WA LIFE & HEALTH INSURANCE LICENSEQUESTIONS WITH 100% CORRECT ANSWERS!!
6 views 0 purchase
Course
WA LIFE & HEALTH INSURANCE LICENSE
Institution
WA LIFE & HEALTH INSURANCE LICENSE
Any Occupation - provision will only provide benefits when the insured is unable to perform any
of the duties of the occupation for which they are suited by reason of education, training, or experience
Business Overhead expense (BOE) - unique type of policy sold to small business owners who must
...
WA LIFE & HEALTH INSURANCE
LICENSE
Any Occupation - provision will only provide benefits when the insured is unable to perform any
of the duties of the occupation for which they are suited by reason of education, training, or experience
Business Overhead expense (BOE) - unique type of policy sold to small business owners who must
continue to meet overhead expenses such as rent, utilities, employee salaries, installment purchases,
leased equipment, ect. following a disability
Accidental Death & Dismemberment rider - pays for accidental losses only & is considered a pure
form of accident insurance
Principal Sum is paid for accidental death (FACE amount)
in the case of accidental dismemberment or loss of sight in one eye a percentage of that principal sum
will be paid (CAPITAL Sum)
90 days - any person receiving written notification of the Commissioner's order has 90 days to
Respond and REQUEST a hearing
Accelerated Living Benefits - allow the early payment of a portion o the death benefit
accident death benefits - most policies will pay the accident death benefits as long as the death is
caused by the accident and occurs within 90days
accidental death - is considered double indemnity
accumulation period - also known as the pay-in period is the period of time over which the owner
makes payments (premiums) into an annuity; the period of time during which the payments earn
interest on a tax-deferred basis
Additional Monthly Benefit (AMB) - some insurance companies offer AMB rider in the
approximate amount that social security would pay; the benefit is ONLY provided for 1 YEAR! it is then
anticipated that social security benefits would commence at the end of the year
,Adjustable life - was developed in an effort to provide the policy owner with the best of both
worlds (term & permanent coverage); type of investment cannot be changed by the policy owner; the
insured typically determines how much coverage is needed and as the insured's needs change the policy
owner can make adjustments in his or her policy
admitted - is the closest term to an authorized insurer; insurers who meet the state's financial
requirements
Alien - out of the U.S. (other country)
Annually Renewable Term - is the least expensive; 5 year premium payout
Annually renewable term insurance - it is level term insurance; annually renewable term is a form
of level term insurance that offers the most insurance at the lowest cost; PUREST form of term
insurance; the death benefit remains level, but the premium increases each year with the insured's
attained age.
20-Pay Whole Life - in order for the policy to pay the death benefit to a beneficiary, the premiums
must be paid for 20 YEARS or until death whichever occurs first
annuitization date - is the time when the annuity benefit payouts begin (trigger for benefits)
Annuity - is a contract that provides income for a specified period of years or for life; protects a
person against outliving his or her money; annuities do not pay a face amount upon the death of the
annuitant in fact the do the opposite - in most cases the payments stop upon the death of the annuitant
annuity period AKA annuitization period - liquidation period or pay-out period is the time which
the sum that has been accumulated during the accumulation period is converted into a stream of
income payments to the annuitant
ART-Annualy Renewable Term - is the purest form of term insurance; death benefit remains level
& the policy may be guaranteed to be renewable each year without proof of insurability but the
premium increases annually according to the trained age as the probability of death increases
, Attending Physician's Statement (APS) - the insurance company must pay for this info but it is
often less expensive than ordering an examination
Beneficiary - is the person or interest to which the policy proceeds will be paid upon the death of
the insured
binding receipt - type of receipt that makes the insurer liable for the risk from the date of the
application, regardless of the applicant's insurability
Buy-sell agreement - is a legal contract that determines what will be done with a business in the
event that an owner dies or becomes disabled
Buyer's Guide - is a generic guide that explains life insurance in a way that the average consumer
can understand, and does not address specific policies of the insurer
capital sum - accidental dismemberment to loss of sight in one eye
capitated basis - HMOs operate on a capitated basis: the HMO receives a flat amount each month
attributed to each member, whether they see a physician or not (in essence it is a prepaid medical plan-
as a member of the plan you will receive all services necessary from the member physicians and
hospitals)
Cash Surrender Value - rider creates a cash value of around 70% of the premiums paid in excess of
claims; this cash value is often ONLY available to the owner at the termination of the contract
certificate of insurance - each insured participant under the group plan is issued a certificate of
insurance
Claims forms - upon receipt of a notice of claim, the company must supply claims forms to the
insured within usually 15 days
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ACADEMICMATERIALS. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
