5 Questions
Conservation does not include such routine administrative procedures as ______, late payment offers or reinstatement offers.
late payment reminders
“Direct-response sales” means any sale of life insurance or annuity where the insurer does not utilize an insurance producer in the ______ of the policy.
sale or delivery
“Existing insurer” means the insurance company whose policy is or will be ______ or terminated in such a manner as described within the definition of “replacement.”
changed
“Existing life insurance or annuity” means any life insurance or annuity in ______, including life insurance under a binding or conditional receipt or a life insurance policy or annuity that is within an unconditional refund period.
force
“Conservation” means any attempt by the existing insurer or an insurance producer to ______ a policy owner from the replacement of existing life insurance or annuity.
dissuade
Test your knowledge of insurance terms and concepts with this quiz on conservation and direct-response sales. Learn about the definitions and distinctions between these terms in the context of life insurance and annuities.
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