Exam (elaborations)
Arizona Life Insurance Exam - Life Insurance Basics-with solutions
- Course
- Institution
Arizona Life Insurance Exam - Life Insurance Basics-with solutions
[Show more]
Seller
Follow
Content preview
Arizona Life Insurance Exam - Life Insurance Basics-withsolutions
Beneficiary |- |correct |answer |-A |person |who |receives |the |benefits |of |an |insurance |policy
Death |Benefit |- |correct |answer |-The |amount |paid |upon |the |death |of |the |insured |in |a |life |insurance
|policy
Cash |Value |- |correct |answer |-Equity |amount |accumulated |in |permanent |life |insurance
Estate |- |correct |answer |-A |person's |net |worth
Illustrations |- |correct |answer |-Presentation |or |depiction |of |nonguaranteed |elements |of |a |life
|insurance |policy
Life |Insurance |- |correct |answer |-Coverage |on |human |lives
Liquidation |- |correct |answer |-Selling |assets |in |order |to |raise |capital |(such |as |using |cash |value |for
|capital |needs)
Lump-Sum |- |correct |answer |-Payment |of |the |entire |benefit |in |one |sum
Minor |- |correct |answer |-A |person |under |legal |age
Solvency |- |correct |answer |-The |ability |to |meet |financial |obligations |(an |insurance |company
|maintains |enough |assets |to |pay |claims)
Survivor |Protection |- |correct |answer |-Life |insurance |can |provide |the |funds |necessary |for |the
|survivors |of |the |insured |to |be |able |to |maintain |their |lifestyle |in |the |event |of |the |insured's |death
|and |this |is |called |________________
, Estate |Conservation |- |correct |answer |-Life |insurance |proceeds |may |be |used |to |pay |inheritance |taxes
|and |federal |estate |taxes |so |that |it |is |not |necessary |for |the |beneficiaries |to |sell |off |the |assets |which
|is |___________________
Estate |Creation |- |correct |answer |-The |insured |will |have |an |estate |worth |the |amount |of |the |life
|policy |upon |the |first |paid |premium |which |is |______________
Viatical |Settlements |- |correct |answer |-____________________ |allows |someone |living |with |a |life-
threatening |condition |to |sell |their |existing |life |insurance |policy |and |use |the |proceeds |when |they
|are |most |needed, |before |their |death
Viator |- |correct |answer |-The |insured |selling |their |life |insurance |in |a |viatical |settlement
Viatical |Settlement |Provider |- |correct |answer |-A |person, |other |than |a |viator, |that |enters |into |a
|viatical |settlement |contract |(the |person |buying |the |life |insurance |policy)
Viatical |Producer |- |correct |answer |-A |person |who |represents |the |viatical |settlement |provider
Viatical |Broker |- |correct |answer |-A |person |who |represents |the |viator
Life |Settlement |- |correct |answer |-Any |financial |transaction |in |which |the |owner |of |a |life |insurance
|policy |sells |a |policy |that |is |no |longer |needed |to |a |third |party |for |some |form |of |compensation,
|usually |cash
Uses |of |Life |Insurance |- |correct |answer |-1. |Survivor |Protection
2. |Estate |Creation |and |Conservation
3. |Liquidity |and |Cash |Accumulation
4. |Viatical |Settlements |and |Life |Settlements
Human |Life |Value |Approach |- |correct |answer |-This |approach |gives |the |insured |an |estimate |of |what
|would |be |lost |to |the |family |in |the |event |of |the |premature |death |of |the |insured. |It |calculates |an
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Ruiz. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
53008 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 15 years now