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Primerica UCanPass Practice/42 Questions and Answers
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Primerica UCanPass Practice/42Questions and Answers
401k plan - -A qualified retirement plan in which the
employee can set aside a portion of their income
with pre-tax dollars.
-Absolute Assignment - -A permanent and irrevocable transfer
of rights and/or benefits by the policy owner.
-Collateral Assignment - -A temporary and/or revocable transfer
of benefits by the policy owner.
-Accelerated Death Benefit - -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 - -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 - -The Dividend Option where the policy owner
leaves the dividends with the insurer to invest
and earn interest.
-Adhesion - -Since the insurer created all the documents of
the contract, any ambiguities in the contract will
be settled in favor of the insured. Since the
insurer wrote the contract they are stuck with it.
-Adverse Selection - -The tendency for less favorable risks to seek or
continue insurance to a greater extent than more
favorable risks.
-Agency Agreement or Agency Contract - -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 - -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 - -Anyone who sells or aids in the selling of
insurance. Legally represents the company.
-Agent's Report - -A written report from the agent submitted to the
insurer along with the application disclosing what
the agent knows, observed, or learned about the
proposed insured's risks.
-Aleatory - -Unequal exchange of value. One party may
obtain a far greater value than the other under
the contract.
-Annual Renewable Term - -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 - -The person that buys an annuity; may or may not
be an annuity's policy owner.
-Annuity - -A contract/policy that guarantees to pay income
for a specified period of time or for the life of the
annuitant. Designed to prevent people from
outliving their savings.
-Appointment - -Authorization of an agent/producer by an insurer
to represent the company.
-Blackout Period - -The period of time between the youngest child
turning 16 and the widow(er) reaching retirement
age during which no Social Security Survivor
Benefits are paid to the surviving spouse.
-Buy-Sell Agreement - -Business use of Life Insurance where partners in
a business buy life insurance on each other.
They agree that when one of them dies the
survivors have the right to purchase the
deceased partner's share of the business. The
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