Chapter 13: Life Insurance Policy Provisions Options and Riders
An owner of a policy may transfer ownership temporarily with:
A Beneficiary Assignment
A beneficiary class designation would be best described as which of the following?
A specific limited beneficiary
Which term would limit a company's liability to provide insurance coverage?
Exclusion
An insured pays $1,200 annually for her life insurance premium. The insured applies this year's $300 worth of accumulated dividends to their next year's premium, thus reducing it to $900. What option does this describe?
Flexible Premium.
Which of the following stipulates the obligations of an insurance contract that are fairly universal from one policy to another?
Provisions
In addition to the Children's Term, what other rider makes up the Family Term Rider?
Spouse Term
Paul is an active duty serviceman who was recently killed in an accident while home on leave in Maryland. Which military service exclusion clause would pay upon his death?
Tri-military
