Chapter 4 Exam Chapter Quiz

which statement is true regarding a minor beneficiary?

Normally, a guardian is required to be appointed in the Beneficiary clause of the contract

which of the following best describes a contingent beneficiary?

Person designated by the insured to receive policy proceeds in the event that the primary beneficiary dies before the insured

on a life insurance policy, who is qualified to change the beneficiary designation?:

Policyowner

who has the right to change a revocable beneficiary?

Policyowner

a policy owner is able to choose the frequency of premium payments through what policy feature?

Premium Mode

J chooses a monthly premium payment mode on his whole life insurance policy. which of these statements is correct?

The gross premium is higher on a monthly payment mode as compared to being paid annually

M purchased an accidental death and dismemberment (AD&D) policy and named his son as beneficiary. M has the right to change the beneficiary designation at anytime. what type of beneficiary is his son?

revocable

a level premium indicates

the premium is fixed for the entire duration of the contract

a policyowner's rights are limited under which beneficiary designation?:

irrevocable

J would like to maintain the right to change beneficiaries. which beneficiary designation should be used?

Revocable

T and S are named co-primary beneficiaries on a $500,000 Accidental death and dismemberment policy insuring their father. their mother was named contingent beneficiary. five years later, S dies of natural causes and the father is killed in a scuba accident shortly after. how much of the death benefit will the mother receive?

$0

How would a contingent beneficiary receive the policy proceeds in an Accidental Death and Dismemberment (AD&D) policy?

If the primary beneficiary dies before the insured

if the insured and primary beneficiary are both killed in the same accident and it cannot be determined who died first, where are the death proceeds to be directed under the uniform simultaneous death act?

Insured's contingent beneficiary

which type of life insurance beneficiary requires his/her consent when a change of beneficiary is attempted by the policy owner?

Irrevocable beneficiary

the common disaster clause provides that if both the insured and the sole named beneficiary were to die in a common accident, which of the following is true?

This clause provides the payment of proceeds to the insured's estate