LIFE INSURANCE

what describes the specific information about a policy

policy summary

in term policies, what is level?

premium

which of the following would be considered a nonmedical insurance application?

an application on which the medical information is completed by the applicant and agent only

which of the following is the basic source of information used by the company in risk selection process

application

which of the following is a risk classification used by underwriters for life insurance?

standard

which is generally true regarding insureds who have been classified as preferred risks?

their premiums are lower

which employees of an insurance company are responsible for the final risk selection

underwriters

a policy will pay the death benefit if the insured dies during the 20 year premium paying period, and nothing if death occurs during the 20 year period. what type of policy is this?

level term

insurance is a contract by which one seeks to protect another from

loss

all other factors being equal, the least expensive first-year premium payment is found in

ART

term policies are available at level, increasing, decreasing. which policy component fluctuates depending on policy type

death benefit

all other factors being equal, which of the following terms best describes the coverage provided by term policies, as compared to other form of protection

greatest

an insurer receives a report regarding a potential insured that includes the insured financial status, hobbies, and habits. what type of report is it

inspection report