Life insurance
What percentage of a companies employee's must take part in a no contributory group life plan
100
An insured person had a 10000 term life policy the annual premium of 200 was due on February 1st however the person failed to pay the premium he died February 28 how much would the beneficiary revive from the policy
9800 because the death occurred within the mandatory 30 day grace period past due payment would be subtracted from the whole amount of the policy
What happens if the employer pays all of the workers premiums
All employees would need to be covered to avoid adverse selection
What does a policy summary contain
Features and elements of that specific policy that a person is trying to get
Are substandard risk issued at a higher or lower cost
Higher
In the underwriting process it was determined that the applicant for life insurance is in poor health and has some dangerous habits what will happen concerning the policy premium
It wikk be higher because the applicant is a substandard risk( applicants are considered risk because of physical conditions family or personal history of disease occupations or dangerous habits sub standard risk are usually issued in a higher premium
Your client wants protection and savings from the insurance and is willing to pay premiums until the age 65 what would be the right policy for your client
Limited pay whole life
What describes the specifics about a policy
Policy summary
Why would a person want limited pay while life
So that after policy payments stop at 65+ coverage can continue up until age 100
What is an example of adverse selection
Someone with a high risk job getting a life insurance policy without the life insurance company knowing they have a dangerous job
What is face amount
The amount you're supposed to end up with
What is adverse selection?
The buyer having Kurd information than the seller
What does owner mean
The person who owns the policy and may look into a life settlement contact
What would define the owner when it comes to left settlement contracts
The policy owner of the life insurance policy
What things are considered risk for the policy
applicants are considered risk because of physical conditions family or personal history of disease occupations or dangerous habits sub standard risk are usually issued in a higher premium
An insured person had a 10000 term life policy the annual premium of 200 was due on February 1st however the person failed to pay the premium he died February 28 why would they only get 9800
because the death occurred within the mandatory 30 day grace period past due payment would be subtracted from the whole amount of the policy
