____________Quiz____________?
Participating Insurance Policy -
Answer✓✓
may pay dividends to the policyowner
_____________Quiz____________?
Material Misrepresentation -
Answer✓✓
misstatement to a question asked in the application process; death benefit claim will likely be
denied
_____________Quiz____________?
Law of Large Numbers -
Answer✓✓
the larger a group becomes, the easier it is to predict losses; used to predict certain types
of losses and set appropriate premiums
_____________Quiz____________?
Substandard Risk -
Answer✓✓
results in higher premium
1
, _____________Quiz____________?
Standard Risk -
Answer✓✓
results in standard premium
_____________Quiz____________?
Preferred Risk -
Answer✓✓
results in lower premium
_____________Quiz____________?
Expense Loading -
Answer✓✓
combined with premiums to spread the operating costs of a business to all insureds
_____________Quiz____________?
Net Premium -
Answer✓✓
premiums without expense loading
_____________Quiz____________?
Concealment -
Answer✓✓
occurs when a person withholds a material fact that is crucial to making a decision; in
insurance, this involves withholding information that would be crucial to underwriting
decisions
_____________Quiz____________?
Warranty -
2
, Answer✓✓
a statement guaranteed to be true
_____________Quiz____________?
Representation -
Answer✓✓
a statement true to the best of an applicant's knowledge
_____________Quiz____________?
3 Basic Types of Term Life Insurance -
Answer✓✓
level, increasing, and decreasing
_____________Quiz____________?
Level Term -
Answer✓✓
death benefit doesn't change throughout the life of the policy
_____________Quiz____________?
Annually Renewable Term (ART) -
Answer✓✓
premium increases annually according to attained age; policy may be guaranteed to be
renewable each without proof of insurability
_____________Quiz____________?
Re-entry Option -
Answer✓✓
the insured, upon the end of a term policy with guaranteed renewable option, may qualify
for a discounted premium rate with proof of insurability
3
Participating Insurance Policy -
Answer✓✓
may pay dividends to the policyowner
_____________Quiz____________?
Material Misrepresentation -
Answer✓✓
misstatement to a question asked in the application process; death benefit claim will likely be
denied
_____________Quiz____________?
Law of Large Numbers -
Answer✓✓
the larger a group becomes, the easier it is to predict losses; used to predict certain types
of losses and set appropriate premiums
_____________Quiz____________?
Substandard Risk -
Answer✓✓
results in higher premium
1
, _____________Quiz____________?
Standard Risk -
Answer✓✓
results in standard premium
_____________Quiz____________?
Preferred Risk -
Answer✓✓
results in lower premium
_____________Quiz____________?
Expense Loading -
Answer✓✓
combined with premiums to spread the operating costs of a business to all insureds
_____________Quiz____________?
Net Premium -
Answer✓✓
premiums without expense loading
_____________Quiz____________?
Concealment -
Answer✓✓
occurs when a person withholds a material fact that is crucial to making a decision; in
insurance, this involves withholding information that would be crucial to underwriting
decisions
_____________Quiz____________?
Warranty -
2
, Answer✓✓
a statement guaranteed to be true
_____________Quiz____________?
Representation -
Answer✓✓
a statement true to the best of an applicant's knowledge
_____________Quiz____________?
3 Basic Types of Term Life Insurance -
Answer✓✓
level, increasing, and decreasing
_____________Quiz____________?
Level Term -
Answer✓✓
death benefit doesn't change throughout the life of the policy
_____________Quiz____________?
Annually Renewable Term (ART) -
Answer✓✓
premium increases annually according to attained age; policy may be guaranteed to be
renewable each without proof of insurability
_____________Quiz____________?
Re-entry Option -
Answer✓✓
the insured, upon the end of a term policy with guaranteed renewable option, may qualify
for a discounted premium rate with proof of insurability
3
