Texas Life and Health
An insured in a group policy has misstated his age age on the insurance application. As a result, the insurer will most likely
Adjust the premium.
The type of insurance sold to a debtor and designed to pay the amount due on a loan if the debtor dies before the loan is replied is called
Credit life.
Which of the following would be beneficiary in credit life insurance?
Creditor
Which of the following types of insurance policies is most commonly used in credit life insurance?
Decreasing term
All of the following are mandatory life insurance policy provisions EXCEPT
Policy backdating.
An advertisement must accurately represent which of the following?
The insurer's assets, The insurer's corporate structure, and The insurer's financial standing
If a claimant is to bring a recovery action against an insurance company for a loss claimed under a policy, the action must be brought
Within 2 years.
Which of the following is true about credit life insurance?
Creditor is the policyowner.
All group life policies must include a grace period lasting at least
31 days
All of the following statements are components of a Credit Life program EXCEPT
Benefits are paid to the borrower's beneficiary.
Which of the following examines the rate of return that must be earned on a hypothetical side fund so that the vale of the side fund will be exactly equal to the surrender value of the higher premium policy?
Comparative interest rate
Which of the following is true regarding the insurance amount in credit life policy?
Creditor can only insure the debtor for the amount owned.
Credit Life insurance
Insures the life of a debtor.
A women has a life policy in force for $300,000. She is terminally ill. She wants to get some people who said they could advance her $100,000 is she would sign ownership over them.
She probably met with a Viatical Settlement Company.
A man had been diagnosed with a form of leukemia that is associated with a high mortality rate. His oncologist has given him approximately six months to live. The man is already swamped with debt and realizes that his financial state will worsen even more with his upcoming medical expenses. What option could he utilize right now?
Viatical Settlement