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

$ WHAT KIND OF OF INCOME DOES SOMEONE INSURED HAVE IF HE OR SHE IS UNABLE TO WORK = UNEARNED $ 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 $ 1 AN OFFER THAT ATTEMPTS TO INFLUENCE THE OTHER PARTY = INDUCEMENT 2 A MUTUAL EXCHANGE OF BENEFITS OR PRIVILEGES. ''I'LL SCRATCH YOUR BACK IF YOU SCRATCH MINE''. = RECIPROCITY 3.. HEART ATTACKS FROM A CAR/MOTORCYCLE = ONLY PAY THE FACE AMOUNT TO THE BENEFICIARY ..How long can a temporary license be issued? 90 DAYS ..require that you complete 20 hours of pre-license education 4 RESTORATION TO THE ORIGINAL CONDITION OR REPAYMENT = RESTITUTION 5 INSURANCE THAT IS NOT AVAILABLE FROM ADMITTED INSURERS = SURPLUS LINES INSURANCE 6 WHAT DOES INDEMNIFY MEAN = TO RESTORE AN INSURED TO THE SAME FINANCIAL STATUS AS BEFORE THE LOSS 7 WHAT ARE SOME COMMON PERSONAL USES OF LIFE INSURANCE = SURVIVOR PROTECTION, ESTATE CREATION & CONSERVATION, CASH ACCUMULATION, AND LIQUIDITY 8 ED = CONDITIONAL 9 TRUTHFULNESS WITH BOTH PARTIES - CONTACT OF UTMOST GOOD FAITH 10 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 11 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 12 WHAT INFORMATION DOES A BUYERS GUIDE PROVIDE = BASIC INFORMATION ABOUT LIFE INSURANCE POLICIES AND COMPARISON OF POLICY COST 13 WHAT IS UNDERWRITING = RISK SELECTION + CLASSIFICATION PROCESS 14 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 (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 Deffered=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