Mississippi Life Insurance State Exam Accurate 100%(RATED A+)

Adverse selection - ANSWER insuring of risks that are more to losses than the average risk Agent/Producer - ANSWER legal representative of an insurance company; the classification of producer usually includes agents and brokers; agents are the agents of the insurer Applicant or proposed insured - ANSWER a person applying for insurance beneficiary - ANSWER a person who receives the benefits of insurance policy Death Benefit - ANSWER the amount paid upon the death of the death of the insured in a life insurance policy Fraud - ANSWER intentional misrepresentation or deceit with the intent to induce a person to part with something of value Insurance policy - ANSWER a contact between policyowner (and/ or insured) and an insurance company which agrees to pay the insured or the beneficiary for loss caused by specific events Insured - ANSWER person covered by the insurance policy; may or may not be the policyowner Insurer (Principal) - ANSWER the company who issues an insurance policy Lapse - ANSWER policy termination due to nonpayment of premium life insurance - ANSWER coverage on human lives policyowner - ANSWER the person entitled to exercise the rights and privileges in the policy