KEYWORDS | TỪ KHÓA

The first premium submitted in connection with an insurance application or policy issue.

The person whose life is covered by a life insurance policy.

The amount paid to an insurer to keep insurance coverage in force according to the policy terms.

The applicant’s signature on an insurance application, used to attest to the information and authorizations contained in the application.

The process of delivering the issued policy and completing any required delivery-related steps.

The frequency at which policy premiums are scheduled to be paid, such as monthly, quarterly, semiannually, or annually.

The date on which insurance coverage becomes effective according to policy, underwriting, premium, and delivery requirements.

The duty of the producer to complete applications accurately, provide required disclosures, and follow applicable replacement and delivery procedures.

A transaction in which a new policy is purchased and an existing policy is lapsed, surrendered, forfeited, assigned, or otherwise affected as defined by applicable rules.

A required notice used in a replacement transaction to disclose that existing life insurance or annuity coverage may be replaced and to explain relevant consumer considerations.

The insurer issuing the new policy in a replacement transaction.

A requirement to provide specified information to an applicant or policyowner so the person can understand material facts about an insurance transaction.

A statement that may be required at policy delivery to confirm no material health change has occurred since application.