Wfg exam study guide - Study guides, Class notes & Summaries

Speculative Risk - A risk in which there is a chance of either loss or gain. Never insurable Insurance - A contract whereby one undertakes to indemnify another against loss, damage, or liability arising from a contingent or unknown event. hazard - Accelerated benefits - Riders attached to life insurance policies which allow death benefits to be used to cover nursing or convalescent home expenses. Accident - An unplanned ned, unforeseen event which occurs suddenly and at an unspecified pl...

LIFE INSURANCE FINAL EXAM A-B #2 STUDY GUIDE (WFG)

What is meant by referring to an insurance policy as a uliteral contract? - Only one party makes a legally enforceable promise When must insurance records of insurance agents and brokers be made available to the insurance commissioner? - At all times Any situation that presents the possibility of a loss is known as... - A loss exposure Which of the following information is not required to be communicated with a life insurance contract? - Personal judgment Directed ration of insurance util...

Alien Insurer - An insurance company that is incorporated outside the United States. Alzheimer's Disease - A disease that causes the victim to become dysfunctional due to degeneration of brain cells causing severe memory loss. Ancillary - Additional, miscellaneous services provided by a hospital, such as x- rays, anesthesia, and lab work, but not hospital room and board expenses. Annual Statement - A Delta iled financial report that an insurance company must submit every year to the insur...