Tn life exam
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| Accelerated Benefits | show 🗑
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| Accidental Death Benefits | show 🗑
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| show | An insurance policy that provides payment if the insured’s death is the result of an accident.
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| show | The time before an annuitant’s retirement during which the annuitant is making payments or investments in an annuity.
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| show | An infectious and incurable disease caused by the human immunodeficiency virus (HIV).
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| show | The required amount to pay damages or for property loss. This amount is calculated based on the property's current replacement value minus depreciation.
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| Actuary | show 🗑
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| Adhesion | show 🗑
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| show | Life insurance which permits changes in the face amount, premium amount, period of protection, and the duration of the premium payment period.
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| Adjuster | show 🗑
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| show | An individual appointed by a court as a fiduciary to settle the financial affairs and estate of a deceased person.
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| show | An insurance company authorized and licensed to transact business in a particular state.
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| Adult Day Care | show 🗑
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| show | The tendency of risks with higher probability of loss to purchase and maintain insurance more often than the risks who present lower probability.
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| show | An insurance sales office or company.
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| Agent | show 🗑
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| Agent’s Authority | show 🗑
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| Aleatory | show 🗑
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| show | An insurance company that is incorporated outside the United States.
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| Alzheimer’s Disease | show 🗑
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| Annual Statement | show 🗑
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| Annuity | show 🗑
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| Apparent Authority | show 🗑
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| Applicant | show 🗑
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| show | A document that provides information for underwriting purposes. After the policy is issued, any unanswered questions are considered waived by the insurer.
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| Assignment | show 🗑
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| Attained Age | show 🗑
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| show | A statement usually obtained from the applicant’s doctor.
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| show | An insurance company authorized and licensed to transact business in a particular state.
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| Avoidance | show 🗑
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| Basic Illustration | show 🗑
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| show | The person who receives the proceeds from the policy when the insured dies.
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| Binder (Binding Receipt) | show 🗑
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| show | The method of determining primary coverage for a dependent child, under which the plan of the parent whose birthday occurs first in the calendar year is designated as primary.
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| Broker | show 🗑
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| show | A legal contract that determines what will be done with a business in the event that an owner dies or becomes disabled.
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| show | A booklet that describes insurance policies and concepts, and provides general information to help an applicant make an informed decision.
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| show | The amount to which a policyowner is entitled if the policy is surrendered before maturity.
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| Certificate | show 🗑
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| show | A document that authorizes a company to start conducting business and specifies the kind(s) of insurance a company can transact. It is illegal for an insurance company to transact insurance without this certificate.
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| Certificate of Insurance | show 🗑
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| Claim | show 🗑
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| Coercion | show 🗑
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| Coinsurance Clause | show 🗑
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| Commingling | show 🗑
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| show | The payment made by insurers to agents or brokers for the sale and service of policies.
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| Commissioner | show 🗑
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| Concealment | show 🗑
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| Conditional Contract | show 🗑
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| show | The binding force in a contract that requires something of value to be exchanged for the transfer of risk. The consideration on the part of the insured is the representations made in the application and the payment of premium; the consideration on the par
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| Consumer Report | show 🗑
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| show | An agreement between two or more parties enforceable by law.
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| show | A group insurance plan that requires the employees to pay part of the premium.
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| show | An entity that obtains and possesses a license solely for the purpose of writing business on the owner, immediate family, relatives, employer or employees.
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| Convertible | show 🗑
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| show | A provision that helps determine the primary provider in situations where an insured is covered by more than one policy, thus avoiding claims overpayments.
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| Countersignature | show 🗑
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| show | The inclusion of causes of loss (perils) which are covered within a scope of a policy.
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| Credit Life Insurance | show 🗑
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| show | (The Commissioner’s Standard Ordinary Table) A mortality table used in life insurance that mathematically predicts the likelihood of death.
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| Custodial Care | show 🗑
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| show | The amount payable upon the death of the person whose life is insured.
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| show | A type of life insurance that features a level premium and a death benefit that decreases each year over the duration of the policy.
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| Defamation | show 🗑
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| Dependent | show 🗑
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| show | The chief executive and administrative officer of the Insurance Department.
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| Disclosure | show 🗑
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| Domestic Insurer | show 🗑
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| Domicile of Insurer | show 🗑
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| Earned Premium | show 🗑
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| show | The date when an insurance policy begins (also known as the inception date).
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| Employee Retirement Income Security Act (ERISA) | show 🗑
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| Endorsement | show 🗑
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| show | To reach the maturity date or time at which the face amount equals cash values.
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| Estoppel | show 🗑
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| Excess Insurance | show 🗑
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| Exclusions | show 🗑
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| show | A contract which has not yet been fulfilled by one or both parties that promises action in the event of a specified future occurrence.
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| show | The date specified in the policy as the date of termination.
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| show | The authority granted to an agent by means of the agent's written contract.
