Life and Health Ch 6

carol would not need to prove insurability for a conversion policy, she may within 31 days request that her coverage be converted to an individual policy, the premium would be based on her attained age

Carol is insured under her employers group life insurance plan at her place of employment. What does her coverage state

60

a paid up nonforfeiture benefit will become effective as specified in the policy unless the person entitled elects another available option within how many days after the due date of the premium default

The borrower must obtain credit insurance

an insured wants to obtain a sizeable loan, what can the lender require of the prospective borrower?

it can require its borrowers to obtain credit insurance

authority of a lender

lenders

credit insurance protects

underwriting has little to do with the insured health, premium rates are based on the average age, gender, and purpose of the group, when the insured terminates membership in the group, the coverage can be converted to whole life

group life insurance is

the replacing company

in the replacement of a policy who notifies the existing insurer that a policy is being replaced?

third policy year

insurers must annually pay the divisible surplus that will accrue to the policyholders on the policy anniversary date, this must occur no later that the end of the

creditor becoming a policy beneficiary, having a collateral assignment on the policy, requiring that a debtor has a life insurance

what is allowed in credit life

replacement rule

what rule applies if an agent knows an applicant is going to cash in an old policy and use the funds to purchase new insurance

whole life without proof of insurability

when an insured terminates membership in the inured group, the insured can convert to

employer group, alumni group, or debtor group

who could own group insurance

creditor

who is the beneficiary in credit life insurance

prior to commencing the sales presentation

when must a life insurance producer inform their prosective customer that they are acting as a life insurance producer and disclose the full name of insurance company that they represent?

file a comparison memo with the company the producer represents, file a comparison memo with the existing insurer, give the policyholder a memo comparing the existing and new policies

when replacement is involved a producer must do