Life insurance missers

The 3 recognized areas of insurable interest

- Family members life - business partner or employee - Your own life

the conversion privilege allows a person to change coverage from: - A group policy to an ind. policy without evidence of insurability - ind to group without evidence of insurability - Annuity to life insurance - life insurance to annuity

A group policy to an ind. policy without evidence of insurability

which of the following is NOT a group typically recognized as eligible for group health insurance? - Creditor debtor groups - employer-employee groups - association patron groups - organized union groups

Association patron groups

Which provision found on the first policy page makes clear that both parties to the contract must contribute something of value for the contract to be effective? - Entire contract - Insuring clause - Payment of premium - Consideration

Consideration

Post termination, employees have the right to convert an individual whole life policy without proving insurability. This is: - Grace period - Grandfathering - Replacement - Conversion privilege

Conversion privilege

a term life insurance policy that can be changed into a whole life insurance policy is - Convertible - Permanent - Universal - Renewable

Convertible

Which option may allow a vanishing premium in life insc policies

Dividends

Who holds the master contract for group health? - Employees - agent - Insc company - Employer

Employer

Which of the following is good about buying an annually renewable premium?

Evidence of insurability is NOT required at renewal

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

Homogenous

Dangers carried onto the work site by employees are considered: - Occupational - Imported - Unknown - Intentional

IMPORTED

Which clause prevents an insurer from denying a claim due to statements in an application after a specific period of time - Reinstatement - Entire contract - Incontestability - Grace period

Incontestability

Modified Premium: - Increased every 5-10 years over policy's life - Modified annually based on dividends from investments & contributions - Increased a pre-specified time & then level over life of policy - Increased annually over policy's life

Increased a pre-specified time & then level over life of policy

Policyowners must face the possibility of a financial loss or the loss of something else, which is called: - Exposure - Peril - Insurable interest - Pure loss

Insurable interest

All are possible features of variable life insurance policies EXCEPT - cash value - Adjustable premiums - Level term - Investment diversity

Level term

Liability is determined by proving - Loss - Risk - Injury - negligence

Negligence

Which feature is available in term life insurance: - Renewability - Investments - Cash values - Policy loans

Renewability

In variable life policies, where is the cash value invested: - Separate accounts - Dividends - Conservative investments - Company's general account

Separate accounts

policy forms must be delivered

within 30 days