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is the act of tricking the holder of a long term insurance policy into letting it lapse and taking out another policy that is the same kind by using misrepresentation

A estate set up for emergencies, business opportunies or retirement.

What is the responsibility of the fiduciary capacity in which the salesperson acts?

the clients, company, commission and to themselves

A salesperson should always ensure that each payment towards a premium is recorded in a

Premium Receipt Book Signup and view all the answers

Match the following

Paid Up Policy = a policy where no further payments are required but policy is active until benefits are payable Rider = a special policy provision that is added to a base policy to expands or limits the coverage. Participating Insurance = policy which dividends are payed to the insured in addition to providing protection. Non-Participating Insurance = policys which dividends arent paid because no initial extra charge is added to the premium for contingencies. Signup and view all the answers

How to go about declaing a "trustee"?

A policy owner may appoint by a written contract or a declaration a trustee for the beneficiary under a policy. Signup and view all the answers

List 3 reasons why the commission may reject the application of someone applying to be a sales persons?

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What is a Lapse?

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There are various Types of health insurance plans available in The Bahamas. Some Plans are:

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When any part of a policy or insurance product is sold at less than the premium set out in the policy, or if the insured is allowed a commission.

Rebating Signup and view all the answers

A sales person can be sponsored by only one company.

True Signup and view all the answers

What information is displayed in the premium receipt book?

<ol> <li>Full Name and Date of birth of policy owner</li> <li>Where the policy was issues</li> <li>The date and number of policy</li> <li>the amount of the premium</li> </ol> Signup and view all the answers

Name and describe any two types of long term insurance policies.

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What is a term rider?

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Name the two kinds of term riders?

level term riders decreasing term riders Signup and view all the answers

Name the two kinds of term riders?

level term riders decreasing term riders Signup and view all the answers

If a policy is lost, who can request a replacement?

the insurer Signup and view all the answers

Who is responsible for the salesperson for continuing education?

Sponsor and Salesperson Signup and view all the answers

Match the following

Growing Estate = a set up for emergencies, business opportunities or retirement Agent = a body corporate that is appointed by a registered company but is not an employee of the insured Broker = an independent entity that that connects client seeking insurance products and earns a commission. Law of Large Numbers = A statisitical axiom that states the larger the number of exposure units independently exposed to loss Signup and view all the answers

Under what section gives the commission right to suspend the registration of an intermediary?

Section 125 Signup and view all the answers

What information must be provided to the commission when a salesperson is terminated?

Employee must provide Form 12A and Employer must provide Form 12B Signup and view all the answers

Company's fine if found to be committing an offense

a fine not exceeding 10,000 and if offense continues 1000 a day Signup and view all the answers

Calculate the date rate. if 50% is expected to die in a population of 10,000/

5% Signup and view all the answers

What is a subclass of variable life insurance?

Universal Life Signup and view all the answers

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Questions and Answers

is the act of tricking the holder of a long term insurance policy into letting it lapse and taking out another policy that is the same kind by using misrepresentation

A estate set up for emergencies, business opportunies or retirement.

What is the responsibility of the fiduciary capacity in which the salesperson acts?

A salesperson should always ensure that each payment towards a premium is recorded in a

Match the following

How to go about declaing a "trustee"?

List 3 reasons why the commission may reject the application of someone applying to be a sales persons?

What is a Lapse?

There are various Types of health insurance plans available in The Bahamas. Some Plans are:

When any part of a policy or insurance product is sold at less than the premium set out in the policy, or if the insured is allowed a commission.

A sales person can be sponsored by only one company.

What information is displayed in the premium receipt book?

Name and describe any two types of long term insurance policies.

What is a term rider?

Name the two kinds of term riders?

Name the two kinds of term riders?

If a policy is lost, who can request a replacement?

Who is responsible for the salesperson for continuing education?

Match the following

Under what section gives the commission right to suspend the registration of an intermediary?

What information must be provided to the commission when a salesperson is terminated?

Company's fine if found to be committing an offense

Calculate the date rate. if 50% is expected to die in a population of 10,000/

What is a subclass of variable life insurance?

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