Learn as you go- wrong answers
in replacement, an existing insurer must provide policyowners with a policy summary for existing life insurance within how many days of receiving the written communication and replacement
10 days
What percentage of a company's employees must tale part in a noncontributory group life plan ?
100%
COBRA Act applies to only employers with how many employees?
20 or more
in the event a policy lapses due to nonpayment of premium, within how many days would the policy be automatically reinstated once the outstanding premium is paid
45 days
What is the waiting period on a Waiver of Premium rider in life insurance policies?
6 months
a participating insurance policy may
Pay dividends to the policyowner
underwriting is a major consideration when an insured wishes to replace her current policy for all of the following reasons except
Premiums always stay the same
What provision stipulates that misstatements made in a health insurance application may not be used to deny a claim after the policy has been in force for 2 years?
Time limit on certain defenses
What kind of policy allows withdrawals or partial surrenders?
Universal life
What is an example of third party ownership of a life insurance policy
an insured borrows money from the bank and makes a collateral assignment of a part of the death benefit to secure the loan
If an insurance company makes a statement that its policies are guaranteed by the existence of the Insurance Guaranty Association, that would be considered
an unfair trade practice
Which of the following riders would not increase the premium for a policyowner impairment rider, payor benefit rider, waiver of premium rider, multiple indemnity rider
impairment rider
cash option allows an insurer to send the
plivyholder an annual, nontaxable dividen check
The entire contract consist of
the policy and the application
A joint and survivor settlement option pays
while either beneficiary is still living