Life Insurance Final Terms

dependent child insured under parents over age 23

-only can insure if mentally incompetent -can insure under age 18 -under 23 must be attending college full time

how long to keep records for foreign and alien companies?

3 years

how long to file name change request with commissioner?

30 days before change occurs

who is responsible for paying policy premiums in credit life insurance?

borrower

an adjustable life policy can assume the form of

either term insurance or permanent insurance. adjustable life is developed to provide policy owner with term and permanent coverage

Client wants to provide retirement income for elderly parents. What settlement option?

joint and survivor

conversion in termination of policy if haven't worked for 5 years?

must apply and provide proof of insurability

example of policy replacement

policy is reissued with reduction in cash value. when replacement occurs, life insurance is purchased, resulting in reduced paid up insurance, continuation of extended term insurance or nonforfeiture benefits

the entire contract includes

policy, copy of app, any riders or amendments

what reduces opportunity for misrepresentation, protect interests of policyholders by establishing minimum standards, and establish penalties for failure to comply?

replacement

what life insurance policy include a conversion of termination provision?

whole life