Virginia Life: Life Insurance Basics (F-I) A+ Exam Questions & Answers

Solication - ANSWER-The process of issuing a life insurance policy begins with ____ Solicitation of Insurance - ANSWER-An attempt to persuade a person to buy an insurance policy, and it can be done orally or in writing. insurer - ANSWER-The ____ whose policies are advertised is responsible for all its advertisements, regardless of who wrote, created, presented, or distributed them. Buyer's Guide - ANSWER-A document that explains how a buyer should go about choosing the amount and type of insurance to and how buyer can save money by comparing the costs of similar policies Policy Summary - ANSWER-Written statement describing the features and elements of the policy being issued Premium, cash value, dividends, surrender value and death benefit figures for specific policy years - ANSWER-Policy Summaries include: Generic, Specific - ANSWER-A buyer's guide provides ____ information on various types of policies while a policy summary provides ____ information on the policy being issued Replacement - ANSWER-Practice of terminating an existing policy or letting it lapse, and obtaining a new one Replacing Insurer - ANSWER-The company that issues the new policy