Exam Simulator Life Insurance Basics Review

The benefit is received tax free

A corporation is the owner and beneficiary of the key person life policy. If the corporation collects the policy benefit, then

2 years

How long must an insurer keep the receipt of policy delivery to the policyowner if the delivery was by mail?

gross premium

Mortality- interest + Expense = ?

the Cash values available to the policy owener

What is an example of liquidity in a life insurance policy?

Whole Life

What type of insurance policy would perform the function of cash accumulation?

When the agent delivers the policy, collects the initial premium, and the applicant completes an acceptable Statement of Good Health

an agent and an applicant for a life insurance policy fill out and sign the application. however, the applicant does not wish to give the initial premium, and no conditional receipt is issued. When will coverage begin?

attending physician statement

An underwriter is reviewing the medical questions in the application and needs further information due to a medical situation the applicant had in the past. What will the underwriter require?