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Questions and Answers
Who is responsible for making changes to a life insurance policy?
Who is responsible for making changes to a life insurance policy?
- The insurance agent
- The policy owner (correct)
- The insured
- The beneficiary
Who applies for a life insurance policy?
Who applies for a life insurance policy?
- The policy owner
- The insured
- The applicant (correct)
- The beneficiary
What is the term for two individuals who share ownership of a life insurance policy?
What is the term for two individuals who share ownership of a life insurance policy?
- Joint owners (correct)
- Policy holders
- Co-beneficiaries
- Co-applicants
Who is the person whose life is covered by a life insurance policy?
Who is the person whose life is covered by a life insurance policy?
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Who receives the death benefit in a life insurance policy?
Who receives the death benefit in a life insurance policy?
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What is the company that provides the insurance coverage in a life insurance policy?
What is the company that provides the insurance coverage in a life insurance policy?
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Who pays the premiums in a life insurance policy?
Who pays the premiums in a life insurance policy?
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Who is the 3rd party payer in a life insurance policy?
Who is the 3rd party payer in a life insurance policy?
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Study Notes
Insurance Policy Terms
Policy Owner
- The individual who has the rights to make changes to the policy and pays the premiums.
Applicant
- The person who fills out the application for the insurance policy.
Joint Owner
- Refers to two individuals who share ownership of the insurance policy.
Insured
- The person whose life is covered by the insurance policy.
Beneficiary
- The person or entity designated to receive the death benefit.
Carrier
- The company that provides the insurance coverage.
3rd Party Payer
- An entity other than the policy owner who pays the insurance premiums.
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