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Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person.
Obtaining life insurance can feel like a complicated process, especially if the thought of a medical exam puts you off. The good news is you don’t always need an exam to get covered.
The life insurance medical exam is like a regular doctor appointment, but the insurance company’s medical examiner may be able to visit your home or office to see you.
The seven-pay test is how the government determines if a life insurance policy turns into a MEC. Specifically, the test limits how much the policyholder can deposit annually during the first seven ...
The Fellow, Life Management Institute (FLMI) designation program, awards the FLMI designation to individuals who pass a series of 10 examinations; these insurance-focused examinations cover insurance, accounting, marketing, information systems, finance, law, management, and computers. [6]
The exam is multiple choice and in 2012 the exam had a pass rate of 78.43%. A nominal pass mark is set at 70% although the actual pass mark may vary. [2] The test covers several areas of insurance: Understanding how the insurance market operates; Understanding risk and insurance in the context of the insurance market
The final life insurance question to ask an agent focuses on the future and what happens if your coverage needs change. As life evolves, your life insurance policy might need to adapt with it.
Term life insurance or term assurance is life insurance that provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments or conditions.
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