Life and Health Ch 6
carol would not need to prove insurability for a conversion policy, she may within 31 days request that her coverage be converted to an individual policy, the premium would be based on her attained age
Carol is insured under her employers group life insurance plan at her place of employment. What does her coverage state
60
a paid up nonforfeiture benefit will become effective as specified in the policy unless the person entitled elects another available option within how many days after the due date of the premium default
The borrower must obtain credit insurance
an insured wants to obtain a sizeable loan, what can the lender require of the prospective borrower?
it can require its borrowers to obtain credit insurance
authority of a lender
lenders
credit insurance protects
underwriting has little to do with the insured health, premium rates are based on the average age, gender, and purpose of the group, when the insured terminates membership in the group, the coverage can be converted to whole life
group life insurance is
creditor becoming a policy beneficiary, having a collateral assignment on the policy, requiring that a debtor has a life insurance
what is allowed in credit life
replacement rule
what rule applies if an agent knows an applicant is going to cash in an old policy and use the funds to purchase new insurance
whole life without proof of insurability
when an insured terminates membership in the inured group, the insured can convert to
employer group, alumni group, or debtor group
who could own group insurance
creditor
who is the beneficiary in credit life insurance
prior to commencing the sales presentation
when must a life insurance producer inform their prosective customer that they are acting as a life insurance producer and disclose the full name of insurance company that they represent?
file a comparison memo with the company the producer represents, file a comparison memo with the existing insurer, give the policyholder a memo comparing the existing and new policies
when replacement is involved a producer must do
the replacing company
in the replacement of a policy who notifies the existing insurer that a policy is being replaced?
third policy year
insurers must annually pay the divisible surplus that will accrue to the policyholders on the policy anniversary date, this must occur no later that the end of the
