life insurance policy provisions, options and riders

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according to the entire contratc provision a policy must contain

a copy of the application

whihc of the following will named beneficiary would not get the death benefit from the insurer

a minor

the two types of assignment are

absolute and collateral

cost of living rider

adjust the face amount of the policy to maintain the relationship of the face amount and increase the cost of living

which of the following best describes fixed period settlement option

both the principle and the interest will be liquidated over a select periods of time

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

cash option

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

cash option

under which nonforfeiture option does the company pay the surrender value and have no future obligations to the policyowner

cash surrendered

what limits the amount that a policy may borrow from a whole life insurance

cash value

what limits the amount that a policy owner may borrow from a whole life insurance policy

cash value

a long stretch of national economic hardship cause interest rate influcs which policy has been raised 7 as a result

cost of living

what required provision protects against unintentional lapse of the policy

grace period

spendthrift clause

in a life insurance policy prevents the beneficiarys critors from taking the money

which of the following is true about the 10 day free look period in a life insurance policy

it begins when the policy is delivered

whihc of the following is true about a children;s rider added to an insured's permanent life insurance policy

it is term coverage that is convertible to permenenet life insurance at a prior to the childs reaching maxiumum coverage

which of the following is true about the premium on the children's rider in life insurance policy

it remains the same no matter how many children are added

which of he following statement is true about a policy assignment

it transfers rights of ownership from the owner to another person

which of the following statement is true concerning the accidental death rider

it will pay double or triple the face amount

what is another term for cash payment settlement option

lump sum

what is the other term for the cahs payment settlement option

lump sum

after back injury an insured is disabled for a year his insurance policy carries a disability income benefit rider,

monthly premium wavier and monthly income

after back injury an insured is disablked for a year his insurance policy carries a disability income beneficiary rider which of the following benefits will he receive

monthly premium wavier and monthly income

a rider attached tpo a life insurance policy that provides coverage on theinsured family members is called

othere insured rider

which of the following riders would not cause the death benefit to increase

payor benefit rider

if the policyowner, the insured and the beneficiary under life insurance policy are three different people who has ownership rights?

policyowner

the policyowner pays her life insurance annually and she has collected a nontaxable dividend check each year she uses it to pay for her next premium

reduction of pfemium

the ownership provision entitles the policyowner to do all of the following except

set premium rates

wwhich if the following option provides a beneficiary with the income for the rest of their lives

single life

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

wavier of premium

common disaster law

will assume that the primary beneficiary dies first in a common disaster as long as the beneficiary dies within 30 days following the death of the insured

the validity of coverage under life insurance policy may be constested except for nonpayment of premium after the policy has been in force for atleats how many years

2

an insured bought a 15 year policy with face amount of 100k. later died in 10 weeks of an accident what amount would his beneficiry get

200k

an insured owns 50k whole life, decides to cancel and exercise the extended term option for the cash value what would the term be

50k

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

6 months

what is the waiting period of a wavier of premium rider in life insurance polocieis

6 months

which is true about the cash surrender nonforfeiture option

funds exceeding the premium are taxable as ordinary income

which is true about the cash surrender nonforfeiture option

funds exceeding the premium paid are taxable as ordinary income

which is true about cash surrendered nonforfeiture option

funds exceeding the premium paid are taxable ordinary income

which is true about the cash surrender nonforfeiture option

funds exceeding the premium paid are taxable ordinary income

if the payor becomes disabled for at least 6 months and is still disabled

the insurer will wave premium until the minor reaches age 21

the owner of a life insurance policy wishes to name 2 beneficiaries for the policy proceeds

the policyowner can soecify the way the proceeds are split in the policy

the owner of the life insurance policy wishes to name two beneficiaries for the policy proceeds what will the soliciting insurance producer say

the policyowner can specify the way proceeds are split between the policy

which is true about a spouse term rider

the rider is usually level term insurance

the paid up addition option uses the dividend

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

an absolute assignment is a

transfer of all ownership rights in a policy

the waiver of cost of insurance rider is found in what type of insurance

universal life

the rider in a whole life policy that allows the company to for go collecting the premium if the insured is disabled is called

wavier of premium

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

grace period

what provision in an insurance policy extends coverage beyond the premium due dat

grace period

which of the following explains the policyowner's right to change beneficieries choose options and receive proceeds of a policy

owner's rights

all of the following are beneficiary designations except

specified

who can make changes to the policy once it is in effect

the executive office of the insurer

interest only option

the insurance company retains the policy proceeds and pays interest on the proceeds to the recipant at regular intervals

all of the following are true regarding guaranteed insurability except

the rider is available to all insurds with no additonal premium

all of the following are true regarding the guaranteed insurability rider except

the rider is available to all insureds with no additional premium

which of thefollowing statements is true concerning irrevocable beneficiaries

they can be changed with the written consent of that benficairay


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