NJ LIFE INSURANCE LATEST UPDATE GRADED A+

NJ LIFE INSURANCE LATEST UPDATE GRADED A+ Agency An insurance sales office or company agent An individual who is licensed to sell, negotiate, or effect insurance contracts on behalf of the insurer. agent appointment The authorization of an agent to act for or represent an insurer aleatory A contract in which participating parties exchange unequal amounts. Insurance contracts are aleatory in that the amount the insured will pay in premiums is unequal to the amount the insurer will pay in the event of a loss. alien insurer An insurance company that is incorporated outside the United States. annual statement A detailed financial report that an insurance company must submit every year to the insurance department of state(s) in which it conducts business. annuity A contract that provides income for a specified period of years, or for life apparent authority The appearance or the assumption of authority based on the actions, words, or deeds of the principal or because of circumstances the principal created applicant A person making application for, or offering himself, herself or another to be insured under an insurance contract Application - A document that provides information for underwriting purposes. After the policy is issued, any unanswered questions are considered waived by the insurer assignment The transfer of ownership rights of a life insurance policy from one person to attained age The age of the insured at a determined date attending Physcian's Statement (APS) A statement usually obtained from the applicant's doctor. Authorized (Admitted) Insurer An insurance company authorized and licensed to transact business in a particular state. Avoidance A method of dealing with risk by deliberately keeping away from it (e.g. if a person wanted to avoid the risk of being killed in an airplane crash, he or she might choose to never fly in a plane). Basic Illustration A ledger or proposal used