Insurance Rider

Lakukan tugas rumah & ujian kamu dengan baik sekarang menggunakan Quizwiz!

what is the waiting period on a waiver of premium rider in life insurance policies

6 months

what best describes fixed period settlement option

both the principal and interest will be liquidated over a selected period of time

an insured receives an annual life insurance dividend check, what term best describes this arrangement

cash option

if no contingent beneficiary is designated, and the beneficiary dies within a specified period of time, after the insured dies, the death benefit will be paid to the estate of the insured

common disaster

the clause that describes the method of paying the death benefit in the event that the insured and beneficiary are both killed in the same accident

common disaster clause

items stipulated in the contract that the insurer will not provide coverage for are found in the

exclusions clause

policy owner specifies a dollar amount in which installments are to be paid, which settlement option have they chosen

fixed amount

cash surrender nonforfeiture option

funds exceeding the premium paid are taxable as ordinary income

the automatic premium load provision is activated at the end of the

grace period

this rider is available to all insured with no additional premium is not true

guaranteed insurability rider

joint and survivor settlement option guarantees

income for 2 or more recipients until they die

what type of insurance would be used for a return of premium rider

increasing term

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 principal will be paid to their children when they reach a certain age. what settlement option should the policyowner choose

interest only option

payor benefit only pays if the owner

is disabled for at least 6 months

the premium does not change on the inclusion of additional children

it is based on an average number of children

when a reduced paid up nonforfeiture option is chosen, what happens to the face amount of the policy

it is reduced to the amount of what the cash value would buy as a single premium

another term for the cash payment settlement option

lump sum

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

one year term option

a rider attached to a life insurance policy that provides coverage on the insured's family members is called

other insured rider

applying the policy dividends to increase the death benefit from quarterly dividends in a participating company

paid up additions

a rider that would not cause the death benefit to increase

payor benefit rider

the premium on the children's rider in a life insurance policy

remains the same no matter how many children are added to the policy

what determines the length of time that benefits will be received under the fixed amount settlement option

size of each installment

purpose of a fixed period settlement option

to provide a guaranteed income for a certain amount of time

the paid up addition option uses the dividend

to purchase a smaller amount of the same type of insurance as the original policy

rider in a while life policy that allows the company to forgo collecting the premium if the insured is disabled

waiver of premium

accidental death rider

will pay double or triple the face amount

riders often used in business life insurance policies when the policy owner needs to change the insured under the policy

substitute insured rider

if a life insurance policy has an irrevocable beneficiary designation

the beneficiary can only be changed with written permission of the beneficiary

spouse term rider

the rider is usually level term insurance

extended term nonforfeiture option, the policy cash value is converted to

the same face amount as in the whole life policy

an insured has chosen joint and 2/3 survivor as the settlement option. what does this mean to the beneficiaries

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


Set pelajaran terkait

GENERAL SCIENCE - UNIT 1: WHAT IS SCIENCE THE FOUR MAJOR AREAsOF SCIENCE?

View Set

LW 406 Exam II: Commercial Paper & ALL Quizzes

View Set

Chapter 6; Manufacturing Procurement

View Set

PLT Students as Diverse Learners

View Set

Religious pluralism and theology

View Set