out on two or more lives. This option keeps paying until the _______________________person...
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| 34 |
Interest only
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When the insurance company retains the policy proceeds, invests it, and sends the beneficiary...
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| 35 |
Fixed Period
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When the insurance company pays out the policy proceeds to the beneficiary or annuitant over...
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| 36 |
Fixed Amount
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When the insurance company pays out a specified dollar amount until the policy proceeds have...
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