Primerica Chapter 1 questions with correct answers

What do individuals use to transfer their risk of loss to a larger group? - Ans - Insurance Best Describe the MIB - Ans - Nonprofit organization that maintains underwriting information on applicants for life and health insurance An Insurer neglects to pay a legitimate claim that is covered under the terms of the policy. What insurance principles has the insurer violated? - Ans - Consideration The term "illustration" in a life insurance policy refers to... - Ans - A presentation of guaranteed elements of a policy Most agents try to collect the initial premium for submission with the application. When an agent collects the initial premium from the applicant, the agent should issue the applicant a... - Ans - Premium receipt What document must be provided to the policy owner or applicant during policy replacement? - Ans - Notice Regarding Replacement In insurance, an offer is usually made when... - Ans - the application is submitted