Missed questions Thursday 12
A temporary license may be issued by the Commissioner for a period NOT to exceed how many days?
180 days
For how long is an insurance company allowed to defer policy loan requests?
6 months
Which of the following terms is used to name the non taxed return of unused premiums?
Dividend
What provision in an insurance policy extends coverage beyond the premium due date?
Grace period
The form of life annuity which pays benefits throughout the lifetime of the annuitant and also guarantees payment for a minimum number of years is called...
Life income with period certain.
A corporation is the owner and beneficiary of the key person life policy. If the corporation collects the policy benefit, then...
The benefit is received tax free.
Joint and Survivor
A married couple's retirement annuity pays them $250 per month. The husband dies and his wife continues to receive $125.50 per month for as long as she lives. When the wife dies, payments stop. What settlement option did they select A) Joint and survivor B) Joint annuity C) Cash refund annuity D) Straight life
The term "illustration" in a life insurance policy refers to
A presentation of nonguaranteed elements of a policy.
Which of the following best describes fixed-period settlement option?
Both the principal and interest will be liquidated over a selected period of time.
Which of the following settlement options in life insurance is known as straight life?
Life Income
A return of premium term life policy is written as what type of term coverage?
increasing
which of the following statements is correct regarding a whole life policy?
the policyowner is entitled to policy loans.
Under an extended term nonforfeiture option, the policy cash value is converted to
The same face amount as in the whole life policy.
How soon from the submission of a notice of claim must an insurer acknowledge the receipt of the notice?
30 days
If an insurer is going to terminate the appointment of an insurance producer, within how many days following termination must the insurer notify the Commissioner of the termination?
30 days
An unfair trade practice
If an insurance company makes a statement that its policies are guaranteed by the existence of the Insurance Guaranty Association, that would be considered
Which of the following is true about the mandatory free look in a Life Insurance policy?
It commences when the policy is delivered
the gramm-leach-bliley act was passed to
Protect private customer information filed with a financial institution.
Methods used to pay the death benefits to a beneficiary upon the insured's death are called
Settlement options
Which of the following determines the length of time that benefits will be received under the Fixed-Amount settlement option?
Size of each installment
One-Year Term Option
The dividend option in which the policyowner used dividends to purchase a term policy for one year is referred to as the...
