Get a life!
Determines the present value of the family's share of the deceased breadwinner's future earnings.
What is the human life value approach?
Defined as an own occupation for a period of time, followed by an any occupation definition.
What is a split definition disability policy?
100/300/100
What is bodily injury per person, bodily injury per occurrence, and property damage?
This type of coverage provides protection for all perils in basic, and then some.
What is broad coverage?
A chance of loss or no loss.
What is pure risk?
The period from the time that Social Security survivor benefits terminate to the time the benefits are resumed.
What is the blackout period?
Typically 30 to 180 days.
What is the elimination period for a long-term disability policy?
Coverage for medical payments to others part of the PAP.
What is Part B?
Coverage A in an HO policy.
What is dwelling coverage?
Actual outcomes approach the mean probability as the sample size increases.
What is the law of large numbers?
The policy can be exchanged for a cash-value policy without evidence of insurability.
What is convertible term insurance?
This requires the insurance company to renew the policy for a specific period of time, or until the insured reaches a specific age.
What is a guaranteed renewable policy?
The insured, spouse, family members residing with the insured, and anyone who uses the car with permission.
Who are insured individuals in an auto policy?
This specifics the dollar limits of insurance for certain personal items attached to the HO policy.
What is a schedule?
Accepting some or all of the potential loss exposure for risks that are low in frequency and severity.
What is risk retention?
A flexible premium policy that provides lifetime protection.
What is universal life insurance?
A government program that provides benefits to employees who are injured on the job.
What is worker's comp?
The uninsured or underinsured motorist must be at fault.
What is needed for uninsured / underinsured coverage to kick in?
Otherwise known as an HO-4 policy.
What is renter's insurance?
The immediate cause and reason for a loss.
What is a peril?
It has flexible premiums and choice of investments. But be careful of those expense charges!
What is variable universal life insurance?
A policy provision that automatically considers certain conditions to be totally disabling.
What is presumptive total disability coverage?
This coverage pays if the car is damaged in an accident with another vehicle or object (i.e. you hit it).
What is collision coverage?
Replacement cost less depreciation.
What is actual cash value (ACV)?
A specific condition that increases the likelihood of a loss occurring.
What is a hazard?