Insurance Flashcards
(14 cards)
Parts of insurance contract (Roll D-DICE)
D— declarations (facts on person, property, coverage)
D— definitions (explain policy terms)
I— insuring agreement (promise of insurance company)
C— conditions (duties/rights both parties)
E— exclusions (when insurer won’t pay)
Homeowner policy components
Section 1:
A— abode (dwelling)
B— back yard (other structures)
C— contents (personal property)
D— days in (loss of use)
Section 2:
E— enemies (personal liability)
F— first aid (medical payments)
Perils— basic
WHARVES/FLT
Windstorm
Hail
Aircraft
Riot
Vandalism/Vehicles
Explosion
Smoke
Fire
Lightning
Theft
Peril—broad
WHARVES/FLT + RAFF
Rupture
Artificial electricity
Falling objects
Freeze plumbing
Perils (exclusions)
OPEN WIF
Ordinance of law
Power failure
Earthquake
Neglect, Nuclear
War
International loss
Flood
Personal Auto Policy (PAP)
Let My Uncle Drive
Liability
Medical payments
Uninsured motorist
Damage, collision & other than collision
Life insurance contract provisions (no cost additional premium)
A GRIM Story
Automatic premium loan
Grace period
Reinstatement clause
Incontestable clause
Misstatement of age clause
Suicide clause
Life insurance riders (extra cost)
Dads Always Gaurd
Disability waiver of premium
Accidental death
Guaranteed insurability
Life Insurance— Dividend Options
CRAPO/ CRAP 5
Cash
Reduced premiums
Accumulate with interest
Paid up additions
One year term (5th dividend)
Life Insurance Nonforfeiture Options
Can’t Even Pay
Cash
Extended term
Paid up reduced amount
Life insurance settlement options
Cash In Fab Fit Fun
Cash
Interest Only
Fixed period
Fixed amount
For life income
Transfer for value exception
I C Dead People
Individual
Corporation
Divorce
Partner (biz)
Cobra
- 18 months (job related, get a job at 18)
-36 months (other than job)
1035 exchange
Want to go to LA not Alabama
Life to annuity
NO annuity to life
