Chapter 7 Terms Flashcards
(5 cards)
What is a guaranteed renewable policy?
A policy that is written on a noncancellable basis with the right to renew guaranteed.
What is an irrevocable beneficiary?
A beneficiary who has a vested interest in the policy and therefore, the policyowner may not exercise certain rights without the consent of the beneficiary.
What does NAIC stand for?
National Association of Insurance Commissioners, an organization composed of insurance commissioners from all 50 states, the District of Columbia and the 5 U.S. territories, formed to resolve insurance regulatory issues.
What is total disability?
Inability of the insured to perform any occupation for which the insured is reasonably suited by education, training or experience.
What is a waiver?
Relinquishment of a right or interest.
