Learn as you go Part 3
Which of the following best describes fixed period. Settlement option.
Both the principal and interest will be liquidated over a selected period of time.
What does liquidity refer to in a life insurance policy?
Cash values can be borrowed at any time
Which of the following is not an example of a valid insurable interest?
Debtor in the life of the creditor
The policy owner of an adjustable life policy wants to increase the death benefit. Which of the following statements is correct regarding this change.
The death benefit can be increased by providing evidence of insurability.
Which of the following is not true regarding equity, indexed annuities
They earn lower interest rates than fixed annuities.
The two types of assignments are
absolute and collateral
The authority granted to an agent through the agents contract is referred to as
express authority
Events in which a person has both a chance of winning or losing a classified as
Speculative risk
A producer is helping a married couple determine the financial needs their children in the event, one or both to die prematurely. This is a personal use of life insurance known as.
Survivor protection
Which of the following documents must be provided to the Policyowner or applicant during policy replacement
Notice regarding replacement
Which of the following explains the Policyowner's right to change beneficiaries, choose options, and receive proceeds of a policy
Owners rights
The insured under $100,000 life insurance policy with a triple indemnity rider for accidental death was killed in a car accident. It was determined that the accident was his fault. The triple indemnity rider in the policy specifies that the death must not be contributed to by the insured in a manner in this case, what will the policy beneficiary receive?
$100,000
What is the maximum penalty the Director man pose on someone who has transact insurance in Idaho without a license?
$15,000
All life and disability insurance in connection with credit transactions is subject to the provisions of the insurance code, except insurance lasting more than
15 years
After passing the state exam, an individual must apply for a license within
180 days
Except for nonpayment of premium, and annuity contract, cannot be contested after it has been in for us for how many years
2
Which of the following statements is not true concerning insurable interest as it applies to Life Insurance
A debtor has an insurable interest in the life of a lender.
When transacting business in the state and ensure formed under the laws of another country is known as
Alien ensure
An individual has just borrow $10,000 from his bank on a five-year installment loan requiring monthly payments. What type of life insurance policy would be best suited to the situation
Decreasing term
Which of the following entities is not an answer but an organization formed to provide insurance benefits for members of an affiliate in large or religious organization
Fraternal benefit society
Which of the following ultimately determines the interest rates paid to the owner of a fixed annuity
Insurer's guaranteed minimum rate of interest
And insured buys a five-year level premium term policy with a face amount of $10,000. The policy also contains renewability and convertibility options. When the insured renews the policy in five years, what will happen to the premium
It will increase because the insured will be five years older than when the policy was originally placed
Which of the following statements is true concerning the accidental death rider
It will pay double or triple the face amount
Which statement is not true regarding a straight life policy
Its premium steadily decreases over time, in response to its growing cash value.
