LIFE ACCIDENT and SICKNESS GA
_____ gets the assignment from the ______. - ANS - assignee, assignor
3 types of term life insurance - ANS - level term, decreasing term, increasing term
31 day conversion period for group life - ANS - from group to individual w/o showing
evidence of insurability
31 day grace period - ANS - premium is due BEFORE or on the due date. after the due
date starts at 31 day grace period. GROUP LIFE AND GROUP HEALTH
4 interchangeable words - ANS - clause, conditions, provisions, period
absolute assignment - ANS - transfers all incidents of ownership
accidental death is also known as... - ANS - double, ,multiple, or triple indemnity
90 days
accumulation at interest - ANS - leave dividends alone, decide later
accumulation period - ANS - the putting in time the growth period
acquisition costs - ANS - how much will it cost to put the policy on the books, including
commissions paid
adjustable life - ANS - policy holder can adjust the face premium and length of protetion
adjustable life - ANS - policy holder can adjust the face, premium and length of protection
age limits - ANS - a limit on age to write a policy, if age was already reached when policy
was taken out, misstatement of age, premium is returned and policy is null and void
age requirement for credit accident and sickness (health) - ANS - 65, or pay off before 66
Age requirement for credit life - ANS - 70 or must pay off before 71
amount fixed - ANS - amount is paid the same amount every time
annuities - ANS - the upside down application of life insurance, liquidate an estate
annuity period - ANS - the taking out time
the benefits period
,application to reduce premium - ANS - use dividend to offset premium some
Are dividends a return of an overcharge of premiums or a gain? - ANS - Not a profit but a
return of excess premiums. policyowners pays a somewhat higher "gross" prmium and
is entitled to policy dividends as declared by insurers.
are dividends taxed? - ANS - the gain is taxed dividends itself is not
At what age can minors enter into a contract for insurance? - ANS - A person not less
than 15 years of age as determined by the nearest birthday, but it is not valid unless an
age of Majority, age 18, parent or guardian, also signs.
At what age is the policyholder written for on a group medicare conversion that's being
replaced with another group? - ANS - coverage is written on the policyholder at the
insured's age it was written at the inception of the replaced coverage.
automatic premium loan - ANS - usually no charge, must be done at the point of sale and
provides for a loan to be charged if the owner fails to pay the premium (after cash value
has accumulated)
aviation restriction - ANS - application asks if you are doing anything hazardous, you
must fill out questionnaire. If you lie and die any way claim can be denied within two
years.
benefit period - ANS - how long the policy will cover you after the onset of the illness or
injury
Blue Cross Blue Shield does it cover large groups only? Does it get special
consideration from the government? Does it contract services with providers? Do
subscribers pay a set fee? - ANS - covers individuals as well as small and large groups.
Non profit organization. contractual relationship with the doctors and hospitals.
Subscribers pay a set fee.
Borrowers right - ANS - Applicant does not have to buy from creditor
buy-sell agreement - ANS - allows associates of the deceased to purchase deceased's
interest.
Cam variable premium policies reduce benefit? - ANS - Flexible premium variable policy
does not guarantee death benefit. There is usually no guaranteed death benefit bc of the
flexible premium concept.
, Can a resident conduct business after moving to a new state with the old state's license?
- ANS - Yes for 90 days if license from other state is in good standing.
Can AD&D be written on life policies or health? - ANS - Both
can the ins commissioner or department set rates for lines of insurance? make laws?
enforce laws? amend laws? - ANS - CANNOT set rates, make laws, or amend laws.
CAN enforce or regulate laws
Can you write ins with an out of state or unauthorized insurer? - ANS - Yes with an out of
state,
NOT WITH AN UNAUTHORIZED
capital sum vs principal sum - ANS - capital is dismemberment payment; principal is
accidental death payment
cash dividend - ANS - get check mailed to you
cash value - ANS - longer you keep the policy, the more cash value it builds
Certificate of authority renewal - ANS - annually by insurer, before january 1 each year,
but expires midnight june 30th the following year
change of beneficiary - ANS - irrevocable can only be changed by the irrevocable,
otherwise insured can change
characteristics of whole life - ANS - age 100 the ultimate age, level, level face amount,
guaranteed cash value
cheapest mode of premium payment - ANS - annual
Churning - ANS - Replacing your own company's business from within.
ex- canceled ins pol to rewrite to make more commission.
