Life Insurance Policy Provisons, Options & Riders

Common Disaster Clause

What is 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?

$9,800

An insured had a $10,000 term life policy. The annual premium of $200 was due Feb 1; however the insured failed to pay the premium. He died on Feb 28. How much would the beneficiary receive

Reinstatement provision

An insured will be allowed to reactivate her lapsed life insurance policy if action is taken within a certain period of time, and proof of insurability is provided. which policy provision allows this?

Interest

During partial withdrawal from a universal life policy, which portion will be taxed?

0%

If an insured receives accelerated death benefits, what is the least amount of the original death benefit that the beneficiary would receive after the insured's death

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

The paid-up addition option uses the dividend

Increasing Term

What type of insurance would be used for a return of premium rider?

Automatic premium load

Which of the following protects the insured from an unintentional policy lapse due to a nonpayment of premium?

The insured's premiums will be waived until she is 21.

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 the life insurance premiums?

Are considered true to the best of the applicant's knowledge

Representations are written or oral statements made by the applicant which

Immediately after receiving written proof of loss.

Upon the submission of a death claim under a life insurance policy, when should the insurer pay the policy benefit?

The same face amount as in the whole life policy.

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

The insured's contingent beneficiary

When a life insurance policy was issued, the policy owner designated a primary and contingent beneficiary. Several years later, both the insured and the primary beneficiary died in the same car accident, and it was impossible to determine who died first. Which of the following would receive the death benefit?

The full death benefit

A life insurance policy does not have a war clause. If the insured is killed during a time of war, what will the beneficiary receive from the policy?

Return of premium

When an insured under a life insurance policy died, the designated beneficiary received the face amount of the policy as well as a refund of all the premiums paid. Which rider is attached to the policy?