Colorado Life Insurance| exam study set questions and answers correct and verified A+

Colorado Life Insurance| exam study set questions and answers correct and verified A+Colorado Life Insurance| exam study set questions and answers correct and verified A+ The term insurance transaction includes: - correct answer-1) Solicitation; 2) Negotiation; 3) Sales; 4) Advertising Adverse Selection (insurance def) - correct answer-Insuring the risks that are more prone to losses than the average risk Agent/Producer - correct answer-a 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 - correct answer-a person applying for insurance Beneficiary - correct answer-A person who receives the benefits of an insurance policy Death Benefit - correct answer-the amount paid upon the death of the insured in a life insurance policy insurance policy - correct answer-a contract between a policyowner (and/or insured) and an insurance company which agrees to pay the insured or the beneficiary for loss caused by specific events Insured - correct answer-person covered by the insurance policy; may or may not be the policy owner Insurer (principal) - correct answer-the company who issues an insurance policy lapse - correct answer-policy termination due to nonpayment of premium Policyowner - correct answer-the person entitled to exercise the rights and privileges in the policy Agent Authority - correct answer-express, im