Life Insurance Basics
This is the amount paid to a beneficiary when the insured person dies.
What is the death benefit?
The amount you pay each month or year to keep your life insurance policy active.
What is the premium?
Primerica policies can be renewed up to this age without a medical exam.
What is 95?
This type of permanent life insurance offers flexible premiums and death benefits.
What is universal life insurance?
Before selling life insurance, a Primerica representative must obtain this.
What is a state life insurance license?
This type of life insurance provides coverage for a specific period, such as 10, 20, or 30 years.
What is term life insurance?
This feature allows you to convert a term policy into a permanent one without a medical exam.
What is a conversion option?
Primerica believes this type of insurance is the most cost-effective way to protect families during their working years.
What is Term Insurance?
This is the review process used by insurers to assess risk before issuing a life policy.
What is underwriting?
This is the platform Primerica representatives use to manage applications and policies.
What is POL (Primerica Online)?
This is the person who receives the policy’s payout when the insured dies.
Who is the beneficiary?
This is the financial interest someone must have in your life to purchase insurance on you.
What is insurable interest?
The Primerica motto.
What is helping families become debt free, properly protected, financially independent and earm more income?
This kind of insurance is typically offered by employers as part of a benefits package.
What is group life insurance?
A Primerica rep can get promoted to this position after completing 3 x 3,000.
What is a District Leader?
This kind of life insurance combines coverage with a cash value savings component.
What is whole life insurance?
This part of the policy determines how much money accumulates over time in permanent life insurance.
What is the cash value?
This is the maximum face amount Primerica commonly offers without requiring a medical exam (for healthy clients).
What is $300,000?
A policy loan is taken from this part of a permanent life insurance policy.
What is the cash value?
This third-party database may be used during underwriting to verify prescription use.
What is the MIB (Medical Information Bureau)?
This term describes a policy that stays in effect for the insured’s entire life, as long as premiums are paid.
What is permanent life insurance?
This clause prevents the insurer from contesting the policy after it has been in force for a set period (usually two years).
What is the incontestability clause?
This is the Form used when Primerica helps clients replace high-cost life insurance with lower-cost term policies.
What is a replacement form?
This type of policy pays benefits to help cover final expenses, like funeral costs.
What is burial or final expense insurance?
If a client buys a policy today but dies in an accident tomorrow, the policy pays out because of this.
What is Conditional Coverage?