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18 Cards in this Set

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Agency Contract
a contract that is held between an insurer and an agent / producer containing the expressed authority given to the agent / producer , and the duties and responsibilities to the principal. An agent who is in violation of the agency contract maybe held personally liable to the insurer.
Agent / producer
A person who acts for another person or entity with regard to contractual arrangements with third parties; a legal representative of an insurance company. The classification of producer usually include agents and brokers; agents are the agents of the insurer; insurer is the principal
Insurer
The party who indemnifies against losses, provides other benefits, or render services
Applicant
A person who requests or seeks insurance from an insurer
Beneficiary
The person who receives the benefits from the policy of insurance
Death benefit
The amount paid when a claim is issued against a policy of insurance
Insurance policy
A contract between the policy owner and an insurance company which agrees to pay the insured or the beneficiary for a loss cause by specific events
Insured
The person covered by the policy of insurance who may or may not be the applicant or policyholder
insurer
The company who issues a policy of insurance
Life insurance
A coverage upon a person's life, and granting, purchasing or disposing of annuities
Policy owner
The person who is entitled to exercise the rights and privileges in the policy and who may or may not be the insured
Premium
The money paid to the insurance company for the policy of insurance
Warranty
an absolute true statement upon which develop the vadility of the insurance policy depends
Representations
Statements believed to be true to the best of one's knowledge, but they are not guaranteed to be true
Misrepresentations
Untrue statements on the application
Material misrepresentations
Statement that if discovered would alter the underwriting decision of the insurance company
Premium receipt
Type of receipt issued will determine when coverage will be effective
Conditional receipt
says that coverage will be effective either on the date of the application or the day of the medical exam whichever occurs last unless coverage is declined or rated or issues with riders excluding specific coverage