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Details Title: Texas Life and Health Description: Principles of Insurance Total Flash Cards: 14 Created: 08/06/2004 14:59:50	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards Term Insurance Definition Transferring individual risk to a company for consideration is called ______________ Term Company Definition As an agent, you are the legal representative of the ____________. Term Policy Owner Definition The person who pays for the policy of insurance is the _______________. Term Beneficiary Definition The _____________________ is the person who receives the benefits from the insurance policy. Term Insured Definition The person covered by the insurance policy is the ~ Term Insurable Interest Definition To buy insurance, the policyowner must have __________________ in the insured at the time of purchase. Term Own Life; Family Members; Business Partners; Key Employees; Financial Interest Definition The recognized areas of insurable interest are 1. ____________, 2. ___________, 3.______________, 4.___________, and 5. _____________. Term Stock; Mutual Definition The two basic kinds of insurance companies are ___________________and ____________________ Term Taxable;Non-Taxable Definition A stock company's dividends are _____________ but a mutual company's dividends are ______________. Term Authorized Definition An _____________ insurance company is admitted to do business in a state. Term domestic, foreign, alien Definition The three types of incorporation are: ___________, ____________ and _____________. Term warrantee Definition A ___________________ is the literal or absolute truth. Term Representation Definition ____________________ are statements made by an applicant that are true to the best of his/her knowledge. Term Misrepresentation Definition Lying on an application for insurance is called _______________________