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

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

the recipients life expectancy and amount of principal determine

the amount of each installment paid in Life income option arrangement

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