Term
| policy;copy of the application |
|
Definition
| The entire contract consists of the ________________and a ______________________. |
|
|
Term
|
Definition
| The _____________ clause is the basic agreement between the insured and the insurer. |
|
|
Term
|
Definition
| The _______________ provision allows the policyowner ________________ days to look over the policy and return it if dissatisfied. |
|
|
Term
|
Definition
| Something of value provided by both the insurance company and the policyowner is called _________________. |
|
|
Term
|
Definition
| Ownership rights rest with the __________________. |
|
|
Term
|
Definition
| There are two types of assignment: ________________ and ____________________________ |
|
|
Term
| primary; secondary; teriary; contingent |
|
Definition
| The first beneficiary is the _____________________, the next is the _________________ and third is the ______________ . All beneficiaries after the first in line are known as ______________________. |
|
|
Term
|
Definition
| Beneficiaries are named either on a ________________ or __________________ basis. |
|
|
Term
|
Definition
| Under the Uniform Simultaneous Death Law, the law assumes that the primary beneficiary dies ____________ in a common disaster. |
|
|
Term
| frequency; annual; semannually; quarterly; monthly |
|
Definition
| The mode is the _______________ of the policy premium payment. The four acceptable payment modes are 1) _______________, 2) ___________, 3) _____________,and 4) _______________. |
|
|
Term
|
Definition
| The period of time after the premium due date that the policyowner has to pay the premium before the policy lapses is the ____________________. This period of time is usually _____________ days. |
|
|
Term
| reinstatement; insurability; past due payments; loans |
|
Definition
| The __________________ provision allows the policyowner to put a policy that has lapsed back in force providing they prove ______________________, pay all ___________________________ plus interest and repay any outstanding _____________ and interest. |
|
|
Term
|
Definition
| The ________________ clause prevents the company from denying a claim due to statements on the application after the policy has been in force for _____________. |
|
|
Term
|
Definition
| The _____________________ provision allows the insurance company to adjust the policy's face amount at any time due to this error. |
|
|
Term
| policy loan; outstanding loan; interest |
|
Definition
| If the policy has cash value, the insured may make a ____________ against the amount available. If not repaid, the company will deduct the _____________________ plus any __________________ from the face amount upon the insured's death. |
|
|
Term
|
Definition
| The __________________ provision prevents the unintentional lapse of a policy due to nonpayment of the premium. |
|
|
Term
|
Definition
| ____________________ are policy provisions that exclude certain types of risk. |
|
|
Term
|
Definition
| The ___________________ limits the death benefit to a refund of premium paid if this occurs within the first two years. |
|
|
Term
| waiver of premium; 6 month; total disability |
|
Definition
| The ______________________ rider waives the premium for the policy if the insured becomes totally disabled. Most companies impose a _________________ waiting period, and you must meet their definition of ___________________. |
|
|
Term
|
Definition
| 20. The _____________________ rider allows the insured to purchase additional amounts of insurance at specified future dates or events without evidence of insurability. |
|
|
Term
| accidental death rider; 90 days |
|
Definition
| The __________________ will pay some multiple of the face amount if death is the result of an accident as defined in the policy. Death must usually occur within ______________ of such accident. |
|
|
Term
|
Definition
| The Accidental Death and Dismemberment Rider (AD&D) pays the _________________ for accidental death or loss of any two primary parts and the _________________ for the loss of any one primary part. |
|
|
Term
| Accelerated Death Benefits |
|
Definition
| _____________________ or living riders allow for the early payment of a percentage of the death benefit. |
|
|
Term
|
Definition
| ___________________ are guarantees required by state law for insurance policies with cash values. |
|
|
Term
| cash; reduced paid up; extended term |
|
Definition
| The three nonforfeiture values normally available are ________________, _________________, and __________________. |
|
|
Term
| Dividends; guaranteed; taxable |
|
Definition
| ______________________ are paid on participating policies. They cannot be ___________ and they are not ________________. |
|
|
Term
| accumulate at interest; interest |
|
Definition
| With the ______________ dividend option the insured begins a savings account with the insurance company. The _____________ portion would be taxable. |
|
|
Term
|
Definition
| When the policyowner uses the dividend to purchase smaller amounts of the same type of insurance as the original policy, they have utilized the _____________________________ dividend option. |
|
|
Term
|
Definition
| The _________________ option simply allows the policyowner to pay the policy off sooner than anticipated. |
|
|
Term
|
Definition
| __________________________ are triggered by the maturity of a life insurance policy or the annuitization of an annuity. |
|
|
Term
|
Definition
| With the __________________ option, the beneficiary or annuitant would receive income payments for life. |
|
|
Term
| Life Income with period certain |
|
Definition
| When the annuitant or beneficiary receive income payments for life but also are guaranteed this income for a specific number of years, the ______________________ option was selected. |
|
|
Term
| Life Income joint and survivor option; last |
|
Definition
| The ___________ pays`out on two or more lives. This option keeps paying until the _______________________person covered. |
|
|
Term
|
Definition
| When the insurance company retains the policy proceeds, invests it, and sends the beneficiary or annuitant the growth, the ___________________ option has been selected. |
|
|
Term
|
Definition
| When the insurance company pays out the policy proceeds to the beneficiary or annuitant over a specified time period, the ____________________ option has been selected. |
|
|
Term
|
Definition
| When the insurance company pays out a specified dollar amount until the policy proceeds have been used up, the _____________________ option has been selected. |
|
|
