Life insurance is a crucial financial tool that provides security and peace of mind. This course offers a comprehensive understanding of life insurance, covering the essential concepts, types of policies, and the legal framework that governs them.

Key Concepts and Definitions

Life insurance is a legal contract between an insurer and a policy owner, promising a death benefit to a designated beneficiary. Key roles include the policy owner, insured, beneficiary, agent, and underwriter.

Types of Life Insurance Policies

Explore the two major categories of life insurance:

• Term Life Insurance: Provides coverage for a specific period with no cash value.
• Permanent Life Insurance: Offers lifelong coverage with a cash value component.

Legal Aspects of Life Insurance

Understand the life insurance policy as a legal contract, including elements like offer and acceptance, consideration, competent parties, and legal purpose. Learn about expressed and implied authority, fraud, and buy-sell agreements.

Additional Concepts

Gain insights into annuities, death benefits, company risks, and the importance of physical reports and address selection in the insurance process.

This course equips you with the knowledge to navigate the complexities of life insurance, ensuring you can make informed decisions and understand the roles and responsibilities involved.