CH 2 quiz

under the uniform required provisions, proof of loss under a health insurance policy normally should be filed within

90 days of loss

When must insurable interest exist in a life insurance policy?

At the time of application

an agent selling variable annuist must be registered with

FINRA

which of the following entities established the DO-NOT-Call registry

Fair Trade Commission

which of the following is true regarding a term health policy

It is nonrenewable (the owner has no rights of renewal)

which of the following is an example of limited-pay life policy

Life paid at age 65 (the premium paying period is limited not the maturity)

In health insurance, if a doctor charges $50 more than what the insurance considered usual, customary, and reasonable the extra cost is

NOT covered

In comparison to consumer reports which of the following describes a unique characteristic of investigative consumer reports?

The customer's associates friends, and neighbors provide the reports data

All of the following are true regarding a decreasing term policy EXCEPT

The payable premium steadily declines throughout the duration of the contract (premiums remain level; only the face amount decreases)

An agent and applicant for a life insuance policy fill out and sign the application. However, the applicant does not wish to give the agent the initial premium and no conditional reciept is issued. When will and the begin

When the agent delivers the policy collects the initial premium, and the applicant does an acceptable statement of Good Health

The term "illustration" in a life insurance polciy refers to

a presentation of nonguaranteed elements of a policy

ART policies are ________ _______ each year to the insured's attained age

adjusted premiums

Uf ab ubsyred misstates their age, the optional misstatement of age provision will

change the payable benefit based on the correct age

if an application for a life insurance policy is found to be substandard risk, the insurance company is most likely to

charge a higher premium

What policy componet decreases in decreasing term insurance

face amount

In which of the following cases will the insured be able to recieve the full face amount from a whole life policy?

if the insured lives to age 100

annually renewable term policies provide a level death benefit for a premium that

increases annually

The section of a health policy that state the auses of eligible loss under which an insured is assumed to be disabled is the

insuring clause

which of the following best decribes annually renwable term insurance

it is a level term insurance

which of the following is true regarding the accumulation period of annuity

it is a period which payments into the annuity grow tax deferred

which of the following riders will provide benefits above the base policy amount

multiple indemnity riders

An _________ ________ need to be answered before the policy is _________. If the insurers recieves an incomplete application they need to be returned the _________ for completion.

unanswered question/issued/applicant

which type of life insurance policy allows the policy owner to pay more or less than the planned premium?

universal life

which renewality provision allows an insurer to terminate a policy for any reason and to inrease for any class of insureds?

optional renewable

Under the Fair Credit reporting Act if the consumer challenges the accuarcy of the information contained in his or her report the reporting agency must

respond to the consumers complaint

the President of a compnay is starting an annuity and decides that his corporation will be the annuitant. which of the following is true

the annuitant must be a natural person

Which of the following is NOT a feature of a noncancellable policy

the insurer may terminate the contract only at renewable for certan conditions

All of the following are requirements for life insurance illustration EXCEPT

they must be part of the contract