Life insurance policy provisions options and riders

The type of settlement option which pays throughout the lifetimes of two or more beneficiaries is called

Joint and survivor

When a life insurance policy was issued the policy owner designated a primary and a contingent beneficiary several years later both the insured and the primary beneficiary died in the same car accident and it was impossible to determine who died first. Which of the following would revive the death benefit

The insureds contingent beneficiary

A provision in a life or health insurance policy that may assist an insurance company in determining the cause of death of an insured is called

Autopsy

If an insured withdraws a portion of the face amount in the form of accelerated benefits because of a terminal illness how will that affect the payable death benefit from the policy

The death benefit will be smaller

An insured owns a life insurance policy. To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. There is a limit for a withdrawal and the insurer charges a fee. What type of policy does the insured most likely have?

Universal Life

Which of the following best describes fixed period settlement option

Both the principal and interest will be liquidated over a selected period of time.

All of the following are true statements regarding the accumulation of interest option except

The interest is not taxable since it remains inside the insurance policy

When an insured under a life insurance policy died the designated beneficiary received the face amount of the policy as well as a refund of all of the premiums paid which rider is attached to the policy

Return of premium

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 statements about a suicide clause in a life insurance policy is true

Suicide is excluded for a specific period of years and covered thereafter.

An insured and his wife are both involved in a head-on collision. The husband dies instantly, and the wife dies 15 days later. The company pays the death benefit to the estate of the insured. This indicates that the life insurance policy had what provision?

Common Disaster

Which of the following statements is true concerning irrevocable beneficiaries

They can be changed only with the written consent of that beneficiary.

The automatic premium loan provision is activated at the end of the

grace period

What required provision protects against unintentional policy lapse?

grace period

A couple owns a life insurance policy with a Children's Term rider. Their daughter is reaching the maximum age of dependent coverage, so she will have to convert to permanent insurance in the near future. Which of the following will she need to provide for proof of insurability?

Proof of insurability is not required.