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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?

the clients, company, commission and to themselves

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

<p>Premium Receipt Book</p> Signup and view all the answers

Match the following

<p>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.</p> Signup and view all the answers

How to go about declaing a "trustee"?

<p>A policy owner may appoint by a written contract or a declaration a trustee for the beneficiary under a policy.</p> 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.

<p>Rebating</p> Signup and view all the answers

A sales person can be sponsored by only one company.

<p>True</p> 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?

<p>level term riders decreasing term riders</p> Signup and view all the answers

Name the two kinds of term riders?

<p>level term riders decreasing term riders</p> Signup and view all the answers

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

<p>the insurer</p> Signup and view all the answers

Who is responsible for the salesperson for continuing education?

<p>Sponsor and Salesperson</p> Signup and view all the answers

Match the following

<p>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</p> Signup and view all the answers

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

<p>Section 125</p> Signup and view all the answers

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

<p>Employee must provide Form 12A and Employer must provide Form 12B</p> Signup and view all the answers

Company's fine if found to be committing an offense

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

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

<p>5%</p> Signup and view all the answers

What is a subclass of variable life insurance?

<p>Universal Life</p> Signup and view all the answers

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