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| show | A provision that allows coverage to continue beyond the policy’s expiration date for employees who are not actively at work due to disability or who have dependents hospitalized on that date. This coverage continues only until the employee returns to work
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| Face | show 🗑
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| show | A federal law that established procedures that consumer-reporting agencies must follow in order to ensure that records are confidential, accurate, relevant and properly used.
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| show | An agent/broker who handles insurer's funds in a trust capacity.
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| Fixed Annuity | show 🗑
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| Flexible Premium | show 🗑
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| Foreign Insurer | show 🗑
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| Fraternal Benefit Societies | show 🗑
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| show | Intentional misrepresentation or deceit with the intent to induce a person to part with something of value.
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| show | A period of time, usually required by law, during which a policyowner may inspect a newly issued individual life or health insurance policy for a stated number of days and surrender it in exchange for a full refund of premium if not satisfied for any reas
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| show | Period of time after the premium due date during which premiums may still be paid, and the policy and its riders remain in force.
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| Group Life | show 🗑
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| Hazard | show 🗑
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| show | The effect of a person’s reputation, character, living habits, etc. on his/her insurability.
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| show | The effect a person’s indifference concerning loss has on the risk to be insured.
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| Hazard, Physical | show 🗑
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| show | Authority that is not expressed or written into the contract, but which the agent is assumed to have in order to transact the business of insurance for the principal.
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| show | To restore the insured to the same condition as prior to loss with no intent of loss or gain.
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| show | A member organization which is unable to pay its contractual obligations and is placed under a final order of liquidation or rehabilitation by a court of competent jurisdiction.
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| Insurability | show 🗑
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| show | A financial interest in the life of another person; a possibility of losing something of value if the insured should die. In life and health insurance, insurable interest must be stated at the time of policy issue.
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| Insurance | show 🗑
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| Insured | show 🗑
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| Insurer | show 🗑
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| Insuring Clause | show 🗑
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| show | An act that is intended to cause injury. Self-inflicted injuries are not covered under accident insurance; intentional injuries inflicted on the insured by another are covered.
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| Intermediate Care | show 🗑
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| show | A report similar to consumer report, but one that also provides information on the consumer’s character, reputation and habits.
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| show | The individual’s age when a policy is issued.
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| show | A single policy that is designed to insure two or more lives.
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| Juvenile Life | show 🗑
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| show | Termination of a policy because the premium has not been paid by the end of the grace period.
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| Law of Large Numbers | show 🗑
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| show | The accounting measurement of an insurer’s future obligations to pay claims to policyowners.
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| Level Premium | show 🗑
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| Life Expectancy | show 🗑
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| Life Settlement | show 🗑
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| show | A variation of whole life insurance that charges a level annual premium and provides a level, guaranteed death benefit to the insured’s age 100 and will endow for the face amount if the insured lives to age 100. Limited-pay life is designed so that the pr
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| Liquidation | show 🗑
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| Living Benefits Rider | show 🗑
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| show | Organizations that provide support facilities for underwriters or groups of individuals that accept insurance risk.
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| Loan Value | show 🗑
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| show | The reduction, decrease, or disappearance of value of the person or property insured in a policy, by a peril insured against.
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| show | Settlement method that pays the beneficiary the entire proceeds of a life insurance policy in one payment rather than in installments.
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| show | a single-premium deferred annuity that allows contract owner to lock in a guaranteed interest rate over a specified maturity period.
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| Maturity Date | show 🗑
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| show | An information database that stores the health histories of individuals who have applied for insurance in the past. Most insurance companies subscribe to this database for underwriting purposes.
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| Misrepresentation | show 🗑
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| Mode of Payment | show 🗑
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| Morbidity Rate | show 🗑
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| show | A table showing the incidence of sickness at specified ages.
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| show | A table showing the probability of death at specified ages.
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| Mutual Companies | show 🗑
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| show | An insurance company that has not applied for, or has applied and been denied a Certificate of Authority and may not transact insurance in a particular state.
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| show | An insurance company that has not applied for, or has applied and been denied a Certificate of Authority and may not transact insurance in a particular state.
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| show | An insurance contract that the insured has a right to continue in force by payment of premiums that remain the same for a substantial period of time.
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| show | Those guaranteed values in a life insurance policy that cannot be taken from the insured, even if he or she ceases to pay premiums.
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| Nonmedical | show 🗑
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| Nonparticipating Policies (Non-par) | show 🗑
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| show | A type of benefit plan that may discriminate, is not required to be filed with the IRS, and does not provide a current tax deduction for contributions.
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| show | A termination of a policy by an insurer on the anniversary or renewal date.
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| show | An agent licensed in a state in which he or she is not a resident.
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| show | A choice of ways of receiving policy dividends, nonforfeiture values, death benefits, or cash values.
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| Over Insurance | show 🗑
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| show | A policy on which all premiums have been paid but which has not matured due either to death or endowment.
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| show | Insurance that pays dividends to policyholders.
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| Payor Benefit | show 🗑
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| show | The cause of a possible loss.
