Mortality - Answer The rate people will die
Morbidity - Answer The rate people will get sick
Peril - Answer The cause of loss and the event insured
... [Show More] against.
Ex: premature death, dependency during old age, accident, and sickness
Adverse Selection - Answer The tendency for poorer than average risks to seek out
insurance
Annuity - Answer Annuities protect against the risk of living longer than expected.
Annuities provide a guaranteed life income to protect against the risk of depleting
retirement funds
Lloyds Associations - Answer Described as a market where individuals and groups
gather to exchange insurance, much like stock exchanges provide a place to buy, sell
and trade stocks
Risk Retention Groups - Answer Llimited liability companies or member-owned
corporations that collectively assume and spread their members' liability risks through
self-insurance. All members of a risk retention group must be employed in similar types
of businesses so that they have similar liability exposures
Express Authority - Answer The explicit authority granted to the agent by the principal
as written in the agency contract
Implied Authority - Answer Not specifically expressed by the principal to the agent in the
agency contract, but is implicit in the agent's duties
Apparent Authority - Answer Is a situation in which the insurer gives the customer a
reasonable belief that an agent has the power and authority to bind the principal, even
in cases where the agent does not have such authority
Fair Credit Reporting Act (FCRA) - Answer The Act requires consumer-reporting
agencies to implement policies and procedures to preserve the confidentiality, accuracy,
relevance, and appropriate utilization of consumer's private credit information
What cannot be in a consumer report unless for a life insurance policy of $150,000 or
more: - Answer -Bankruptcies dating back more than 10 years
-Civil suits and judgments dating back more than seven years or cases in which the
statute of limitations has expired, whichever period is longer
-Tax liens dating back more than seven years
-Adverse information dating back more than seven years
-Reports of a consumer's arrests, indictments or convictions [Show Less]