Ad Banker Life Insurance Exam | Questions & Answers (Rated A+) | 100% Correct Latest Update 2023

Currency Transaction Report (CTR) {Ans: Must be filed with FINCEN(Financial Crimes Enforcement Network) through the department of Treasury for every cash transaction that exceeds $10,000 and wire transfers in excess of $3,000}Survivor Protection {Ans: Providing funds for surviving spouses and dependents.}indemnify {Ans: to compensate for a loss, or to make one whole again}Agreement (Offer and Acceptance) {Ans: Typically, a person (the applicant or insured) makes an offer by submitting an application to the insurance company for insurance along with the initial premium. In this case, acceptance takes the form of the approved application allowing the policy to be issued. premium and issued policy form the agreement}In the event total disability continues beyond a specified period of time, future premiums will not be required to be sent in to the insurer for the duration of the disability. This optional rider is called the _________ rider. {Ans: Waiver of premium}XYZ Insurer has decided to issue a policy to a particular applicant. What is the next step in this insurance transaction? -XYZ will send the policy to the producer for delivery to the insured -XYZ will notify the applicant by mail that a policy is on its way