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A living benefit designed to protect against outliving ones resources by making periodic payments from an account.
Request form for insurance signed by agent & insured and becomes part of the policy, if accepted.
a supplemental form/endorsement to change, add or modify a policy.
Portion the insured pays before the company.
Elements of a Contract - 4 elements
Offer & Acceptance, Competent Parties, Legal Purpose and Consideration
Contract of Adhesion -
Insured has no say in the contract wording, only accepts or rejects it.
Values exchanged may not be equal.
Premium for a Promise. Insurer is the only one that cannot cancel without just cause.
Must meet all conditions before a claim is paid.
Cannot transfer. Between company and insured.
Utmost Good Faith -
Honest information on both parties; to their best belief and knowledge.
Insurance Policy -
Written instrument where one undertakes to indemnify another.
Parts of a Life Application / Policy -
- Part 1 - General Information
- Part 2 - Medical Information
- Part 3 - Agent’s Report
- Policy - Title Page/Data Page/Face Page, Riders,
- Conditions/Clauses, Original Application
Void of a contract
E & O -
Professional Liability coverage for those who give advice for a fee.
Free Insurance -
Not permissible as an incentive to purchase another product.
termination of an entire group plan
Extension of Benefits -
Continuation of coverage for a totally disabled person affected before the discontinuation of coverage.
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