Standard provisions of group life policies
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Grace period of 31 days, one or two year incontestability period From the
date the insurance coverage took effect, the entire contract consists of the
policy and attached application, individual employees or members are
issued certificates of coverage under the master contract, misstatement of
age provision, evidence of insurability must be provided if an eligible
individual for coverage enrolls after the enrollment period, conversion
right, insurance statements and application are representations, facility of
payment
Risk Pooling
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, Combines similar losses from many people so that the average loss over
the entire group is relatively constant
Conditional contracts
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Insurance contracts are conditional because certain conditions must be
met by all parties to the contract when a loss occurs in order for the
contract to be legally enforceable
Single premium whole life Policy
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Allows the insured to pay the entire premium in one lump sum and have
coverage for the insured's entire life policies have a level face amount
Authority and Power
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Granted through the agency contract, which is established by the insurer
Participating life Insurance
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Policies that pay dividends to policyholders, who have the option of
receiving the dividend in cash, accumulate at interest, purchase more
coverage, reduce premium prices, pay up the entire policy, or purchase
one year term insurance mutual insurance companies are participating
Joint and survivor option
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Allows two or more individuals to receive income payments for their entire
lives
Fair Credit Reporting Act
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Regulates the way consumer credit reporting agencies collect and use an
applicant's personal credit information
Adverse Selection
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Demand for insurance coverage by people who are worse than average
risks and more likely to need and use the coverage
, Entire contract
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The insurance policy itself including any riders and endorsements or
amendments and the application, if attached to the policy, comprise the
entire contract between all parties
The insurability receipt provides
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Interim coverage as long as the applicant is insurable as applied for. If not,
coverage is not effective.
Permanent protection plus the cash
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Whole life insurance
A convertible term policy will have higher premiums because
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Grace period of 31 days, one or two year incontestability period From the
date the insurance coverage took effect, the entire contract consists of the
policy and attached application, individual employees or members are
issued certificates of coverage under the master contract, misstatement of
age provision, evidence of insurability must be provided if an eligible
individual for coverage enrolls after the enrollment period, conversion
right, insurance statements and application are representations, facility of
payment
Risk Pooling
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, Combines similar losses from many people so that the average loss over
the entire group is relatively constant
Conditional contracts
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Insurance contracts are conditional because certain conditions must be
met by all parties to the contract when a loss occurs in order for the
contract to be legally enforceable
Single premium whole life Policy
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Allows the insured to pay the entire premium in one lump sum and have
coverage for the insured's entire life policies have a level face amount
Authority and Power
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Granted through the agency contract, which is established by the insurer
Participating life Insurance
,Give this one a try later!
Policies that pay dividends to policyholders, who have the option of
receiving the dividend in cash, accumulate at interest, purchase more
coverage, reduce premium prices, pay up the entire policy, or purchase
one year term insurance mutual insurance companies are participating
Joint and survivor option
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Allows two or more individuals to receive income payments for their entire
lives
Fair Credit Reporting Act
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Regulates the way consumer credit reporting agencies collect and use an
applicant's personal credit information
Adverse Selection
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Demand for insurance coverage by people who are worse than average
risks and more likely to need and use the coverage
, Entire contract
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The insurance policy itself including any riders and endorsements or
amendments and the application, if attached to the policy, comprise the
entire contract between all parties
The insurability receipt provides
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Interim coverage as long as the applicant is insurable as applied for. If not,
coverage is not effective.
Permanent protection plus the cash
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Whole life insurance
A convertible term policy will have higher premiums because
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