Chapter 11 Terms Flashcards
(9 cards)
What is a Claimant?
A person who submits a claim for payment of benefits.
What does Disclosure mean?
Revealed information to help someone make an intelligent and educated decision.
What is a Dividend?
A payment made by a policy (distribution of profits or return of unused funds).
What does Lapse refer to?
Policy termination due to nonpayment of premium.
What are Nonforfeiture values?
Benefits in a life insurance policy that the policyowner cannot lose.
What are Nonguaranteed elements?
Policy components that are not guaranteed in the contract or that may fluctuate.
What are Policy proceeds?
In life insurance, the death benefit.
What does Rescind mean?
Remove or cancel (e.g., void a contract).
What are Testimonials?
Statements or endorsements made by clients based on their experience with products or services.
