Insurance
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| A legal representative of an insurance company | Agent/Producer
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| A person applying for insurance | Applicant
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| Person covered by the insurance policy; may or may not be the policyowner | Insured
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| An insurance producer, not appointed by an insurance company and who represents their client | Broker
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| The paid amount upon death of the insured in a life insurance policy | Death benefit
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| a person's net worth | Estate
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| 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
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| A person who receives the benefits of an insurance policy | Beneficiary
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| The company who issues an insurance policy | Insurance Company, also known as the Insurer (Principal)
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| Policy termination due to nonpayment of premium | Lapse
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| Coverage on a human life | Life Insurance
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| The person entitled to exercise the rights and privileges in the policy | Policyowner
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| Money paid to the insurance company for the insurance policy | Premium
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| 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
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| 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
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| A written statement describing the FEATURES & ELEMENTS of the policy being issued. | Policy Summary
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| 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
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| An AGENT on the company's front line, the agent is usually soliciting the potential insured. | Field Underwriting
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| - 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
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| High risk individuals requesting insurance | Adverse Selection
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| Signature of good health | Receipt
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| The starting point and basic source of information used by insurance company. Part 1 - general information and Part 2 - Medical information | Application
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| Before submitting application you must complete and sign... | Agent's Report
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| Agent/Producer, Applicant, and Policyowner (if not proposed insurer) | Required Signatures
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| 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
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| 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
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| Appointment date Medical Exam Death Policy Issued | Example of a Conditional Receipt
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| An absolutely true statement upon which the validity of the insurance policy depends. | Warranty
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| Statements believed to be true to the best of one's knowledge but they are not guaranteed to be true | Representation
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| Untrue statements on application | Misrepresentation
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| A statement that if discovered, would alter the underwriting decision of the insurance company | Material Misrepresentation
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| a statement from a medical practitioner who treated the applicant for a prior medical problem | Attending Physician's Statement (APS)
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| 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)
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| 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
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| The Law protecting consumers against the circulation of inaccurate or obsolete information | Fair Credit Reporting Act
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| The practice of terminating and existing policy of letting it lapse, and obtaining a new one | NJ Replacement
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| 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
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| Pure Death Protection | Term Life Insurance
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| commonly purchased to insure the payment of a mortgage or other debts | Decreasing Term
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| 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
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Created by:
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