WA LIFE & HEALTH INSURANCE LICENSE
20-Pay Whole Life - ANS-so as for the coverage to pay the loss of life gain to a beneficiary, the
charges have to be paid for 20 YEARS or until dying whichever takes place first
90 days - ANS-any individual receiving written notification of the Commissioner's order has 90
days to Respond and REQUEST a listening to
Accelerated Living Benefits - ANS-permit the early charge of a portion o the loss of life
advantage
coincidence dying benefits - ANS-maximum guidelines will pay the accident death advantages
as long as the loss of life is because of the accident and happens inside 90days
unintentional demise - ANS-is considered double indemnity
Accidental Death & Dismemberment rider - ANS-pays for accidental losses best & is considered
a natural form of coincidence insurance
Principal Sum is paid for accidental dying (FACE quantity)
in the case of accidental dismemberment or lack of sight in one eye a percentage of that most
important sum might be paid (CAPITAL Sum)
accumulation length - ANS-also referred to as the pay-in length is the period of time over which
the owner makes bills (premiums) into an annuity; the time period all through which the
payments earn hobby on a tax-deferred foundation
Additional Monthly Benefit (AMB) - ANS-a few insurance businesses provide AMB rider in the
approximate amount that social safety might pay; the advantage is ONLY supplied for 1 YEAR!
It is then predicted that social protection benefits might begin at the stop of the year
Adjustable lifestyles - ANS-become advanced so that it will offer the policy owner with the
first-rate of each worlds (term & permanent coverage); type of investment can't be modified by
means of the policy proprietor; the insured usually determines how plenty insurance is needed
and as the insured's needs exchange the coverage proprietor can make modifications in his or
her policy
admitted - ANS-is the closest term to an authorized insurer; insurers who meet the country's
economic necessities
Alien - ANS-out of the U.S. (different united states of america)
,Annually Renewable Term - ANS-is the least high priced; 5 year premium payout
Annually renewable time period coverage - ANS-it's far stage time period insurance; yearly
renewable term is a form of level time period coverage that offers the maximum coverage at the
lowest price; PUREST shape of term insurance; the loss of life benefit stays degree, but the
premium increases every yr with the insured's attained age.
Annuitization date - ANS-is the time when the annuity gain payouts begin (cause for benefits)
Annuity - ANS-is a contract that provides profits for a designated period of years or for life;
protects someone towards outliving his or her money; annuities do no longer pay a face quantity
upon the demise of the annuitant in fact the do the alternative - in maximum instances the bills
stop upon the demise of the annuitant
annuity period AKA annuitization period - ANS-liquidation length or pay-out length is the time
which the sum that has been collected for the duration of the accumulation duration is
transformed into a move of earnings bills to the annuitant
Any Occupation - ANS-provision will simplest provide benefits when the insured is not able to
carry out any of the duties of the profession for which they're suited through cause of training,
training, or revel in
ART-Annualy Renewable Term - ANS-is the purest form of time period coverage; death
advantage stays degree & the policy may be guaranteed to be renewable each 12 months with
out evidence of insurability however the top class increases yearly in step with the trained age
because the probability of death increases
Attending Physician's Statement (APS) - ANS-the insurance business enterprise have to pay for
this info but it's miles frequently much less costly than ordering an exam
Beneficiary - ANS-is the man or woman or interest to which the coverage proceeds may be paid
upon the loss of life of the insured
gain length - ANS-refers to the duration of time over which the monthly incapacity benefit
payments will ultimate for each incapacity after the elimination length has been glad; maximum
provide 1 yr, 2 years, 5 years & to age 65; the long the benefit period, the higher the top rate
could be
binding receipt - ANS-type of receipt that makes the insurer responsible for the risk from the
date of the utility, regardless of the applicant's insurability
Business Overhead cost (BOE) - ANS-particular type of coverage bought to small business
owners who need to continue to meet overhead costs along with lease, utilities, employee
salaries, installment purchases, leased equipment, ect. Following a disability
, Buy-promote agreement - ANS-is a felony agreement that determines what's going to be carried
out with a enterprise in the occasion that an proprietor dies or turns into disabled
Buyer's Guide - ANS-is a regular manual that explains existence insurance in a way that the
average purchaser can recognize, and does not address specific rules of the insurer
capital sum - ANS-unintentional dismemberment to lack of sight in a single eye
capitated foundation - ANS-HMOs operate on a capitated basis: the HMO gets a flat amount
each month attributed to each member, whether or not they see a doctor or now not (in essence
it's miles a prepaid clinical plan-as a member of the plan you will get hold of all services vital
from the member physicians and hospitals)
Cash Surrender Value - ANS-rider creates a cash price of round 70% of the rates paid in excess
of claims; this coins cost is regularly ONLY to be had to the proprietor on the termination of the
contract
certificate of insurance - ANS-every insured participant underneath the organization plan is
issued a certificate of coverage
Claims paperwork - ANS-upon receipt of a observe of claim, the agency need to deliver claims
forms to the insured within usually 15 days
Coinsurance - ANS-most essential clinical rules consist of a coinsurance provision that offers for
the sharing of charges between the insured and the insurance agency; after the insured
satisfies the coverage deductible, the insurance organization will generally pay the majority of
the charges - generally eighty%
Comprehensive Coverage - ANS-complete care guidelines are those plans that provide
coverage for most forms of medical costs; typically includes preventive care, recurring physicals,
immunizations, outpatient services & hospitalizations inclusive of HMOs
Concurrent Review - ANS-the insurance company will reveal the insured's medical institution
live to make sure that everything is intending in line with insured's health center live to make
certain that everything is proceeding according to agenda & that the insured will be released
from medical institution as planned
conditional receipt - ANS-is the most commonplace type of receipt; which is used best while the
applicant submits a prepaid software
conditionally renewable - ANS-insurer can also terminate the agreement handiest at renewal for
positive situations that are stipulated in the agreement
20-Pay Whole Life - ANS-so as for the coverage to pay the loss of life gain to a beneficiary, the
charges have to be paid for 20 YEARS or until dying whichever takes place first
90 days - ANS-any individual receiving written notification of the Commissioner's order has 90
days to Respond and REQUEST a listening to
Accelerated Living Benefits - ANS-permit the early charge of a portion o the loss of life
advantage
coincidence dying benefits - ANS-maximum guidelines will pay the accident death advantages
as long as the loss of life is because of the accident and happens inside 90days
unintentional demise - ANS-is considered double indemnity
Accidental Death & Dismemberment rider - ANS-pays for accidental losses best & is considered
a natural form of coincidence insurance
Principal Sum is paid for accidental dying (FACE quantity)
in the case of accidental dismemberment or lack of sight in one eye a percentage of that most
important sum might be paid (CAPITAL Sum)
accumulation length - ANS-also referred to as the pay-in length is the period of time over which
the owner makes bills (premiums) into an annuity; the time period all through which the
payments earn hobby on a tax-deferred foundation
Additional Monthly Benefit (AMB) - ANS-a few insurance businesses provide AMB rider in the
approximate amount that social safety might pay; the advantage is ONLY supplied for 1 YEAR!
It is then predicted that social protection benefits might begin at the stop of the year
Adjustable lifestyles - ANS-become advanced so that it will offer the policy owner with the
first-rate of each worlds (term & permanent coverage); type of investment can't be modified by
means of the policy proprietor; the insured usually determines how plenty insurance is needed
and as the insured's needs exchange the coverage proprietor can make modifications in his or
her policy
admitted - ANS-is the closest term to an authorized insurer; insurers who meet the country's
economic necessities
Alien - ANS-out of the U.S. (different united states of america)
,Annually Renewable Term - ANS-is the least high priced; 5 year premium payout
Annually renewable time period coverage - ANS-it's far stage time period insurance; yearly
renewable term is a form of level time period coverage that offers the maximum coverage at the
lowest price; PUREST shape of term insurance; the loss of life benefit stays degree, but the
premium increases every yr with the insured's attained age.
