Life Insurance Vocabulary Quizlet
Insurance chapter 1 17 cards.
Life insurance vocabulary quizlet. Allow the policy owner to pay more or less than the planned premium. Prep for a quiz or learn for fun. Maximum time for reinstatement of a life policy. As the wife is a homemaker husband pays the premium thus the husband is the policyholder and wife is the life assured.
Study life insurance exam using smart web mobile flashcards created by top students teachers and professors. Insurance agent 120 cards. For instance a husband buys a life insurance plan for his wife. Close knowledge genome tm brainscape certified browse over 1 million classes created by top students professors publishers and experts spanning the world s body of.
The policy cannot be cancelled by. Insurance licensing iowa life a h 95 cards. Endowment insurance life insurance for a specified amount which is payable to the insured person at the expiration of a certain period of time or to a designated beneficiary immediately upon the death of the insured tontine. Choose from 500 different sets of life insurance vocabulary flashcards on quizlet.
Use this informative health and life insurance glossary to understand the definitions of many commonly used insurance terms. Permanent life insurance policies offer a cash value component that makes them more expensive than term policies and is usually only a good option for people with particular circumstances. Insurance adjusters p c licence section 1 10 cards. Incontestability clause prevents the insurer from denying a claim due to statements in an application after the policy is 2 years old even in material matters.
One of three basic types of life insurance whole life universal life and endowment that remains in force until the policy matures unless the owner fails to pay the premium and the cash value is insufficient to cover policy charges and expenses. Insurance claims 8 cards. Insurance exam for charmette 11 cards. Insurance commisioner 41 cards.
Available in policies like universal life insurance. 1 n insurance paid to named beneficiaries when the insured person dies synonyms. A life insurance policy that is active for the entirety of the policyholder s life. Life insurance that covers a group of people who are usually employed by the same company or part of the same organization insurable interest a financial interest in the continued life of a person insurance on another person.
Insurance company types and classifications 19 cards. Life assured may or may not be the policyholder.
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