insurance exam chapter 3
which option is being utilized when the insurer accumulates dividends at interest and then uses the accumulated dividends, plus interest, and the policy cash value to pay the policy up early?
Paid-up option
What type of insurance would be used for a Return of Premium rider?
Increasing term
When a whole life policy lapses or is surrendered prior to maturity, the cash value can be used to
purchase a single premium policy for a reduced face amount
which of the following riders, is often used in business life insurance policies when the policy owners need to change the insured under the policy?
substitute insured rider
which of the following information will be stated in the consideration clause of a life insurance policy?
the amount of premium payment
all of the following are true regarding the guaranteed insurability rider EXPECT
this rider is available to all insured with no additional premium