Life insurance

What percentage of a companies employee's must take part in a no contributory group life plan

100

An insured person had a 10000 term life policy the annual premium of 200 was due on February 1st however the person failed to pay the premium he died February 28 how much would the beneficiary revive from the policy

9800 because the death occurred within the mandatory 30 day grace period past due payment would be subtracted from the whole amount of the policy

What happens if the employer pays all of the workers premiums

All employees would need to be covered to avoid adverse selection

What does a policy summary contain

Features and elements of that specific policy that a person is trying to get

Are substandard risk issued at a higher or lower cost

Higher

In the underwriting process it was determined that the applicant for life insurance is in poor health and has some dangerous habits what will happen concerning the policy premium

It wikk be higher because the applicant is a substandard risk( applicants are considered risk because of physical conditions family or personal history of disease occupations or dangerous habits sub standard risk are usually issued in a higher premium

Your client wants protection and savings from the insurance and is willing to pay premiums until the age 65 what would be the right policy for your client

Limited pay whole life

What describes the specifics about a policy

Policy summary

Why would a person want limited pay while life

So that after policy payments stop at 65+ coverage can continue up until age 100

What is an example of adverse selection

Someone with a high risk job getting a life insurance policy without the life insurance company knowing they have a dangerous job

What is face amount

The amount you're supposed to end up with

What is adverse selection?

The buyer having Kurd information than the seller

What does owner mean

The person who owns the policy and may look into a life settlement contact

What would define the owner when it comes to left settlement contracts

The policy owner of the life insurance policy

What things are considered risk for the policy

applicants are considered risk because of physical conditions family or personal history of disease occupations or dangerous habits sub standard risk are usually issued in a higher premium

An insured person had a 10000 term life policy the annual premium of 200 was due on February 1st however the person failed to pay the premium he died February 28 why would they only get 9800

because the death occurred within the mandatory 30 day grace period past due payment would be subtracted from the whole amount of the policy