chapter 3.2

Pataasin ang iyong marka sa homework at exams ngayon gamit ang Quizwiz!

S buys a $50,000 whole life policy with a $50,000 Accidental Death and Dismemberment rider. S dies 1 year later of natural causes. How much will the insurer pay the beneficiary?

$50,000

The incontestable clause allows an insurer to

contest a claim during the contestable period

What is the Suicide provision designed to do

safeguard the insurer from an applicant who is contemplating suicde

P is blinded in an industrial accident. Which provision of his life insurance policy will pay a stated benefit amount?

Accidental Death and Dismemberment provision

What action can a policyowner take if an application for a bank loan requires collateral?

Assign policy owner to a bank

N is a student pilot with a large life insurance policy. Which of these features would limit the insurer's obligation in the event N was killed while flying as a student pilot?

Exclusion

An insured is past due on his life insurance premium, but is still within the Grace Period. What will the beneficiary receive if the insured dies during this Grace Period?

Full face amount minus any past due premiums

M has an insurance policy that also has an outstanding policy loan at the time of M's death. The insurer will deduct the outstanding loan balance from the

Policy Proceeds

M has an insurance policy that also has an outstanding policy loan at the time of M's death. The insurer will deduct the outstanding loan balance from the

Policy proceeds

Which of these life insurance riders allows the applicant to have excess coverage?

Term rider

What does the ownership clause in a life insurance policy state?

Who the policyowner is and what rights the policyowner is entitled to

What action will an insurer take if an interest payment on a policy loan is not made on time?

automatically add the amount of interest due to the loan balance


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