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Exam (elaborations)

Arizona Life Insurance-Exam Questions And Answers Graded A+
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Agent's Report - Provides the agent's personal observations concerning the proposed insured, it is not a part of the entire contract, but a part of the application Application - The starting point and basic source of information used by the company in the risk selection process Application Part...

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  • August 3, 2024
  • 11
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • Arizona Life Insurance
  • Arizona Life Insurance

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Arizona Life Insurance-Exam

Agent's Report - Provides the agent's personal observations concerning the proposed insured, it is
not a part of the entire contract, but a part of the application



Application - The starting point and basic source of information used by the company in the risk
selection process



Application Part 1 - The general information part of the application, such as demographic
questions, as well as any existing policies, and what policy is being applied for



Application Part 2 - The medical information part of the application including information of the
insured's medical background, present health, and medical visits in recent years



Attending Physician Statement - A statement from the applicant's physician which the insurance
company may request and must pay for



Beneficiary - A person who receives the benefits of an insurance policy



Bequests - Leaving funds to the insured's church, school, or charity



Buy-Sell Funding - A legal contract that determines what will be done with a business in the event
that an owner dies or becomes disable.



Buyer's Guide - A guide that provides basic, generic information about life insurance policies that
contains, and is limited to, language approved by the Department of Insurance (must be provided to
applicants prior to first premium being collected)



Cash Value - Equity amount accumulated in permanent life insurance

, Changes - If the agents wish to, they may make _________ to the application by crossing out the
line (it must still be visible) and writing in the _______ and having the insured inital

15 - Minimum age possible for minors to contract life and disability insurance on their own lives
and the lives of their immediate family is __



Company Underwriting - The process of the insurance company reviewing the application and
investigating other necessary information



Comparative Interest Rate Method - Rate of return that must be earned on a 'side fund' in a buy
term invest the different plan so that the value of the side fund will be equal to the surrender value of
the higher premium policy at a designated point in time



Conditional Receipt - Used when the applicant submits a prepaid application, stating the coverage
will be effective on the date of application of the date of the medical exam, which ever occurs last, as
long as the applicant is found to be insurable at standard risk and the policy is approved as applied for



Costs associated with Death - The final medical expenses of the insured, funeral expenses, and
day-to-day expenses family maintenance (also called Post Mortem)



Cross Purchase - Buy-sell funding used in partnerships when each partner buys a policy on the
other



Death Benefit - The amount paid upon the death of the insured in a life insurance policy



Debt Cancellation - Paying off debts of the insured, such as home mortgage or auto loans



Deceptive Acts - Acts that describe life insurance policies incorrectly, such as guaranteeing
benefits following a lapse in premiums, of making a statement that cannot be verified in the contract
(should not say)



Declined - The risk classification where applicants are uninsurable due to:

-No insurable interest

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