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Primerica VA Study Guide Review
1.
Agent/Producer:
a legal representative of an insurance company; the classification of producer usually
includes agents and brokers;
agents are the agents of the insurer
2.
Applicant
or
purposed
insured:
A person applying for
insurance
3.
Broker:
An
insurance
producer
not
appointed
by
and
insurer
and
is
deemed
to
represent
a
client
4.
Insurance
policy:
A contract between a policyowner (and/or insured) and insurance company which
agrees to pay e insured or
the beneficiary for loss caused by specific events
5.
Insured:
The
person
covered
by
the
insurance
policy.
This
person
may
or
may
not
be
the
policyowner
6.
Insurer(principal):
The
company
who
issues
an
insurance
policy
7.
Policyowner:
The
person
entitled
to
exercise
the
rights
and
privileges
in
the
policy
8.
Premium:
The money paid to the insurance company for the insurance policy
9.
Reciprocity/Reciprocal:
A mutual interchange of right and privileges
10.
Insurance is the
of risk. Insureds' losses are transferred over
