Life Insurance Premiums, Proceeds, and Beneficiaries Latest Update 2023 COMPLETE EXAM BUNDLE

Over the course of a year, which premium payment mode is most expensive? Monthly Quarterly Semi-Annually Annually - ANSWERMonthly Sharon is the policyowner of a $50,000 life insurance policy. Her son, Mike, is the beneficiary. If Sharon MUST obtain Mike's signature in order to change...

Primary Factors In Premium Calculations - ANSWER1. Mortality Factor 2. Interest Factor 3. Expense Factor Morality Factor - ANSWERA measure of the number of deaths in a given population. Mortality is based on a large risk pool of people and time. Insurance companies use mortality tables to help ...

Mortality factor - ANSWERmortality tables indicate the number of individuals within a specified group starting at a certain age, who are expected to be alive at a succeeding age; this table indicates Natural premium - ANSWERamount of premium that must be collected from each member of a group comp...

If the insured and primary beneficiary are both killed in the same accident and it cannot be determined who died first, where are the death proceeds to be directed under the Uniform Simultaneous Death Act? - ANSWERInsured's contingent beneficiary When can a policyowner change a revocable benefic...

What is the percentage of personal life insurance premium is usually deductacle for federal income tax? - ANSWER0% Which settlement option pays a stated amount to an annuitant, but no residual value to beneficiary? - ANSWERLife income Which of the following best describes a contingent benefici...

What does a life insurance policy guarantee to the stated beneficiary upon the death of the insured? - ANSWERSpecified amount of money Sharon is the policyowner of a $50,000 life insurance policy. Her son, Mike, is the beneficiary. If Sharon MUST obtain Mike's signature in order to change the be...

Who is the beneficiary in a life insurance policy? - ANSWERThe stated person or entity who is designated to receive the death proceeds When a policy loan is requested by a policyowner and it requires the consent of the beneficiary, what kind of beneficiary designation is this? - ANSWERIrrevocable...