Life Insurance

An insurance policy becomes incontestable after this period of time:

2 years

In a life settlement, the money must be sent to the owner of the policy within how many business days after the life settlement provider has been notified that ownership of policy has been transferred?

3

Group life insurance allows __________ days to convert

31

To qualify for a waiver of premium benefit, an insureds disability must be permanent after the insured has been totally disabled continuously for at least:

6 months

After a Cybersecurity event has occurred, an insurer must report the event to the N.Y state department of financial services within how many hours?

72 Hours

The double indemnity payment is a provision of some life insurance policies. this clause provides extra proceeds in the event of death of the insured resulting from:

Accidental death before age 65 directly and independently of all other causes within 90 days from the date of the accident

If a wife owns a $100,000 life insurance policy on her husband (husband is the insured), naming their children as beneficiaries, which of the following persons must sign the application

Agent, wife and husband

A/An__________ is a periodic payment which may commence at a stated date and may be continued to be designated person, for a fixed period, or for the life or lives of the person(s) entitled to receive payment.

Annuity

With the __________ provisions, overdue premiums, which extend beyond the grace period, will be paid until the cash surrender value of the policy is exhausted

Automatic premium loan

Loans taken on life insurance policies

Do not have to be repaid by the insured, but reduce the death benefit

To reinstate a lapsed life insurance policy, which of the following must be submitted to the insurer?

Evidence of good health, overdue premiums and interest on overdue premiums, and reinstatement application

when insurers use outside agencies to supplement information found on applications, the insurer and its agents must comply with:

Fair credit reporting act of 1971

Which of the following settlement options provides for payments to be made in regular installments of a specified amount until the principal and interest are exhausted?

Fixed Amount

settlement options assure the policy owner and his beneficiaries of a planned income

Fixed period

The __________ allows insurance to remain in force following the due date of a premium when no such premium has been received either by the home office of the insurer or by an agent authorized to receive premiums.

Grace period provisions

Which of the following riders allows the insured to purchase additional insurance at one or more future option dates without evidence of insurability?

Guaranteed insurability rider

A double indemnity rider may be added to a life insurance contract to provide that double the face amount of insurance is payable:

If the death of the insured is caused by accidental means.

which standard provision of a life insurance policy allows the insurer to deny payment of claims or cancel a policy during the first two years if fraudulent statement or material misstatements are discovered in the application?

Incontestability Clause

STOLI's are not allowed in New York state because they violate the principle of

Insurable Interest

The misstatement of age claus (provision), in a life insurance contract allows the insurer to__________if it finds that the insured has been misstated.

Modify the amount payable under the policy to the amount the premiums would have purchased at the insured's correct age.

When a whole life insurance policy lapses, certain rights are extended to the policy owner regarding the cash values, (known as cash value, reduced Paid-Up, and Extended Term Options). Which provision addresses these options?

Nonforfeiture benefits

Dividends and dividend options are extended to the policy owner as a return of part of the premium collected, after mortality losses, interest earnings and expenses have been determined. which of the following policies/contracts are entitled to these dividends?

Participating policies

Consideration in life insurance is the application and premium offered by the applicant and the insurer's

Promises made in the contract

the owner of a life insurance policy has the right to do which of the following?

Receive all cash values, loans and other benefits accruing under the policy

The __________ Beneficiary is entitled to the benefits of the policy if the primary beneficiary is not living at the time of death of the insured:

Secondary

The 10 day free look provisions allows the insured to review the policy for 10 days. During this period the insured may return the policy:

Securing a refund of all premiums paid

The _____________ Policy pays the face amount of the policy if the insured dies during a designated period of time, has no cash value, and cannot be extended beyond age 80.

Term

The purpose of the "Entire Contract" provision is to assure the policy owner which of the following:

That the policy itself includes the complete text of the policy owner's application with the insurer

If a life insurance contract is assigned to another by the policy owner, which of the following is true

The assignee will have first rights to the cash value and death benefit

A claim due to a material misrepresentation during the contestable period results in which of the following

The denying of any claim, with a full refund of all premiums paid

When a life producer acting as a broker aids the insured in completing an application he is said to be acting for:

The insured

Juvenile policies pay the face amount of the policy upon death of an insured child. A rider usually added to these policies referred to as the payor claus, provides for:

The waiving of premiums in the event of the death/total disability of the adult payor

The insurer pays a face amount to the insured's beneficiary whenever the insured's death may occur up to age 100, under which of the following policies:

Whole life

If an irrevocable Beneficiary designation has been used on a life insurance policy how may the owner of the policy change it?

With the written permission of the beneficiary