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| Permanent Life Insurance | show 🗑
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| show | The tendency or likelihood of insurance policies not lapsing or being replaced with insurance from another insurer.
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| show | An agreement between an insurance company and an individual that states that insurance policies cover the individual's insurable interest.
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| Physical Exam and Autopsy | show 🗑
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| show | A nonforfeiture value in which an insurer loans a part or all of the cash value of the policy assigned as security for the loan to the policyowner.
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| show | The person who has possession of the policy, usually the insured.
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| Policyowner | show 🗑
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| show | An insurance classification for applicants who have a lower expectation of incurring loss, and who, therefore, are covered at a reduced rate.
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| Premium - | show 🗑
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| show | The person who is named as first to receive benefits from a policy.
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| Primary Policy | show 🗑
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| show | The full face value of a policy.
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| show | Insurance furnished by nongovernmental insuring organizations.
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| show | Termination of an insurance policy, with an adjustment of the premium charge in proportion to the exact coverage that has been in force.
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| Proceeds | show 🗑
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| Producer | show 🗑
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| show | Insurance whereby premiums are paid for protection in the event of death or disability, not for cash value accumulation.
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| Qualified Plan - | show 🗑
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| show | An organization that is formed by, or on behalf of, a group of insurers to develop rates for those insurers, and to file the rates with the insurance department on behalf of its members. They may also act as a collection point for actuarial data.
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| show | Any inducement offered in the sale of insurance products that is not specified in the policy.
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| show | An unincorporated group of individuals who mutually insure one another, each separately assuming a share of each risk.
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| show | A situation in which two parties provide the same help or advantages to each other (for example, Producer A living in State A can transact business as a nonresident in State B if State B's resident producers can transact business in State A).
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| show | Lessening the possibility or severity of a loss.
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| Reinsurance | show 🗑
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| Renewability Clause | show 🗑
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| Renewable Term | show 🗑
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| show | Statements made by the applicant on the insurance application that are believed to be true, but are not guaranteed to be true.
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| show | The termination of an insurance contract due either to material misrepresentation by the insured or by fraud, misrepresentation, or duress on the part of the agent/insurer.
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| Retention | show 🗑
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| show | Any supplemental agreement attached to and made a part of the policy indicating the policy expansion by additional coverage, or a waiver of a coverage or condition.
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| show | Uncertainty as to the outcome of an event when two or more possibilities exist.
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| Risk, Pure | show 🗑
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| show | A liability insurance company owned by its members, which are exposed to similar liability risks by virtue of being in the same business or industry.
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| show | The uncertainty or chance of a loss occurring in a situation that involves the opportunity for either loss or gain.
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| Risk, Standard | show 🗑
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| Risk, Substandard | show 🗑
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| show | Withdrawing the money from a qualified plan and placing it into another qualified plan.
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| show | The person who is named to receive benefits upon the death of the insured if the (primary) first-named beneficiary is no longer alive or does not collect all the benefits due to his/her own death.
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| Settlement Options | show 🗑
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| Sharing | show 🗑
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| Short-Rate Cancellation | show 🗑
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| show | A life insurance policy designed to provide a level death benefit to the insured’s age 100 for a one-time, lump sum payment.
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| Speculative Risk | show 🗑
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| Spendthrift Clause | show 🗑
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| Standard Provisions | show 🗑
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| Standard Risk | show 🗑
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| show | Companies owned by the stockholders whose investments provide the capital necessary to establish and operate the insurance company.
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| show | A basic policy that charges a level annual premium for the lifetime of the insured and provides a level, guaranteed death benefit.
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| Substandard Risk | show 🗑
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| show | The head of the state department of insurance.
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| Surrender | show 🗑
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| Term Insurance | show 🗑
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| show | A patient who is expected to die within 6 months of a specific illness or sickness.
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| Tertiary Beneficiary | show 🗑
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| show | A condition which does not allow a person to perform the duties of any occupation for payment as a result of injury or sickness.
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| show | A basic principle of insurance under which the risk of financial loss is assigned to another party.
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| Twisting | show 🗑
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| Underwriter | show 🗑
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| show | The process of reviewing, accepting or rejecting applications for insurance.
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| Unearned Premium | show 🗑
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| show | A contract that legally binds only one party to contractual obligations after the premium is paid.
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| show | A combination of a flexible premium and adjustable life insurance.
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| show | The fair and equal bargaining by both parties in forming the contract, where the applicant must make full disclosure of risk to the company, and the insurance company must be fair in underwriting the risk.
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| Valued Contract | show 🗑
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| show | Time between the beginning of a disability and the start of disability insurance benefits.
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| show | The voluntary abandonment of a known or legal right or advantage.
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| show | A disability rider, found in Universal Life Insurance, that waives the cost of the insurance but does not waive the cost of premiums necessary to accumulate cash values.
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| Waiver of Premium | show 🗑
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| Warranty | show 🗑
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| show | Insurance that is kept in force for a person’s entire life and pays a benefit upon the person’s death, whenever that may be.
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