Life Insurance Policy Writers, Provisions, Options, and Exclusions

The two types of assignments are?

Absolute and Collateral.

Under which of the following circumstances would an insurer pay accelerated benefits?

An insured is diagnosed with cancer and needs help paying for her medical treatment.

Which of the following best describes fixed period settlement option?

Both the principle and the interest would be liquidated over a selected period of time.

What happens when a policy is surrendered for its cash value?

Coverage ends and the policy can not be reinstated.

The provision which states that both the policy and a coy of the application from the contract between the policy owner and the insurer is called the?

Entire Contract.

Which of the following is true about the mandatory free look and a life insurance policy?

It commences when the policy is delivered.

What is the name of a class that is included in a policy that limits or eliminates the death benefit if the insured dies as a result of war, or while serving in the military.

Military service or war.

A rider attached to a life insurance policy that provides coverage on the insured family coverage is called the?

Other insured rider.

A life insurance policy does not have a war clause if the insured is killed during a time of war what will the beneficiary revive from the policy?

The full death benefit.

Items stimulated in the contract that the insurer would not provide coverage are found in the?

Exclusion Clause

Which non-forfeiter option has the highest amount of insurance protection?

Extended Term

What is the advantage of reinstating a policy instead of applying for a new one?

The original age is used for a premium determination.

If the policy owner, the insured, and the beneficiary under a life insurance policy are three different people who has the ownership rights?

The policy owner

Which of the following premium payment modes would occur the lowest overall payment?

Annual.

What is the purpose of a fixed period settlement option?

To provide a guaranteed income for a certain amount of time.