Across
- 7. a statement that is found to be false on the application
- 8. When the insurance company's underwriter approves the application and issues a policy
- 9. these companies issue participating policies that allow policy owners to receive dividends
- 12. a return of unused premium and are nontaxable
- 14. a risk that qualifies for average premiums and is in average health
- 16. these "parties" are at least 18 yrs old, cognitive to understand insurance contracts, and not under the influence of drugs or alcohol
- 17. this violates the principle of insurable interest and is illegal
- 21. a document that is delivered with the policy and is a break down of the entire policy and information such as surrender values and premium amounts
- 24. terminating or allowing a policy to lapse and then getting a new one
- 25. the acronym for the elements of a legal contract
- 27. the acronym for the nonprofit trade organization that shares adverse medical information with other member insurance companies
- 28. Look a 10 day period that allows the clients to receive a full refund if they no longer want coverage
- 30. something of value that is exchanged between the client and the insurance company
- 31. a receipt that is intended to provide coverage on a date that is before the policy issue date
- 33. an exchange of unequal values
- 34. an insurance company that is incorporated outside of the state they want to do business
- 36. contracts that are nonnegotiable and offered on a take it or leave it basis
- 37. a generic publication that compares the cost of similar policies
Down
- 1. this type of report includes information about a clients credit and character from their permanent record and other public sources
- 2. this is another name for an investigative consumer report
- 3. an absolutely true statement that is usually found in Part 1 of the application
- 4. an insurance company that is incorporated in the state they want to sell insurance in
- 5. when the applicant submits an application to the insurance company
- 6. a risk that qualifies for the highest premiums and is a person whose health is very poor or lives a very dangerous lifestyle
- 10. only one party makes a legally enforceable promise
- 11. a consumer report that consists of interviewing friends and neighbors for information about the client
- 13. these companies issue nonparticipating policies that give dividends to stockholders
- 15. The main source of underwriting information
- 18. a presentation of non-guaranteed values and amounts that show how the policy can grow over time
- 19. must be valid at the time of application and must have a blood tie or business tie
- 20. Risks that are more likely to suffer a loss
- 22. the risk selection process that determines if clients are insurable risks
- 23. when a material misrepresentation is found to be intentional
- 26. an insurance company that is incorporated outside of the United States
- 29. a statement the helps clients make more informed and educated decisions about their choice of insurance
- 32. purpose this concept that states that insurance contracts must have insurable interest and consent
- 35. a risk that qualifies for the lowest premiums and is generally a person with pristine health