Primerica questions with complete solutions 2023

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 Broker correct answer: an insurance producer not appointed by an insurer and is deemed to represent the client Insurance policy correct answer: a contract 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 correct answer: the person covered by the insurance policy . This person may or may not be the policyowner. Insurer (principal) correct answer: the company who issues an insurance policy policyowner correct answer: the person entitled to exercise the rights and privileges in the policy. Premium correct answer: the money paid to the insurance company for the insurance policy Reciprocity/ Reciprocal correct answer: a mutual interchange of rights and privileges. Beneficary 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 cash value correct answer: equity amount accumulated in permanent life insurance