Annuitization date - ANS-is the time when the annuity gain payouts begin (cause for benefits)
Annuity - ANS-is a contract that provides profits for a designated period of years or for life;
protects someone towards outliving his or her money; annuities do no longer pay a face quantity
upon the demise of the annuitant in fact the do the alternative - in maximum instances the bills
stop upon the demise of the annuitant
annuity period AKA annuitization period - ANS-liquidation length or pay-out length is the time
which the sum that has been collected for the duration of the accumulation duration is
transformed into a move of earnings bills to the annuitant
Any Occupation - ANS-provision will simplest provide benefits when the insured is not able to
carry out any of the duties of the profession for which they're suited through cause of training,
training, or revel in
ART-Annualy Renewable Term - ANS-is the purest form of time period coverage; death
advantage stays degree & the policy may be guaranteed to be renewable each 12 months with
out evidence of insurability however the top class increases yearly in step with the trained age
because the probability of death increases
Attending Physician's Statement (APS) - ANS-the insurance business enterprise have to pay for
this info but it's miles frequently much less costly than ordering an exam
Beneficiary - ANS-is the man or woman or interest to which the coverage proceeds may be paid
upon the loss of life of the insured
gain length - ANS-refers to the duration of time over which the monthly incapacity benefit
payments will ultimate for each incapacity after the elimination length has been glad; maximum
provide 1 yr, 2 years, 5 years & to age 65; the long the benefit period, the higher the top rate
could be
binding receipt - ANS-type of receipt that makes the insurer responsible for the risk from the
date of the utility, regardless of the applicant's insurability
Business Overhead cost (BOE) - ANS-particular type of coverage bought to small business
owners who need to continue to meet overhead costs along with lease, utilities, employee
salaries, installment purchases, leased equipment, ect. Following a disability
, Buy-promote agreement - ANS-is a felony agreement that determines what's going to be carried
out with a enterprise in the occasion that an proprietor dies or turns into disabled
Buyer's Guide - ANS-is a regular manual that explains existence insurance in a way that the
average purchaser can recognize, and does not address specific rules of the insurer
capital sum - ANS-unintentional dismemberment to lack of sight in a single eye
capitated foundation - ANS-HMOs operate on a capitated basis: the HMO gets a flat amount
each month attributed to each member, whether or not they see a doctor or now not (in essence
it's miles a prepaid clinical plan-as a member of the plan you will get hold of all services vital
from the member physicians and hospitals)
Cash Surrender Value - ANS-rider creates a cash price of round 70% of the rates paid in excess
of claims; this coins cost is regularly ONLY to be had to the proprietor on the termination of the
contract
certificate of insurance - ANS-every insured participant underneath the organization plan is
issued a certificate of coverage
Claims paperwork - ANS-upon receipt of a observe of claim, the agency need to deliver claims
forms to the insured within usually 15 days
Coinsurance - ANS-most essential clinical rules consist of a coinsurance provision that offers for
the sharing of charges between the insured and the insurance agency; after the insured
satisfies the coverage deductible, the insurance organization will generally pay the majority of
the charges - generally eighty%
Comprehensive Coverage - ANS-complete care guidelines are those plans that provide
coverage for most forms of medical costs; typically includes preventive care, recurring physicals,
immunizations, outpatient services & hospitalizations inclusive of HMOs
Concurrent Review - ANS-the insurance company will reveal the insured's medical institution
live to make sure that everything is intending in line with insured's health center live to make
certain that everything is proceeding according to agenda & that the insured will be released
from medical institution as planned
conditional receipt - ANS-is the most commonplace type of receipt; which is used best while the
applicant submits a prepaid software
conditionally renewable - ANS-insurer can also terminate the agreement handiest at renewal for
positive situations that are stipulated in the agreement
