Life Insurance: Policy Delivery, Risk Classification, Conditional Receipt, Reports, and Buyer’s Guide

Vocabulary-style flashcards covering the key concepts from the notes on policy delivery, risk classification, conditional receipts, reporting, and consumer publications.

Producer's personal delivery after the initial premium

To help the insured understand all aspects of the contract.

Standard risk

Represents the majority of people in the same age group and with similar lifestyles; no extra rating.

Policy effective date under conditional receipt

Date of medical exam if the policy is issued.

Inspection Report

A report for underwriters that includes the insured's financial status, hobbies, and habits.

Buyer's Guide

A generic consumer publication that explains life insurance in general terms to aid the applicant's decision.