4 - Life Insurance Premiums, Proceeds and Beneficiaries

अब Quizwiz के साथ अपने होमवर्क और परीक्षाओं को एस करें!

When can a policyowner change a revocable beneficiary?

Anytime

If the insured and primary beneficiary are both killed in the same accident and it cannot be determined who died first, where are the death proceeds to be directed under the Uniform Simultaneous Death Act?

Insured's contingent beneficiary

policyowner's rights are limited under which beneficiary designation?

Irrevocable

A policyowner is able to choose the frequency of premium payments through what policy feature?

Premium Mode

J chooses a monthly premium payment mode on his Whole Life insurance policy. Which of these statements is correct?

The gross premium is higher on a monthly payment mode as compared to being paid annually

How would a contingent beneficiary receive the policy proceeds in an Accidental Death and Dismemberment (AD&D) policy?

If the primary beneficiary dies before the insured

What kind of life insurance beneficiary requires his/her consent when a change of beneficiary is made?

irrevocable beneficiary

T is covered by an Accidental Death and Dismemberment (AD&D) policy that has an irrevocable beneficiary. What action will the insurance company take if T requests a change of beneficiary?

Request of the change will be refused

Which of these statements is INCORRECT regarding the federal income tax treatment of life insurance?

entire cash surrender value is taxable

A policyowner would like to change the beneficiary on a Life insurance policy and make the change permanent. Which type of designation would fulfill this need?

irrevocable

J would like to maintain the right to change beneficiaries. Which beneficiary designation should be used?

revocable

C is trying to determine whether to convert her convertible term life policy to whole life insurance using her original age or attained age. What factor would affect her decision the most?

the cost

On a life insurance policy, who is qualified to change the beneficiary designation?

the policy owner

Which statement regarding the Change of Beneficiary provision is true?

the policy owner can change the beneficiary

Which premium schedule results in the lowest cost to the policyowner?

Annually

K is the insured and P is the sole beneficiary on a life insurance policy. Both are involved in a fatal accident where K dies before P. Under the Common Disaster provision, which of these statements is true?

Proceeds will be payable to K's estate if P dies within a specified time


संबंधित स्टडी सेट्स

Differences Between RNA and DNA & Types of RNA (mRNA, tRNA & rRNA)

View Set

CCCTC HVAC EPA Section 608 9th Edition Core (2019/2020)

View Set

leading marine leader ship tools

View Set

Intro to Business Chapter 7 Review

View Set

Knowledge & Clinical Judgement ATI

View Set