WA LIFE & HEALTH INSURANCE LICENSE LATEST UPDATE GRADED A

WA LIFE & HEALTH INSURANCE LICENSE LATEST UPDATE GRADED A Fair Credit Reporting Act protects consumers against circulation of inaccurate or obsolete personal or financial information Domestic in the state Foreign in OTHER state Alien out of the U.S. (other country) Temporary License 180 DAYS Peril cause of loss (such as a fire) Risk chance of loss PURE Risk chance of loss WITHOUT ANY chance of gain Consideration Clause something of value must be exchanged NONresident in other state Renewal of Insurance License every 2 years 24 hours of Continuing Education (with 3 hours in ethics) Twisting agent persuades an insured to cancel, lapse or switch policies, even when its to the insured's disadvantage Defamation injurious statement with intent of harming illustration presentation/depiction that includes NONguarenteed elements of a policy of individual or group life insurance over a period of years Policy Settlement within 90 days - if the benefits have not been paid too the beneficiary within 90 days of the receipt of proof of death, starting the 91st day the insurer will be required to pay interest at the stated rate (not less than 8%) + 3% Grace period 31 days insurance contract agreement between policy owner and insured FREE LOOK within 30 days allowed to return policy or certificate for full refund Group Disability income insurance the extent of the benefit is determined by the insured's income False advertising implying the agent is the insurer Prospective Review physical can submit claim info prior to providing treatment to know in advance if the procedure is covered under the insured's plan & what rate it will be HMO Health Maintenance Organization plan The Life & Disability Guaranty Association protects policyowners, insureds & beneficiaries from financial losses caused by insurers who become insolvent or otherwise unable to perform their contractual obligations Riders are added to policies to modify provisions that already exist Options offer insurers and insureds ways to invest or distribute a sum of money available in a life policy Interest Only is a settlement option Mode frequency/manner that the policy owner pays the policy premium Beneficiary is the person or interest