Life, Accident And Health Insurance Study Guide Questions And Correct Answers

Straight life or Pure life annuity {Ans: income for life with no refund to survivor. largest monthly income because its the highest risk.}Types of Producers {Ans: 1) agents 2) brokers (they represent themselves and the people they are trying to buy insurance for 3) solicitors 4) Customer service representatives}Binding Receipt {Ans: Provides coverage as soon as premium is received (before approval)}Per Capita {Ans: means per person or per head ie: if 5 children existed but 1 dies, the $ goes to 4 children}Surplus Lines of Insurance {Ans: An insurance co that is authorized to sell unauthorized insurance. You can only go to a surplus lines co if you cant get it from a regular insurance company}Employer Liability Insurance {Ans: - provides coverate for common law claims - an employee can sue their employer if workers comp is not provided}Life insurance adds to what? {Ans: The estate of the individual}Family Rider {Ans: insurance to cover spounce and children}Premium Payment {Ans: -application and premium must be submitted or else coverage doesnt begin - Trial application goes into effect if 1 of the 2 things is not handed in}Small Employer Medical Expese Plan