Life Insurance Review Test Day 2
The cash value in the policy
All of the following are consideration in an insurance policy EXCEPT
Currently insured
An employee dies having 6 quarters of coverage during the previous 13-quarter period. What status of coverage does the employee have under social security?
$2,500
If an individual violates provision of the Fair Credit Reporting Act, what is the maximum penalty?
Nonforfeiture Values
Cash values guarantees in a whole life policy are called
cash surrender values
In a variable life insurance policy, all of the following assets are held in the insurance company's general account EXCEPT
Without evidence of insurability
The renewal provision allows the policyowner to renew the coverage at the expiration date
Interest Sensitive Whole Life
An insured purchased a Life insurance policy. The agent told him that depending upon the company's investments and expense factors, the cash values could change from those shown in the policy at issue time. The policy is an
Equal to the original policy for as long as the cash values will purchase
When the insure selects the extended term nonforfeiture option, the cash value will be used to purchase term insurance with what face amount?
It remains the same no matter how many children are added to the policy
Which of the following is true about the premium on the children's rider in a life insurance policy?
3 days
An insurer must notify the consumer in writing that an investigative consumer report has been requested, within how many days of the initial review
Next year's premium
The reduction of premium option uses the dividend to reduce
Insuring clause
Which of the following policy components contains the company's promise to pay?
Joint Life
What is the most common name for a single policy that is designed to insure two or more lives
Extended Term
When a whole life policy is surrendered for its nonforfeiture value, what is the automatic option?
Prior to the performance of the test
If an insurance company uses HIV testing as a part of its underwriting, when must an applicant be notified of the procedure?
The same face amount as in the whole life policy
Under an extended term nonforfeiture option, the policy cash value is converted to