Credit Insurance
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Credit Insurance - Details
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34 questions
| 🇬🇧 | 🇬🇧 |
| Permanent assignment by the policy owner of all rights and control to a third party, including ownership of the policy. | Absolute Assignment |
| A legal concept (offer & acceptance) by which the contract is concluded and the parties are bound. | Acceptance |
| An insurance company authorized (licensed) to transact insurance business within the state. | Admitted Company |
| The tendency of less than average risks to purchase or continue to be covered by insurance resulting in increase claims and reduced profitability. | Adverse Selection |
| The contract between the agent and the insurer which provides the agent with express authority to act on behalf of the insurer. | Agency Agreement |
| A legal principle which states that equal value is not provided by the parties to a contract. | Aleatory Contract |
| A written report from the personal physical of an insurance applicant which provides information regarding health history and current treatment. | Attending Physician Statement (APS) |
| An insurer's license to transact insurance business. | Certificate of Authority |
| The head of the Insurance Department | Commissioner |
| Life insurance written on an agent's own life, his or her spouse, children or business partners. | Controlled Business |
| An insurance contract whereby a creditor is indemnified for the indebtedness of a debtor when the debtor is totally disabled. | Credit Disability Insurance |
| Usually a group decreasing term contract whereby a creditor is indemnified for the indebtedness upon the death of the debtor. | Credit Life Insurance |
| The period of time that the insured must be totally disabled before any disability income benefits are payable; also referred to as the waiting period. | Elimination Period |
| A written change or amendment to a policy. | Endorsement |
| A policy provision which states that the entire contract of insurance consists of the policy, any amendments and the application. | Entire Contract |
| The death benefit stated in the policy. | Face Amount |
| A federal law which requires that an applicant for insurance be advised that a consumer report may be requested. The Act is designed to protect the privacy of the applicant. | Fair Credit Reporting Act |