Term
| By naming a beneficiary, the policy proceeds will bypass whom upon the insureds death? |
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Definition
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Term
| Jon misstated his age on his policy app, the insurer will adjust the amount of proceeds at time of what? |
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Definition
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Term
| If John assigns his policy, who would receive the benefit first should John suddenly pass away? |
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Definition
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Term
| Which provision provides continuation of coverage when the premium is credited later than the due date? |
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Definition
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Term
| If the insured does not feel comfortable or would like to alter anything about the policy, which provision would he/she be taking advantage of? |
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Definition
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Term
| Who has all rights to a policy including the apporval/disapproval of any charges suggested by the insurers rep? |
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Definition
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Term
| The Entire Life Insurance Contract is not complete without a copy of the what? |
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Definition
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Term
| What is not a standard provision to a life insurance policy and is prohibited by law? |
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Definition
| ?Backdating to conserve the age of the policy |
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Term
| Who is normally the tertiary beneficiary of the policyowner |
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Definition
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Term
(whats the word?)
Conditions stated in the policy that are not covered by life insurance |
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Definition
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Term
| Two major types of beneficiaries? |
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Definition
| Revocable and irrevocable |
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Term
| Difference between revocable and irrevocable beneficiaries ? |
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Definition
| Irrevocable as an interest in the policy and is typically not a minor |
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Term
| An APL is determined by Moody's Corporate Bond Yield Average T/F |
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Definition
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Term
| The Common Disaster Clause is also known as what? |
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Definition
| Uniform Simultaneous Death Law |
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Term
| Key Point of the Common Disaster Clause? |
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Definition
| The insured is assumed to have died first. |
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Term
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Definition
| The insurer cannot contest anything in the policy after the policy has been in motion for a set amount of time, usually 2 years |
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