Quiz 5

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

Jim needs Jan's permission to borrow the policy's loan value

Jan is named irrevocable beneficiary of Jim's life insurance policy. Which of the following statements is correct?

interest only option

A life insurance beneficiary has chosen a settlement option in which the principal never decreases unless the beneficiary makes a withdrawal. This settlement option is called the

all of these

An example of a life insurance beneficiary is a(n)

money paid to an insurance company for benefits provided in the policy

An insurance premium can be defined as

revocable beneficiary

Barbara has the right to change the beneficiary designation on her life insurance policy. Barbara's beneficiary is a(n)

The cost

C is trying to determine whether to convert her convertible term life policy to whole life insurance using her original age or attained age. What factor would affect her decision the most?

Viatical settlement agreement

Carol is a life insurance policyowner who has transferred her ownership to a third party in exchange for a percentage of the death benefit. What is this called?

have a higher total outlay of dollars for the coverage for that year

If insurance premiums are paid more frequently than annually, the policyowner can expect to

monthly

The premium payment mode which results in the highest total premium is

settlement options

The proceeds of a life insurance policy can be paid in a form other than a lump-sum payment. These forms of payment are called

distributed according to state law

When an estate is named beneficiary to a life insurance policy, the policy proceeds are

Number of beneficiaries

When the gross premium of a life insurance policy is computed, which of these factors is NOT included?

Income is paid until the principal amount decreases to zero

Which of the following does NOT describe a life income settlement option?

The principal amount gradually decreases to zero

Which of the following is true concerning the fixed period option?

Higher reserves

Which of these will NOT result in an increase in life insurance policy dividends?


Set pelajaran terkait

All Science Definition & Formula Grade 8

View Set

Chapter 15: Assets - Inventory and Operations Management

View Set

Ch 54: Drugs Acting on the Upper Respiratory Tract

View Set

ערבית - רשימה בסיסית

View Set

Western Expansion/ First Five Presidents

View Set

Microbiology-Chapter 4: Characteristics of Prokaryotic and Eukaryotic Cells

View Set

Bowel Elimination and Ostomy Care

View Set