Vocabulary
Who is the person whose life is being covered by the policy?
Who is the insured?
Risk is defined as…
What is the possibility of loss?
Which of the following is NOT a required element of a legal contract?
What are beneficiary rights?
Term insurance provides coverage for how long?
What is a specific period of time?
What does the free-look period allow you to do?
What is cancel and receive a full refund?
What do we call the money paid to keep the policy active?
What is the premium?
Insurable interest means the applicant would…
What is suffer financially if the insured dies?
Applicant consideration includes two things… what are they?
What are truthful statements and premium payment?
Whole life insurance builds…
What is guaranteed cash value?
How long is the typical grace period for premiums?
What is 30–31 days?
What is the amount paid to the beneficiary when the insured dies?
What is the death benefit?
When must insurable interest exist?
What is at the time of application?
The insurer’s consideration is…
What is the promise to pay the death benefit?
Universal Life is known for…
What are flexible premiums and adjustable death benefit?
To reinstate a lapsed policy, you must do what?
What is pay back premiums + prove insurability?
Who is the company that provides the insurance coverage?
Who is the insurer?
The Law of Large Numbers helps insurers…
What is predict how many losses will occur in a large group?
A misrepresentation is….
What is a false statement on the application?
Term insurance is BEST for…
What are families who need large coverage for low cost?
What does the contingent beneficiary receive?
What is the death benefit if the primary has died or can’t be found?
Who controls the contract and has rights to make changes?
Who is the policyowner?
Which situation does NOT have insurable interest?
What is a neighbor on a neighbor’s child?
Who must sign the life insurance application?
Who are the applicant, insured (if different), and agent?
Which type of insurance is typically the cheapest?
What is term life insurance?
A conditional receipt provides coverage when?g?
What is if the applicant qualifies under normal underwriting?