Insurance Terms

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Author:
Anonymous
ID:
258978
Filename:
Insurance Terms
Updated:
2014-01-28 23:51:29
Tags:
Insurance
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Description:
Life & health CA exam terms
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  1. Application
    a document that provides information for underwriting purposes. After the policy is issued, any unanswered question is considered waived by the insurer. The application becomes part of the entire contract.
  2. Attained Age
    a person’s age at any point or time (age at policy issue, renewal or conversion).
  3. Effective Date
    the date when insurance coverage begins (may also be known as inception date).
  4. Rider
    a form changing the provisions and attached to a policy
  5. Face Amount
    the death or maturity benefit payable to a beneficiary or policyowner from a life policy. Sometimes referred to as a limit of liability.
  6. Insurability
    the ability of an individual to meet an insurer’s underwriting requirements

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