INSURANCE

LIFE INSURANCE

a coverage upon a person's life, and granting, purchasing or disposing of annuities

THE TYPE OF POLICY THAT CAN BE CHANGED FROM ONE THAT DOES NOT ACCUMULATE CASH VALUE TO THE ONE THAT DOES IS A

convertible term policy

UNDER A 20- PAY WHOLE LIFE POLICY IN ORDER FOR THE POLICY TO PAY THE DEATH BENEFIT PAID

for 20 year on until death, with ever occur first

WHICH OF THE FOLLOWING RIDER WOULD NOT CAUSE THE DEATH BENEFIT TO

payer benefit rider

MORAL HAZARDS

refer to those application that may lie on an application for insurance or in the past, have submitted fraudulent claims against and insurer

WHICH OF THE FOLLOWING STATEMENT ABOUT GROUP LIFE IS CORRECT

the lost of coverage is based on the ratio of men and women is the group

PREMIUMS

the money paid to the insurance company for the policy of insurance

POLICY OWNER

the person who is entitled to exercise the rights and privileges in the policy and who may or may not be the insured

WHICH OF THE FOLLOWING LIFE INSURANCE POLICY WOULD BE CONSIDERED INTEREST SENSITIVE

universal life

WHAT DOCUMENTATION GRANT EXPRESS AUTHORITY TO AN AGENT

agent's contract with the principal

WHICH TYPE OF LIFE INSURANCE POLICY GENERATES IMMEDIATE CASH VALVE

level

ALL OF THE FOLLOWING ARE CHARACTERISTICS OF A GROUP LIFE INSURANCE PLAN EXCEPT

there is a requirement to prove insurability on the part of the participants

YOUR CLIENT WANTS BOTH PROTECTION AND SAVING FROM THE INSURANCE AND IS WILLING TO PAY PREMIUMS UNTIL RETIREMENT AT AGE 65 WHAT WOULD BE THE RIGHT POLICY FOR THIS CLIENTS

limited pay whole life

IN AN ADJUSTABLE LIFE POLICY ALL OF THE FOLLOWING CAN BE CHANGED BE THE POLICY OWNER EXCEPT

the length of coverage

WHICH OF THE FOLLOWING NAMED BENEFICIARIES WOULD NOT BE ABLE TO RECEIVE THE DEATH BENEFIT DIRECTLY FROM THE EVENT OF THE INSURED'S DEATH

a minor son of the insured

PHYSICAL HAZARDS

are those arising form the material, structural, or operational features of the risk, apart from the persons owning or managing it

IN GROUP LIFE INSURANCE POLICY THE EMPLOYER MAY SELECT ALL OF THE FOLLOWING

beneficiary

A RIDER THAT MAY BE ATTACHED TO A LIFE INSURANCE POLICY THAT WILL ADJUST THE FACE AMOUNT PRICE INDEX

cost of living rider

ANNUAL RENEWABLE TERM, [POLICIES PROVIDE A LEVEL DEATH BENEFIT FOR A PREMIUM THAT

increase annually

DURING PARTIAL WITH DRAWL FORM A UNIVERSAL LIFE POLICY. WHICH PORTION WILL BE TAXES

interest

RISK

is the uncertainty or chance of a loss occuring

WHICH OF THE FOLLOWING STATEMENT IS TRUE ABOUT THE REINSTATEMENT PROVISION IS TRUE

it require the policy owner to be paid all overdue premiums with interest before policy is reinstated

WHICH IS CONNECT COMPARISON BETWEEN SURVIORSHIP LIFE AND JOINT LIFE POLICY

joint life pays a death benefit on the first death while pays on the last death

THE LAW STATES THAT AN INSURER IS ALLOWED TO PAY THE ENTIRE DEATH BENEFIT TO THE INSURED IF THEY QUALIFY TO USE THE ACCELERATED DEATH BENEFIT RIDER. HOWEVER, MOST INSURERS LIMIT THE AMOUNT OF DEATH BENEFIT PAID TO

50%

AN INSURED HAS A CONTINUOUS PREMIUM WHOLE LIFE POLICY SHE WOULD LIKE TO USE SOONER THAN WOULD HAVE BEEN POSSIBLE, OTHERWISE WHAT DIVIDEND OPTION COULD SHE

paid up option

THE TWO TYPES OF RISKS ARE

pure and speculative

WHICH OF THE FOLLOWING INSURANCE PROVIDER WOULD CONSIDERED A RISK

reciprocal

JULIE PAY FOR HER LIFE INSURANCE ANNUAL UNTIL NOW, SHE HAS COLLECTED A NONTAXABLE DIVIDEND CHECK DIVIDED THAT SHE WOULD RATHER USE THE DIVIDEND TO HELP PAY FOR HER NEXT PREMIUM. WHAT OPTION WOULD ALLOW HER

reduction of premium opition

RISK PURE

refers to situations that con only result in a loss or no change. there is no opportunity for financial gain pure risk is the only type insurance companies are willing to accept

ALL OF THE FOLLOWING ARE MARKETING ARRANGEMENTS USE BY INSURER'S

reinsurance system