Life Insurance 101 Correct 100%
4 Types of death - ANSWER Natural, Accidental, Homicide, Suicide
Whole Life Policy - ANSWER Locked in rate,Higher premium, will not expire until
passed away
Term Life - ANSWER Lower premium, will expire @ a certain time. No benefit is
payable if the insured survives to the past the end of the term.
2 Different Types of Life Insurance - ANSWER Whole Life & Term Life
Hours of Operations - ANSWER 7:30-6:30 CST M-F
Life Insurance - ANSWER A type of insurance which provides a sum of money if the
person who is insured dies while the policy is in effect.
Insured - ANSWER The person covered by the policy.
Owner - ANSWER The applicant of the policy.
Payer - ANSWER The addressee or person who pays the premiums on the policy.
Beneficiary - ANSWER The payee of the policy benefits following the insured's death.
Contest - ANSWER To dispute or deny the validity of a policy.
Contestable Period - ANSWER A two year period of time in which an insurer may
contest the validity of a policy in a court of law. The length of the period is specified in
the incontestability provision of a life insurance policy.
Plan Code - ANSWER A 3 digit code that consist of numbers and letters in combination
that is used to easily identify a policy systematically.
Non-Forfeiture Options: - ANSWER The choices available to a policy owner concerning
the methods under which the owner can apply the policy's cash value when the policy
lapses.
Rider - ANSWER An insurance rider attached to a life insurance contract for an insured
person It is a provision of an insurance policy that is purchased separately from the
basic policy and that provides additional benefits.
Death Benefit - ANSWER The amount paid to a beneficiary upon the death of an
insured person.
4 Types of death - ANSWER Natural, Accidental, Homicide, Suicide
Whole Life Policy - ANSWER Locked in rate,Higher premium, will not expire until
passed away
Term Life - ANSWER Lower premium, will expire @ a certain time. No benefit is
payable if the insured survives to the past the end of the term.
2 Different Types of Life Insurance - ANSWER Whole Life & Term Life
Hours of Operations - ANSWER 7:30-6:30 CST M-F
Life Insurance - ANSWER A type of insurance which provides a sum of money if the
person who is insured dies while the policy is in effect.
Insured - ANSWER The person covered by the policy.
Owner - ANSWER The applicant of the policy.
Payer - ANSWER The addressee or person who pays the premiums on the policy.
Beneficiary - ANSWER The payee of the policy benefits following the insured's death.
Contest - ANSWER To dispute or deny the validity of a policy.
Contestable Period - ANSWER A two year period of time in which an insurer may
contest the validity of a policy in a court of law. The length of the period is specified in
the incontestability provision of a life insurance policy.
Plan Code - ANSWER A 3 digit code that consist of numbers and letters in combination
that is used to easily identify a policy systematically.
Non-Forfeiture Options: - ANSWER The choices available to a policy owner concerning
the methods under which the owner can apply the policy's cash value when the policy
lapses.
Rider - ANSWER An insurance rider attached to a life insurance contract for an insured
person It is a provision of an insurance policy that is purchased separately from the
basic policy and that provides additional benefits.
Death Benefit - ANSWER The amount paid to a beneficiary upon the death of an
insured person.
