Hesh- Iowa Life Exam FX CH 1 Questions and Verified Answers, 100% Guarantee Pass (Latest 2025) Agency Contract - Correct Answers ✅Contract held between insurer and an agent containing the expressed authority given to the agent and the duties and responsibilities to the principal Agent /Producer - Correct Answers ✅a legal representative of an insurance company; the classification of producer usually includes agents and brokers; agents are the agents of the insurer Applicatn /Proposed insured - Correct Answers ✅a person applying for insurance Beneficiary - Correct Answers ✅a person who receives the benefits of an insurance policy Death Benefit - Correct Answers ✅the amount paid upon the death of the insured in a life insurance policy Insurance Policy - Correct Answers ✅a contract between a policyowner (and/or insured) and an insurace company which agrees to pay the insured or the beneficiary for loss caused by specific events Insured - Correct Answers ✅person covered by the insurance policy; may or may not be the policyowner 1 / 2
Hesh- Iowa Life Exam FX CH 1 Questions and Verified Answers, 100% Guarantee Pass (Latest 2025) Insurer (principal) - Correct Answers ✅the company who issues an insurance policy Lapse - Correct Answers ✅policy termination due to nonpayment of premium Life Insurance - Correct Answers ✅coverage on human lives Policyowner - Correct Answers ✅the person entitled to exercise the rights and priveleges in the policy Premium - Correct Answers ✅the money paid to the insurance company for the insurance policy Elements of a Legal Contract - Correct Answers ✅Agreement -- offer and acceptance; Consideration; Competant parties; Legal Purpose Acceptance - Correct Answers ✅takes place when an insurer's underwriter approves the application and issues a policy
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