Basic of Life Insurance
An insurance company selling more than one line of insurance.
What is Multi-line insurer
Provides income benefits for elderly, survivors of those who died young, and those qualifying for feferal disability.
What is Social Security?
This provides individuals privacy protection and fair and accurate credit reporting. Insurance companies are required to notify applicants if a credit check will be made on them.
What is the Fair Credit Reporting Act?
The four elements of a contract are.
What is;
1. Consideration
2. Legal Purpose
3. Offer and Acceptance
4. Competent parties
This requires that an individual have a valid concern for the continuation of the life or well-being of the person insured
What is Insurable Interest?
These insurers are in the business of selling insurance for a profit and is divided into two main groups: stock and mutual insurers.
What is Commercial Insurers
Health insurance to CARE for the elderly.
What is Medicare?
The (NAIC) stands for this.
What is they are responsible for recommending appropriate laws and regulations and they are responsible for the creation of the Advertising Code and the Unfair Trade Practices Act.
The insured provides consideration with payment of premium and the insurer provides consideration by promising to pay the insurance benefit these are known as
What is a consideration?
Estoppel
What is the legal process of preventing one party from reclaiming a right that was waived.
These insurers are incorporated companies owned by their stockholders.
What are stock companies?
Health insurance to AID the financially needy.
What is Medicaid?
This states that while the federal government has authority to regulate the insurance industry, it would not exercise its right if the insurance industry was regulated effectively and adequately on the state level.
What is The McCarran Ferguson Act?
The Legal Purpose is
What is an insurance contract must be legal and not in opposition of public policy?
True or False: producers cannot be sued for mistakes of putting a policy in effect only the company they work for.
False
Mutual Companies are
What is commercial insurers that are owned by their policyholders
Health insurance for members of the military and their family.
What is Tri-Care?
Guaranty Associationsprovide this.
What is provide safety net for all member life, health and annuities insurers in a particular state and protect insureds in the event of insurer insolvency, or inability to pay claims up to a certain limit?
When an applicant submits an application and money for insurance to the insurance company and the insurance company underwriter approves and issues the poolicy.
What is Offer and Acceptance?
This gives you the greatest amount of coverage for a limited amount of time. It has a termination date, and is the cheapest.
What is a Term policy?
Insurance company assuming the risk of insurance.
What are reinsurers?
S.G.L.I. and V.G.L.I stands for this.
What is Serviceman’s Group Life Insurance and Veterans Group Life Insurance?
The NAIC has four broad objectives,
What are..
1. To encourage uniformity between states
2. To promote efficiency laws and regulations
3. To protect the interest of owners
4. To preserve state regulation o
When an insurance contract has been prepared by an insurance company with no negotiation, it is considered a
What is Contract of Adhesion?
Three types of Agent Authority
What is
1. Express
2. Implied
3. Apparent