Learn as you go- wrong answers

in replacement, an existing insurer must provide policyowners with a policy summary for existing life insurance within how many days of receiving the written communication and replacement

10 days

What percentage of a company's employees must tale part in a noncontributory group life plan ?

100%

COBRA Act applies to only employers with how many employees?

20 or more

in the event a policy lapses due to nonpayment of premium, within how many days would the policy be automatically reinstated once the outstanding premium is paid

45 days

What is the waiting period on a Waiver of Premium rider in life insurance policies?

6 months

a participating insurance policy may

Pay dividends to the policyowner

underwriting is a major consideration when an insured wishes to replace her current policy for all of the following reasons except

Premiums always stay the same

What provision stipulates that misstatements made in a health insurance application may not be used to deny a claim after the policy has been in force for 2 years?

Time limit on certain defenses

What kind of policy allows withdrawals or partial surrenders?

Universal life

What is an example of third party ownership of a life insurance policy

an insured borrows money from the bank and makes a collateral assignment of a part of the death benefit to secure the loan

If an insurance company makes a statement that its policies are guaranteed by the existence of the Insurance Guaranty Association, that would be considered

an unfair trade practice

Which of the following riders would not increase the premium for a policyowner impairment rider, payor benefit rider, waiver of premium rider, multiple indemnity rider

impairment rider

cash option allows an insurer to send the

plivyholder an annual, nontaxable dividen check

The entire contract consist of

the policy and the application

A joint and survivor settlement option pays

while either beneficiary is still living