Texas Life And Health Insurance Study Guide Graded A+

buy/sell agreement {Ans: how a business is going to change hands if one of the owner dies- funded with life insurance- business pays the premiums, not deductible- business gets benefit, tax free- multiple partners, cross purchase plan}business overhead expense policy (disability) {Ans: purchased by a small business owner- doesn't replace his income- covers rent, salaries, utilities, lease agreements, etc- premiums deductible as a business expense- benefits taxable to the business}accidental means {Ans: cause of accident must be unexpected and unintended, more strict}equity indexed annuity {Ans: tied to s&p 500- life license only needed to sell- guaranteed minimum interest rate}non-forfeiture options {Ans: required by law in all permanent policies- 20 years of options must be illustrated in policy- cash value in policy cant be forfeited- cash surrender value- extended term- reduced paid up}application {Ans: main source of underwriting}co-insurance {Ans: % of cost sharing with insurance company, 90/10- 80/20- 70/30- 50/50}consumer reports {Ans: credit reports, employment records, character, reputation, habits}gatekeeper concept {Ans: keeps down the cost of high priced specialists}personal needs {Ans: survivor protection- cash accumulation- estate creation- estate conservation}POS/ point of service plan {Ans: combination of HMO and PPO- HMO,