The flashcards below were created by user
Brebre21
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Annuity -
A living benefit designed to protect against outliving ones resources by making periodic payments from an account.
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Application -
Request form for insurance signed by agent & insured and becomes part of the policy, if accepted.
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Rider -
a supplemental form/endorsement to change, add or modify a policy.
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Deductibles -
Portion the insured pays before the company.
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Elements of a Contract - 4 elements
Offer & Acceptance, Competent Parties, Legal Purpose and Consideration
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Contract of Adhesion -
Insured has no say in the contract wording, only accepts or rejects it.
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Aleatory -
Values exchanged may not be equal.
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Unilateral -
Premium for a Promise. Insurer is the only one that cannot cancel without just cause.
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Conditional -
Must meet all conditions before a claim is paid.
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Personal -
Cannot transfer. Between company and insured.
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Utmost Good Faith -
Honest information on both parties; to their best belief and knowledge.
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Insurance Policy -
Written instrument where one undertakes to indemnify another.
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Parts of a Life Application / Policy -
- Application:
- Part 1 - General Information
- Part 2 - Medical Information
- Part 3 - Agent’s Report
- Policy - Title Page/Data Page/Face Page, Riders,
- Conditions/Clauses, Original Application
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Rescission -
Void of a contract
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E & O -
Professional Liability coverage for those who give advice for a fee.
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Free Insurance -
Not permissible as an incentive to purchase another product.
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Discontinuance –
termination of an entire group plan
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Extension of Benefits -
Continuation of coverage for a totally disabled person affected before the discontinuation of coverage.
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