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Agent/Producer - ️️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 purposed insured - ️️A person applying for insurance Broker - ️️An insurance producer not appoint...

An insured purchased an insurance policy 5 years ago. Last year, she received a dividend check from the insurance company that was not taxable. This year, she did not receive a check from the insurer. From what type of insurer did the insured purchase the policy? a. mutual b. reciprocal c. nonp...

The receipt given to a life insurance applicant when the application is completed and the initial premium is received is called a(n) - ️️conditional receipt Statements in the application for insurance that are believed to be true to the best of the applicant's knowledge are called - ️️re...

agent - ️️legal representative of an insurance company; the classification of producer usually includes agents and brokers; agents are the agents of the insurer insured - ️️the person covered by the insurance policy; this person may or may not be the policyowner broker - ️️an insur...

An individual has a $200,000 convertible term life insurance policy. If he chooses, he can - ️️Convert to a whole life policy for the same face amount without proof of insurability. According to the life insurance replacement regulations, which of the following would be an example of policy r...

Which law is the foundation of statistical prediction of loss upon which rates for insurance are calculated? A) Law of Group Evaluation B) Law of Large Numbers C) Law of Masses D) Law of Averages - ️️B) Law of Large Numbers A producer who fails to segregate premium monies from his own per...

Spendthrift Clause - ️️A clause that prevents the debtors of a beneficiary from collecting the benefits before he/she receives them. Stock Companies - ️️1.) owned by the stockholders 2.) stock companies issue nonparticipating *a nonparticipating (stock) policy does not pay dividends t...

401 K Plan - ️️A qualified retirement plan in which the employee can set aside a portion of their income with pre-tax dollars. Absolute Assignment v. Collateral Assignment - ️️Absolute: A permanent and irrevocable transfer of rights and/or benefits by the policyowner. Collateral: A tempor...