Oregon life test

Which of the following is the basic source of information used by the company in the risk selection process?

Application

Under which nonforfeiture option does the company pay the surrender value and have no further obligations to the policy owner?

Cash surrender

Annuities are not good for what?

Creating an estate

Life insurance policy increases significantly in face amount when insured reaches a specified age?

Jumping juvenile policy

What must happen when an individual policy or annuity has been personally delivered to the policy owner?

Policy owner must sign a delivery receipt

If agent has to replace existing life insurance policy what must they do?

Provide a replacement notice to the applicant

Which settlement option provides a single beneficiary with income for the rest of his/her life?

Single life