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
