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10 Cards in this Set
- Front
- Back
Commissioner |
The head of the Department of Insurance |
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Consent |
Permission to do something |
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Consideration |
Something of value that each party gives to the other. Binding force in any contract |
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Disclosure |
Revealed information to help someone make an informed decision |
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Free-look period |
The period of time given to the policy owner to look over policy and return it for a refund of Premium |
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Lapse |
Policy termination due to non-payment of Premium |
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Life insurance |
Coverage on human lives |
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Material information |
Information that may alter others party decisions regarding a contract |
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Rescession |
An action that takes back, cancels, or nullifies. |
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Underwriting |
Risk selection and classification process |