Grace period
30 days or ONE MONTH
premium may be paid subject to the right of the company to charge interest at 6% per year
Settlement
When a policy becomes a claim on the death of the insured, __________shall be made with 2 MONTH after receipt by the insurer of proof of death. Interest shall accrue at 10% per year on any amounts retained by the insurer BEYOND 31 DAYS BEFOR PAYMENT OF TH
Free look
10 DAYS after policy has been delivered to owner
Notice of regarding replacement together with a 20-day ____ regarding the new policy
advertisement
includes printed and published material, descriptive literature used in direct mail, newspapers, magazines, radio, and television scripts, billboards, prepared. INSURER IS RESPONSIBLE
investment, investment plan, founders plan, charter plan, profits, profit sharing, savings, savings plan.
life insurance or annuity advertisement may NOT use the terms:
replacement
PURPOSE:
-assuring that the policyowner receives information with which a decision can be made in his own best interest
- reducing the opportunity for misrepresentation and incomplete disclosures
Replacement
DEFINITION:
____________ of life insurance is any transaction whereby new life insurance is to be purchased and, as poart of that trasaction, exisiting life insurance is to be:
-lapsed or surrendered
-converted into paid-up insurance or continued as exten
Duties for producer
REPLACEMENT:
for every life app, the ______- must obtain a signed statement from the applicant indicating whether or not replacement is involved. _____ must also sign a similar statement. when replacement is involed:
1. present to the applicant a copy of
Duties of the replaceing insurance company
REPLACEMENT:
In replacement cases, insurers must require their producers to comply with the replacement regulation and furnish applcants with a copy of the BUYERS GUIDE
1. Within 3 WORKING DAYS or receiving replacement app, the insurer MUST FORWARD TO THE
Life solicitation
PURPOSE:
_________-regulation specifically requires that insureres deliver info to buyers that will help them select life insurance plans that are most appropriate for their needs and that will assist them in evaluating the relative costs of similar polic
life insurance solicitation
DEFINITION:
rules involve certain terms and concepts that are important to understand:
BUYERS GUIDE: describes life insurance from a buyers perspectiveL The Code defines the format these guides must follow. Insurers can use the NAIC BUYERS GUIDE as a subs
POLICY SUMMARY
LIFE SOLICITATION:
This is a written statement (__________________-) must be printed in a separate document; for example it may not be combined with the buyers guide describing te basic elelments of the policy under consideration including:
-name and addr
Disclosure reqirements (including buyers guide content
SOLICITATION:
require all insurers to provide specific info to every applicant purchasing life insurance. PURPOSE= to improve applicants ability to select the most appropriate policies to meet their needs:
-Insurers must deliver 2 SEPARATE DOCUMENTS TO TH
Producer annuity training
an insurance ____________ who engages in the sale of annuity products shall complete a 1 TIME, 4 hour CREDIT TRAINING course approved by the department prior to such activities. Completing substantially equivalent training in any other state shall satify
accelerated benefits
usually at no charge, either as a separate policy rider or as a provision in the policy itself. This option allows for the EARLY PAYMENT OF A PORTION OR ALL OF A LIFE INSURANCE POLICY'S FACE AMOUNT
To qualiofy for earlypayment, the insured must either suf
illustrations
insurance products and insurance companies that market life insurance [roducts must help the consumer understand the propsed life insurance policy by using numerical _________. They describe the policy by numerically outlining the the projected preformanc
viatical settlements
is a written apreement between a ____________ provider (a person, partnership, corporation, or other entity) and a person (__) who owns or is insured by a life insurance policy and who has a catastrophic or life throreatening illness or condition.
The agr
24 month period
Viatical settlement act provides regulation for viatical contracts issued by providers, brokers, and life insurance agents soliciting these contracts. viatical settlement brokers are required to attend a 1 TIME initial training course with ongoing educati