Life insurance Basic
what must happen when an individual policy or annuity has been personally delivered to the policyowner
the policyowner must sign a delivery receipt
what is the purpose of the buyers guide
to allow the consumer to compare the cost of different policies
which of the following types of insurance policies would perform the function of cash
whole life
what is the name of the insured who enters into a viatical settlement
viator
what does liquidity refer to in a life insurance policy
cash values can be borrowed at any time
if an applicant for life insurance policy is found to be a substandard risk, the insurance company is most likely to
charge a higher premium
which of the following methods of calculating the amount of life insurance
human life value approach
which of the following best describes gross annual premium
net premium plus expenses
which of the following is usually true of a particpating life insurance policy
pays dividends to policyowners
what is the name of the insured who enters into a viatical settlement
the plan is funded by permanent insurance only
the medical information Bureau (MIB) was created to protect
the medical companies from adverse selection by high risk person
an applicant who receives a preferred risk classification qualifies for
lower premium than person who receives a standard risk
why should the producer personally deliver the policy when the first premium has already been paid
to help the insured understand all aspects of the contract
if a policy includes a free look period of at least 10 days, the buyers guide must be delivered to the applicant
with the policy
which of the following is generic consumer publication that explains life insurance in general terms in order to assist the applicant in the decision making process
buyers guide
All of the following are personal uses of life insurance EXCPET
Buy - Sell agreement
who may complete a paramedical report
a registered nurse
stranger originated insurance policies are direct opposition to the principal of
insurable interest
the insurance company underwriter could fine information concerning the personal activities and characters of an applicant from which of the following reports
producer report
which of the following question documents delivered to policyowners include information about premium amount, cash, values, surrender values and death benefits for specific policy years
A policy summary
partner in a business enter into a buy sell agreement
any form of life insurance
the Life and disability insurance guaranty fund protects insureds and policyholders if
insurers lack money to pay off claims
All of the following are duties and responsibilities of producers at the of application except
change any incorrect statement on the application by personally initialing next to the corrected statement
an investor buys a life policy on an elderly person to sell it for a life settlement. this is an example od
A stoli policy
