(Life insurance policy provisions,options and riders

A long stretch National economic hardship causes a 7% rate of initiation. A policy owner notices that the face value of her life insurance policy has been raised 7% as a result. Which policy rider caused this changed

Cost of living Rider

The insured under a 100,000 life insurance policy with a triple indemnity rider in the policy specifies that the death must not be contributed to by the insured in any manner. In this case, what will the policy beneficiary receive?

$100,000

All of the following are Nonforfeiture options EXCEPT

Interest only

In a long-term care policy, pre-existing condition limitations

Must appear as a separate paragraph and be clearly labeled

An insured purchased of a life policy, in 2010 and died in 2017. The life insurance company discovers at that time that the insured has concealed information during the application process. What can they do?

Pay the death benefit

Which nonforfeiture option provides coverage for the longest period of time?

Reduced Paid-Up

Which of the following, when attached to a permanent life insurance policy, allows the policy owner to customize the policy to provide an additional about temporary insurance on the insured, or allow amounts of temporary insurance to cover other family members

Term Rider

If a policy has an automatic premium loan provision what happens if the insured dies before the loan is payed back?

The balance of the loan will be taken out of the death benefit

All of the following are TRUE statements regarding the accumulation an interest option EXCEPT

The interest is not taxable since it remains inside the insurance policy

Which is true about the cash surrender nonforfeiture option?

Funds exceeding the premium paid are taxable as ordinary income.

All of the following are true regarding the guaranteed insurability rider EXCEPT

This rider is available to all insureds with no additional premium.

What is the name of the insured who enters into viatical settlement?

Viator