Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Insurance

QuestionAnswer
A legal representative of an insurance company Agent/Producer
A person applying for insurance Applicant
Person covered by the insurance policy; may or may not be the policyowner Insured
An insurance producer, not appointed by an insurance company and who represents their client Broker
The paid amount upon death of the insured in a life insurance policy Death benefit
a person's net worth Estate
A contract between a policyowner (and/or the insured) and a insurance company which agrees to pay the insured or the beneficiary for loss caused by specific events Insurance Policy
A person who receives the benefits of an insurance policy Beneficiary
The company who issues an insurance policy Insurance Company, also known as the Insurer (Principal)
Policy termination due to nonpayment of premium Lapse
Coverage on a human life Life Insurance
The person entitled to exercise the rights and privileges in the policy Policyowner
Money paid to the insurance company for the insurance policy Premium
To purchase insurance, the policyowner must face the possibility of losing money or something of value in the event of loss. This must be exist on a life insurance policy at the application or issued date This is called... Insurable Interest
This document provides basic, GENERIC information about life insurance policies that contains, and is limited to, language provided by the Department of Insurance. This is called... Buyer's Guide
A written statement describing the FEATURES & ELEMENTS of the policy being issued. Policy Summary
The risk selection and classification process. It's when an insurance company determines whether or not a particular applicant is insurable, and if so, what premium to charge. Underwriting
An AGENT on the company's front line, the agent is usually soliciting the potential insured. Field Underwriting
- Proper solicitation of applicants - Helping prevent adverse selection - Completing the application - Obtaining the required signature - Collecting initial Premium and issuing the receipt - Delivering the policy Field Underwriting responsibilities
High risk individuals requesting insurance Adverse Selection
Signature of good health Receipt
The starting point and basic source of information used by insurance company. Part 1 - general information and Part 2 - Medical information Application
Before submitting application you must complete and sign... Agent's Report
Agent/Producer, Applicant, and Policyowner (if not proposed insurer) Required Signatures
Before a policy is issued, all of the questions on the application must be answered. If the insurer receives and incomplete application, the insurer must return it the the agent for completion Consequences of Incomplete Applications
A statement saying that coverage will be effective either on the date of application or the date of medical examination, whichever occurs last, unless coverage is declined or rated, or issued with riders excluding specific coverage Conditional Receipt
Appointment date Medical Exam Death Policy Issued Example of a Conditional Receipt
An absolutely true statement upon which the validity of the insurance policy depends. Warranty
Statements believed to be true to the best of one's knowledge but they are not guaranteed to be true Representation
Untrue statements on application Misrepresentation
A statement that if discovered, would alter the underwriting decision of the insurance company Material Misrepresentation
a statement from a medical practitioner who treated the applicant for a prior medical problem Attending Physician's Statement (APS)
a membership corporation owned by member insurance companies. Nonprofit trade organization which receives adverse medical information from insurance companies and maintains confidential medical impairment information on individuals Medical Information Bureau (MIB)
The insurer must disclose use of testing to applicant and obtain written consent from the applicant on the approved form Medical Examinations and Lab Tests Including HIV
The Law protecting consumers against the circulation of inaccurate or obsolete information Fair Credit Reporting Act
The practice of terminating and existing policy of letting it lapse, and obtaining a new one NJ Replacement
organizations must consult the registry every 31 days. Any phone numbers on registry must be dropped from the organization's call list Do Not Call List
Pure Death Protection Term Life Insurance
commonly purchased to insure the payment of a mortgage or other debts Decreasing Term
allows policyowner the right to renew the same amount of coverage, without evidence of insurability. Premium for new term is based on insured's current age Renewable Life Insurance
Created by: NelsonUSMC2025
Popular Insurance sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards