Primerica Practice Test with complete verified solutions 2025
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Course
HBSS 501
Institution
HBSS 501
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
representati...
Primerica UCanPass Practice
with complete verified
solutions 2025
401k plan - answer A qualified retirement plan in 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 revocable
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 contract 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
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