LIFE INSURANCE
This type of life insurance provides protection for a specific period of time.
What is Term Life Insurance?
The amount an insured pays before benefits begin.
What is a Deductible?
The policyowner may return a new policy during this period for a full refund.
What is the Free Look Period?
The waiting period before disability benefits begin.
What is the Elimination Period?
An agent knowingly gives false information to induce a purchase.
What is Misrepresentation?
The person who receives the death benefit is called this.
What is a Beneficiary?
The percentage of covered expenses shared by the insured after the deductible.
What is Coinsurance?
Coverage remains in force during this period after a premium is missed.
What is the Grace Period?
This disability definition means the insured cannot perform the duties of their own occupation.
What is Own Occupation?
Offering part of a commission to encourage a sale is called this.
What is Rebating?
This type of beneficiary cannot be changed without consent.
What is an Irrevocable Beneficiary?
A policy with a $500 deductible and 80/20 coinsurance receives a $2,000 covered claim after the deductible is met. How much does the insurer pay?
What is $1,600?
This clause states the policy and application make up the entire agreement.
What is the Entire Contract Provision?
This Medicare part covers hospital expenses.
What is Medicare Part A?
Replacing a policy through misleading comparisons is called this.
What is Twisting?
A policyowner may borrow against this feature of a permanent life policy.
What is Cash Value?
This provision prevents an insured from collecting more than the actual loss from multiple policies.
What is Coordination of Benefits?
An insurer generally cannot void a policy after a specified period due to misstatements except fraud.
What is the Incontestability Clause?
This Medicare part covers physician services and outpatient care.
What is Medicare Part B?
The practice of refusing insurance based solely on race, religion, or national origin is considered this.
What is Unfair Discrimination?
A policyowner wants lifetime coverage with flexible premiums and an adjustable death benefit.
What is Universal Life Insurance?
This federal law allows continuation of group health coverage after employment ends.
What is COBRA?
An insured dies during the grace period without paying the premium.
What is the death benefit paid minus the overdue premium?
This Medicare part provides prescription drug coverage.
What is Medicare Part D?
An agent collects premium money and uses it for personal expenses.
What is Commingling (or Conversion)?