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Domestic insurer - ANSWER insurance company that is incorporated in this state. Domicile is when e company's home office is in the state in which it was formed. If a company was chartered in Nevada it would be a Nevada domesticated company. Foreign insurer - ANSWER An insurance company that is incorporated in another state or territorial possession. A company chartered in California would be a foreign company in New York Alien insurer - ANSWER Insurance company that is incorporated outs...

Insurance agents are appointed by - ANSWER insurance companies Life and health insurance producers have the authority to bind an insurance company to a contract agreement? a)True b)False - ANSWER b) false Ralph is a producer for Hoosier Insurance Company. His contract states that he is allowed to put the company's logo on his business cards and the door to his office. This is an example of? - ANSWER express authority

Ordinary Whole Life - ANSWER Ordinary whole life insurance provides insurance protection to age 100, cash value accumulation to age 100, and fixed level premium payments. Limited Pay Whole Life - ANSWER have level premiums that are limited to a certain period(less than life). The period can be of any duration. Ex: 20-pay life, pay premiums for 20 years and then you are fully covered until your 100. Single Premium Whole Life - ANSWER involves a large one-time-only premium payment at the beg...

Mandatory provisions - ANSWER - Entire Contract - Grace Period: 7 for weekly premiums, 10 for monthly, 31 for other - Reinstatement - Change of Beneficiary - Claims procedures: insured's duty to notify insurer in the event of a loss (within 20 days), insurer gives insured claims forms, proof of loss within 90 days, time of payment of claims and payment of claims (amount, how often, to whom) - Physical examination and autopsy - Time limit on certain defenses (incontestable) - usually ca...

Which of the following information will be stated in the consideration clause of a life insurance policy? - ANSWER The amount of premium payment Which of the following is TRUE of a qualified plan? - ANSWER It has a tax benefit for both employer and employee An insured is covered by a partially contributory group disability income plan that pays benefits of $4,000 a month. How much of the monthly benefit would be taxable? - ANSWER $3,000. on a partially contributory group disability incom...

indemnify - ANSWER make a person whole by restoring that person to the same financial position that existed before the loss transfer of risk - ANSWER basic principal of all insurance risk - ANSWER two components: a possibility of loss and the uncertainty about whether the loss will occur pure risk - ANSWER there is only a chance for loss and no possiblity

With a contributory Group life Plan, what percentage of employees must particpate? - ANSWER At least 75% Basic Health Insurance Plans do not have a deductible, so they are know as providing: - ANSWER "First Dollar" coverage Which of the following is true regarding Vision insurance? - ANSWER It typically does not cover the cost to replace frames or lenses that are lost or broken. What is the name of a singly policy covering two or more lives that pays

Lloyd's Association - ANSWER A voluntary association of individuals or groups of individuals who pledge their personal assets and who agree to insure a particular risk. Each member of the syndicate is individually responsible for an agreed portion of the insurance provided by the syndicate. The Commissioner is required to deliver an order on a hearing within ___ days after it ends and give a copy to each party. - ANSWER 30 days

What are the four required elements of an insurance contract? - ANSWER Agreement, consideration, competent parties, and legal purpose. What two parts make up a life insurance application? - ANSWER General Information and the Medical Information. An agent's report can go in a life insurance application but is not included in the life insurance policy. When must insurable interest exist in life insurance? - ANSWER At the time of application. When does coverage begin, if the premium was...

During replacement of life insurance, a replacing insurer must do which of the following? A Send a copy of the Notice Regarding Replacement to the Department of Insurance B Obtain a list of all life insurance policies that will be replaced C Guarantee a replacement for each existing policy D Designate a new producer for a replaced policy - ANSWER B Which of the following documents must be provided to the policyowner or applicant during policy replacement? A Buyer's Guide and Polic...