Missouri Life and Health Terms Review Questions with Verified Answers 100% Correct
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Course
Missouri Life and Health Terms
Institution
Missouri Life And Health Terms
Missouri Life and Health Terms Review Questions with Verified Answers 100% Correct
Adverse Selection - Answers insuring of risks that are more prone to losses than the average risk
Agent/Producer - Answers a legal representative of an insurance company; the classification of producer usually in...
Missouri Life and Health Terms Review Questions with Verified Answers 100% Correct
Adverse Selection - Answers insuring of risks that are more prone to losses than the average risk
Agent/Producer - Answers a legal representative of an insurance company; the classification of producer
usually includes agents and brokers; agents are the agents of the insurer
Applicant or proposed insured - Answers a person applying for insurance
Beneficiary - Answers a person who receives the benefits of an insurance policy
Death benefit - Answers the amount paid upon the death of the insured in a life insurance policy
Fraud - Answers Intentional misrepresentation or deceit with the intent to induce a person to part with
something of value.
Insurance policy - Answers a contract between a policyowner (and/or insured) and an insurance
company which agrees to pay the insured or the beneficiary for loss caused by specific events
Insured - Answers person covered by the insurance policy; may or may not be the policy owner
Insurer (principal) - Answers the company who issues an insurance policy
Lapse - Answers policy termination due to nonpayment of premium
Life insurance - Answers coverage on human lives
Policy-owner - Answers the person entitled to exercise the rights and privileges in the policy
Premium - Answers the money paid to the insurance company for the insurance policy
Attained age - Answers the insured's age at the time the policy is issued or renewed
Cash value - Answers a policy's savings element or living benefit
Face amount - Answers the amount of benefit stated in the life insurance policy.
Fixed life insurance - Answers contracts that offer guaranteed minimum or fixed benefits
Deferred - Answers withheld or postponed until a specified time or event in the future
Endow - Answers the cash value of a whole life policy has reached the contractual face amount
Level premium - Answers the premium that does not change throughout the life of a policy
Liquidation of an estate - Answers converting a person's net worth into a cash flow
Nonforfeiture Values - Answers benefits in a life insurance policy that the policyowner cannot lose even
if the policy is surrendered or lapses
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