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Primerica UCanPass Practice | 42 Questions and Answers 100% verified | Updated
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Primerica UCanPass Practice | 42 Questions and Answers 100% verified | Updated
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Primerica UCanPass Practice | 42 Questions and Answers 100 % verified | Updated 2023 -2024 401k plan - Answer A qualified retirement plan i n which the employee can set aside a portion of their income with pre -tax dollars. Absolute Assignment - Answer A permanent and irrevocable transfer of rights and/or benefits by the policy owner. Collateral Assignment - Answer A temporary and/or re vocable transfer of benefits by the policy owner. Accelerated Death Benefit - Answer Policy provision that allows full or partial payment of the policy's death benefit before the insured's death if he/she is terminally ill. Accidental Death Benefit - Answer An extra cost rider that requires the insurance company to pay an additional benefit in the event that the insured dies within 90 days of an accident as a direct result of the accident. Accumulate at Interest - Answer The Dividend Option where the policy owner leaves the dividends with the insurer to invest and earn interest. Adhesion - Answer Since the insurer created all the documents of the contract, any ambiguities in the contr act will be settled in favor of the insured. Since the insurer wrote the contract they are stuck with it. Adverse Selection - Answer The tendency for less favorable risks to seek or continue insurance to a greater extent than more favorable risks. Agency Agreement or Agency Contract - Answer A legal document containing the terms of the agreement between the agent and the insurance company. It clearly defines what an agent can and cannot do, and how he/she will be compensated. Agent Authorities - Answer Expressed: Power or authority specifically granted in writing to an agent by the insurance company in their Agency Agreement. Apparent: Power or authority that the public reasonably assumes an agent has based upon his/her actions. Implied: Power or authority that is not expressly granted by the company but that an agent can assume or that are implied he/she has in order to transact insurance business. Agent/Producer - Answer Anyone who sells or aids in the selling of insurance. Legally represents the company. Agent's Report - Answer A written report from the agent submitted to the insurer along with the application disclosing what the agent knows, observed, or learned abou t the proposed insured's risks. Aleatory - Answer Unequal exchange of value. One party may obtain a far greater value than the other under the contract. Annual Renewable Term - Answer A Term Life Insurance contract which gives the policy owner the option to renew the policy each year without showing proof of insurability. Premiums increase at each renewal. Annuitant - Answer The person that buys an annuity; may or may notThe benefits of buying summaries with Stuvia:
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