Chapter 7

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Policies that have a savings component

Annuity, Adjustable life, whole life

Which of the following options may allow a vanishing premium in life insurance policies?

Dividends

Incontestability, consideration and payment of premiums are examples of policy

Provisions

premium rates for individual seeking insurance determination

Sex, age, medical history. Race does not matter

Which of the following types of life insurance refers to temporary protection that only lasts for a specified period of time?

Term life

In group life coverage, which of the following holds the master contract?

The employer

Who has all the rights in the insurance policy

The policy owner

What is the purpose of blanket life insurance?

To cover groups of people who are exposed to a common hazard

The purpose of the reinstatement provision is

To determine the process for reactivating coverage once a policy has lapsed

The multiple income calculation method takes which of the following into account?

annual earnings

A term life insurance policy that may be changed into a whole life insurance policy is

Convertible

Which of the following provisions allows the policyowner to return the policy for a full refund of premium is dissatisfied for any reason?

Free look

A term policy would be preferable to a whole life policy when the individual wants the policy to

Have the largest death benefit for the smallest premium

Units with the same or similar exposure to loss are referred to as

Homogeneous

Liability is usually determined by proving:

negligence

Which of the following types of life insurance coverage is designed for groups of people who are exposed to a common hazard?

Blanket

In a group insurance policy, each member receives a document that provides evidence of coverage under the contract. What is the name of this document?

Certificate of insurance

Which of the following life policy provisions allows the insured to return the policy for a full refund of premium within a specified number of days?

free look

Which of the following is true regarding the master policy?

it is issued to the sponsor of the group


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