Life Insurance Exam (Wyoming) Chap 1 Prep Questions And Answers

Multi-line insurer {Ans: an insurance company or independent agent that provides a one stop shop for businesses/individuals seeking coverage for all their insurance needs.}Declaration page {Ans: piece of paper that provides basic info about an insurance policy. Typically the first page which states most of the key info.}State Guaranty Association {Ans: established by each state to support insurers and protect consumers in the case of insurer insolvency, they are funded by insurers through assessments.}whole life {Ans: permanent level insurance protection for a person's entire life.}Disability (income) insurance {Ans: form of insurance that insures the beneficiary's earned income against the risk that disability creates a barrier for a worker to complete the core functions of their work.}Consideration {Ans: part of insurance contract setting forth the amount of initial and renewal premiums and frequency of future payments.}Proof of loss {Ans: mandatory health insurance provision stating the insured must provide a completed claim form to the insurer within days of the date of loss. If insured wants paid, they must PROVE the loss occured.}Difference between Career Agencys, PPGA and independent agents {Ans: Career Agencies recruit, train and supervise agents through managers in order to build