Life policy riders, provisions, options and exclusions

What is the other term for the cash payment settlement option

Lump sum

A father owns a life insurance policy on his 15-year-old daughter. The policy contains the optional payor benefit rider. If the father becomes disabled, what will happen to life insurance premiums.

The Insureds premium will be waived until she is 21

Turn sure how his wife name of the beneficiary of his life insurance policy. To ensure that his wife had income for life after the insureds death, he chose The life income settlement option. The amount of payments will be determined by taking into account all of the following except

The insured's age at death

They insured under 100,000 life insurance policy with the triple indemnity rider for accidental death was killed in a car accident. It was a determined that the accident was his fault. The triple indemnity rider on the policy it specifies that the death must not be contributed to by the insured in any manner. In this case, what was the policy beneficiary receive?

100,000

Which of the following best describes fixed period Settlement option?

Both the principal and interest will be liquidated over a selected. of time

What provision in an insurance policy extends coverage beyond the premium due date

Grace period

The life insurance policy clause That prevents an insurance company from denying payment of a death claim after a specified period of time is known as the

Incontestability clause

The policy owner wants to make sure that upon his death, the life policy will pay a portion of the proceeds annually to his spouse but that the principal will be paid to the children when they reach a certain age which settlement option should the policy owner choose?

Interest only option

Which non-forfeiture option provides coverage for the longest period of time?

Reduced paid up

A policy owner who is also the insured wants to name her husband as a beneficiary of her life policy. She also wishes to retain all of the rights of the ownership. The policy owner should have her husband name as the

Revocable beneficiary

An insured had chosen joint and 2/3 survivor as the settlement option. What does is mean to the beneficiaries?

The surviving beneficiary will continue receiving 2/3 of the benefit paid when both beneficiaries were alive

Which of the following is true about nonfofeiture values ?

They are required by state law to be included in the policy.

Which of the following factors determine the amount of each installment paid in the life income option arrangement?

Recipients life Expectancy and amount of principle

Zack fast from the roof of his house while fixing it and damages his spinal column enough to render him disable for a year. His insurance policy carries a disability income benefit rider. Which of the following benefits will Zach receive?

Monthly premium waiver a monthly income

Which of the following,when attached to a permanent life insurance policy allows the policy owner to customize the policy to provide an additional amount of temporary insurance on the insured, Or allow some mounts of temporary insurance to cover other family members?

Term rider

I made sure has the life insurance policy from a participating company and receives a quarterly dividends. He has introduced the company to apply the policy dividends to increase the death benefit.The dividend option that the insured has chosen is called

Paid up additions

Which of the following explains the policy owners right to change beneficiaries choose options and receive proceeds of a policy

Owners right

An insured purchase a life policy in 2010 and died in 2017. The insurance company discoveries of the time that the insured had a concealed information during the application process. what can they do?

Pay the death benefit

Which of the following is not typically excluded from life policies

Death due to plane crash for a farepaying passenger

All of the following statements concerning dividends are true except

Dividend amounts are guaranteed in the policy

Life income joint and survivor settlement option guarantees

Income for two or more recipients until they die.

The type of settlement option which pays throughout the lifetime of two or more beneficiaries is caleed

Joint and survivorship

The dividend option in which the policy owner uses dividends to purchase a term policy for one year is referred to as

One year term option