LIFE INSURANCE ONLY CALIFORNIA (2024/2025) ALREADY PASSED

LIFE INSURANCE ONLY CALIFORNIA (2024/2025) ALREADY PASSED LIFE INSURANCE - Answer ️️ -Insurance that pays out a sum of money either on the death of the insured person or after a set period. TERM LIFE INSURANCE - Answer ️️ -Life insurance that pays a benefit in the event of the death of the insured during a specified term. *PURE *ONLY DEATH BENEFIT NO CASH VALUE WHOLE LIFE INSURANCE - Answer ️️ -Life insurance that pays a benefit on the death of the insured and also accumulates a *PERMANENT *DEATH BENEFIT & CASH VALUE. UNIVERSAL LIFE INSURANCE - Answer ️️ -Flexible permanent life insurance offering the low-cost protection of term life insurance as well as a savings element (like whole life insurance), which is invested to provide a cash value buildup. LOW PREMIUM & CASH VALUE VARIABLE LIFE INSURANCE - Answer ️️ -Permanent life insurance policy with an investment component. LEVEL TERM LIFE INSURANCE - Answer ️️ -Provides the same amount of coverage for a specific length of time, over which you pay the same premium. DECREASING TERM LIFE INSURANCE - Answer ️️ -Annual renewable term life insurance that provides a death benefit that decreases at a predetermined rate over the life of the policy. ANNUITY - Answer ️️ -*Insurance product that pays out income, and can be used as part of a retirement strategy. *Fixed sum of money paid to someone each year, typically for the rest of their life. DEFFERED ANNUITY - Answer ️️ -Annuity that commences only after a lapse of some specified time after the final purchase premium has been paid. SINGLE PREMIUM DEFERED ANNUITY (S.P.D.A) - Answer ️️ -Annuity contract that is established with a single lump-sum payment by the owner. *ANNUTIY GROWS ON A TAX DEFERRED BASIS UNTIL ANNUITIZATION. PRINCIPLE OF INDEMNIFICATION - Answer ️️ -LIFE INSURANCE IS DESIGNED TO MAKE SOMEONE WHOLE AGAIN (INDEMNIFY) NOT TO ENRICH. BENEFICIARY - Answer ️️ -PERSON, ORGANIZATION, BUSINESS, OR THE ESTATE OF THE INSURED TO RECEIVE TO BENEFITS. -PRIMARY BENEFICIARY - 1ST -CONTINGENT/SECONDARY BENEFICIARY - 2ND -TERTIARY BENEFICIARY - 3RD LIFE INSURANCE PURPOSE - Answer ️️ -PROTECTION AGAINST LOSS OF INCOME. PRODUCER - Answer ️️ -AGENT, BROKER, OR SOLICITOR AGENT - Answer ️️ -REPRESENTS COMPANIES TO CLIENTS BROKER - Answer ️️ -REPRESENTS CLIENTS TO COMPANIES ADMITTED INSURER - Answer ️️ -INSURANCE COMPANY LICENSED TO TRANSACT INSURANCE IN CALIFORNIA DOMESTIC INSURER - Answer ️️ -INSURER (INSURANCE COMPANY) THAT IS WITHIN THE STATE FOREIGN INSURER - Answer ️️ -INSURER (INSURANCE COMPANY) THAT IS FROM ANOTHER STATE ALIEN INSURER - Answer ️️ -INSURER (INSURANCE COMPANY) FROM ANOTHER COUNTRY UNDERWRITER - Answer ️️ -A person who evaluates and classifies risks to accept or reject them on behalf of the insurer. LIFE INSURANCE CONTRACT - Answer ️️ -GUARANTEES THAT A SPECIFIC AMOUNT OF MONEY WILL BE PAID TO A DESIGNATED BENEFICIARY WHEN THE INSURED INDIVIDUAL DIES. FIDUCIARY CAPACITY - Answer ️️ -HAVING THE RESPONSIBILITY OF SOMEONE ELSES ASSETS AND MONEY. EXPRESSED AUTHORITY - Answer ️️ -GRANT