Life Insurance - Basics

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A STOLI policy

An investor buys a life policy on an elderly person in order to sell it for a life settlement. This is an example of

cash values can e borrowed at any time

What does "liquidity" refer to in a life insurance policy?

To explain features and benefits of a proposed policy to the consumer

What is the purpose of a disclosure statement in a life insurance policies?

Executive bonus

When an employer offers to give an employee a wage increase in the amount of the premium on a new life insurance policy, this is called an

The customer's associates, friends, and neighbors provide the report's data.

Comparison to consumer reports, which of the following describes a unique characteristic of investigative consumer reports?

Signed waiver of premium

Upon policy delivery, the producer may be required to obtain any of the following EXCEPT

Need is predicted using the number of years until the insured's retirement

Which of the following is NOT true regarding the Needs Approach method of determining the value of an individual's life?

The cash value available to the policyowner

Which of the following is an example of liquidity in a life insurance contract?

The expense of a vacation for surviving family members

Which of the following would NOT fall into the category of costs associated with death?

Erase the incorrect answer and record the correct answer

If a change needs to be made to the application for insurance, the agent may do all of the following EXCEPT

With the policy

If a policy includes a free-look period of at least 10 days, the Buyer's Guide must be delivered to the applicant

Another name for a substandard risk classification is

Rated


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