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LIFE INSURANCE AGENT TEST EXAM PREPERATION AUDIO [4K UHD]


What Kind of Income Does Someone Insured Have If He or She Is Unable to Work?

Unearned income.

The Following Is a Way of Calculating the Amount of Disability Coverage That an Individual Requires

Programming.

Which Insurance Paperwork Permits an Insured to Obtain Term Coverage for a Spouse?

Spouse term insurance rider.

COBRA Permits

A terminated employee to continue coverage.

When Assessing a Health Insurance Policy Premium, All But Which of the Following Should Be Taken into Account?

Gender.

Inducement

An offer that attempts to influence the other party.

Reciprocity

A mutual exchange of benefits or privileges. “I’ll scratch your back if you scratch mine.”

Heart Attacks from a Car/Motorcycle

Only pay the face amount to the beneficiary.

How Long Can a Temporary License Be Issued?

90 days.

Pre-License Education Requirement

Require that you complete 20 hours of pre-license education.

Restitution

Restoration to the original condition or repayment.

Surplus Lines Insurance

Insurance that is not available from admitted insurers.

What Does Indemnify Mean?

To restore an insured to the same financial status as before the loss.

Common Personal Uses of Life Insurance

Survivor protection, estate creation & conservation, cash accumulation, and liquidity.

Conditional

ED.

Contact of Utmost Good Faith

Truthfulness with both parties.

What Does Representation Mean and How Does It Differ from Warranty?

Representations are statements believed to be true to the best of one’s knowledge. A warranty is an absolutely true statement upon which the validity of the insurance policy depends.

What Does Insurance Solicitation Mean?

It is an attempt to persuade a person to buy an insurance policy, and it can be done orally or in writing.

What Information Does a Buyer’s Guide Provide?

Basic information about life insurance policies and comparison of policy costs.

What Is Underwriting?

Risk selection + classification process.

Stock Insurers

Stock insurers are owned by shareholders.

Premium

The money paid to the insurance company for the insurance policy.

Reciprocity/Reciprocal

A mutual interchange of rights and privileges.

Commissioner

The head of the department of insurance.

Consent

Permission to do something.

Consideration

Something of value that each party gives to the other; the binding force in any contract.

Disclosure

Revealed information to help someone make an informed decision.

Lapse

Policy termination due to nonpayment of premium.

Underwriting

Risk selection and classification process.

Beneficiary

A person who receives the benefits of an insurance policy.

Estate

A person’s net worth.

Attained Age

The insured’s age at the time the policy is renewed or replaced.

Cash Value

A policy’s savings element or living benefit.

Deferred

Withheld or postponed until a specified time or event in the future.

Endow

To have the cash value of a whole life policy reach the contractual face amount.

Nonforfeiture Values

Benefits in a life insurance policy that the policy owner cannot lose even if the policy is surrendered or lapses.

Face Amount

The amount of benefit stated in the life insurance policy.

Lapse

Policy termination due to nonpayment of premium.

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