claim form health ins - ANS - company must furnish claim forms within 15 days after
receiving notice of claim
Coersion - ANS - forcing someone into doing something
pressue, ect
collateral assignment - ANS - the bank only collects what is owed
commissioners findings can be appealed where? by whom? - ANS - can be appealed by
any person whose financial interests are directly affected by a failure or refusal to grant a
_____ gets the assignment from the ______. - ANS - assignee, assignor
3 types of term life insurance - ANS - level term, decreasing term, increasing term
31 day conversion period for group life - ANS - from group to individual w/o showing
evidence of insurability
31 day grace period - ANS - premium is due BEFORE or on the due date. after the due
date starts at 31 day grace period. GROUP LIFE AND GROUP HEALTH
4 interchangeable words - ANS - clause, conditions, provisions, period
absolute assignment - ANS - transfers all incidents of ownership
accidental death is also known as... - ANS - double, ,multiple, or triple indemnity
90 days
accumulation at interest - ANS - leave dividends alone, decide later
accumulation period - ANS - the putting in time the growth period
acquisition costs - ANS - how much will it cost to put the policy on the books, including
commissions paid
adjustable life - ANS - policy holder can adjust the face premium and length of protetion
adjustable life - ANS - policy holder can adjust the face, premium and length of protection
age limits - ANS - a limit on age to write a policy, if age was already reached when policy
was taken out, misstatement of age, premium is returned and policy is null and void
age requirement for credit accident and sickness (health) - ANS - 65, or pay off before 66
Age requirement for credit life - ANS - 70 or must pay off before 71
amount fixed - ANS - amount is paid the same amount every time
annuities - ANS - the upside down application of life insurance, liquidate an estate
annuity period - ANS - the taking out time
the benefits period
,application to reduce premium - ANS - use dividend to offset premium some
Are dividends a return of an overcharge of premiums or a gain? - ANS - Not a profit but a
return of excess premiums. policyowners pays a somewhat higher "gross" prmium and
is entitled to policy dividends as declared by insurers.
are dividends taxed? - ANS - the gain is taxed dividends itself is not
At what age can minors enter into a contract for insurance? - ANS - A person not less
than 15 years of age as determined by the nearest birthday, but it is not valid unless an
age of Majority, age 18, parent or guardian, also signs.
At what age is the policyholder written for on a group medicare conversion that's being
replaced with another group? - ANS - coverage is written on the policyholder at the
insured's age it was written at the inception of the replaced coverage.
automatic premium loan - ANS - usually no charge, must be done at the point of sale and
provides for a loan to be charged if the owner fails to pay the premium (after cash value
has accumulated)
aviation restriction - ANS - application asks if you are doing anything hazardous, you
must fill out questionnaire. If you lie and die any way claim can be denied within two
years.
benefit period - ANS - how long the policy will cover you after the onset of the illness or
injury
Blue Cross Blue Shield does it cover large groups only? Does it get special
consideration from the government? Does it contract services with providers? Do
subscribers pay a set fee? - ANS - covers individuals as well as small and large groups.
Non profit organization. contractual relationship with the doctors and hospitals.
Subscribers pay a set fee.
Borrowers right - ANS - Applicant does not have to buy from creditor
buy-sell agreement - ANS - allows associates of the deceased to purchase deceased's
interest.
Cam variable premium policies reduce benefit? - ANS - Flexible premium variable policy
does not guarantee death benefit. There is usually no guaranteed death benefit bc of the
flexible premium concept.
, Can a resident conduct business after moving to a new state with the old state's license?
- ANS - Yes for 90 days if license from other state is in good standing.
Can AD&D be written on life policies or health? - ANS - Both
can the ins commissioner or department set rates for lines of insurance? make laws?
enforce laws? amend laws? - ANS - CANNOT set rates, make laws, or amend laws.
CAN enforce or regulate laws
Can you write ins with an out of state or unauthorized insurer? - ANS - Yes with an out of
state,
NOT WITH AN UNAUTHORIZED
capital sum vs principal sum - ANS - capital is dismemberment payment; principal is
accidental death payment
cash dividend - ANS - get check mailed to you
cash value - ANS - longer you keep the policy, the more cash value it builds
Certificate of authority renewal - ANS - annually by insurer, before january 1 each year,
but expires midnight june 30th the following year
change of beneficiary - ANS - irrevocable can only be changed by the irrevocable,
otherwise insured can change
characteristics of whole life - ANS - age 100 the ultimate age, level, level face amount,
guaranteed cash value
cheapest mode of premium payment - ANS - annual
Churning - ANS - Replacing your own company's business from within.
ex- canceled ins pol to rewrite to make more commission.
claim form health ins - ANS - company must furnish claim forms within 15 days after
receiving notice of claim
Coersion - ANS - forcing someone into doing something
pressue, ect
collateral assignment - ANS - the bank only collects what is owed
commissioners findings can be appealed where? by whom? - ANS - can be appealed by
any person whose financial interests are directly affected by a failure or refusal to grant a
