Chapter 3 pre license
The insured's premiums will be waived until she is 21
A father owns a life insurance policy on his 15-year-old daughter. The policy contains the optional Payor Benefit rider. If the father becomes disabled, what will happen to the life insurance premiums
One-Year Term Option
Dividend option in which the policyowner uses the dividend as a single premium to purchase one-year term protection.
A father purchases a life insurance policy on his teenage daughter and adds the Payor Benefit rider. In which of the following scenarios will the rider waive the payment of premium
If the father is disabled for more than 6 months
Which of the following statements is TRUE concerning the Accidental Death Rider
It will pay double or triple the face amount
Income for 2 or more recipients until they die
Life income joint and survivor settlement option guarantees
$50,000
An insured owns a $50,000 whole life policy. At age 47, the insured decides to cancel his policy and exercise the extended term option for the policy's cash value, which is currently $20,000. What would be the face amount of the new term policy?
$200,000
An insured purchased a 15-year level term insurance policy with a face amount of $100,000. The policy contained an accidental death rider, offering a double indemnity benefit. the insured was severely injured in an auto accident, and after 10 weeks of hospitalization, died from the injuries. what amount would his beneficiary receive as a settlement
Term
Children's riders attached to whole life policies are usually issued as what type of insurance
Which rider, when attached to a permanent life insurance policy, provides an amount of insurance on every family member?
Family term rider
It has the highest amount of insurance protection
What is the benefit of choosing extended term as a nonforfeiture option?
An insured receives an annual life insurance dividend check. What term best describes this arrangement?
Cash option
The insured's estate
The sole beneficiary of a life insurance policy dies before the insured. If the policyowner fails to change the beneficiary before the insured's death, the proceeds of the policy will go to
Grace Period
What provision in an insurance policy extends coverage beyond the premium due date
Increasing Term
What type of insurance would be used for a Return of Premiun rider
The amount of premium payment
Which of the following information will be stated in the consideration clause of a life insurance policy?
