life only
under the fixed period option ( period certain)
a specified. of years has selected and equal installments are paid to the recipient both the principal and interest are liquidated together over the selected. of time
using a class designation for beneficiaries means
Naming beneficiaries as a group
what is the benefit of choosing extended term as a nonforfeiture option
It has the highest amount of insurance protection
the recipients life expectancy and amount of principal determine
the amount of each installment paid in Life income option arrangement
class designations
are used when an insured chooses to distribute the benefits among the living beneficiaries and or their heirs without naming each individual person such as all my children
which of the following best describes fixed settlement option
both the principal and interest will be liquidated over a selected period of time
what is clause that describes the method of paying the death benefit in the event of the insured and beneficiary of both killed in the same accident
common disaster clause
all of the following are divided options except
fixed period installments
an insured purchased a life insurance policy on his life naming his wife as common beneficiary and his daughter as contingent beneficiary under what circumstances could the daughter collect the death benefit
if the primary beneficiary predeceases the insured
which of the following policy components contains the company's promise to pay
insuring clause
the type of settlement option which pays throughout the lifetimes of two or more beneficiaries is called
joint & survivor
the dividend option in which of the policy owner uses dividends to purchase a term policy for one year are referred to as the
one year term Option
which of the following methods to designate a beneficiary literally means "by the head"
per capita
commy disaster clause
provision states that when an insured and a beneficiary died in a car accident and the beneficiary dies before or within a specific. of time after the insured the insurer will proceed as if the insured outlived the beneficiary
which of the following factors determines the amount of each installment paid in a life income option arrangement
recipients life expectancy and amount of principal
under an extended term nonforfeiture option the policy cash value is converted to
the same face amount as in the whole life policy
extended term as a nonforfeiture option
this option the insurer uses the policy cash value to convert to term insurance for the same face amount as the former permanent policy the duration of the new term coverage last for as long a. as the amount of cash value will purchase