Trad IC Reviewer Exam 2023 with complete solution
Prepare routine proposals for life insurance coverage
A life insurance agent is permitted to
Insurance protection will be limited to a specified period
Claire is considering either endowment or term life policies to purchase. What similarities...
trad ic reviewer exam 2023 with complete solution prepare routine proposals for life insurance coverage a life insurance agent is permitted to insurance protection will be limited to a specified peri
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Trad IC Reviewer Exam 2023 with complete solution
Prepare routine proposals for life insurance coverage
A life insurance agent is permitted to
Insurance protection will be limited to a specified period
Claire is considering either endowment or term life policies to purchase. What
similarities do both policies share?
Makes a collateral assignment
A client telss you that his bank wants him to use life insurance policy so that his bank
loan will be paid off if he dies. You recommend that he
Face Amount
If premium are being waived under a waiver of premium benefit and the insured dies the
proceeds will be the
The cash surrender value
A living benefit in an insurance policy is
To establish that there is a genuine risk
Insurable Interest is necessary when a person insures another
Cash Value
If a policy holder wants to get the maximum immediate value from his non-participating
policy by surrendering it, which of the following would he get?
To convey to the company the desire of the applicatn to obtain insurance
Your client George wants to apply for a life insurance policy, as his advisor, you would
advise him to do all of the following. Which one will you NOT advise him to do?
The premium on a participating life insurance policy is
Higher than a non-participating policy
Protection for the life of the policyholder with premiums payable for a limited term of
years
A limited pay life policy provides:
The face amount adjusted for misstatement of age
Philips bought a policy on the life of his wife and was not able to clarify to the insurance
company that his wife was a year older when they bought their life insurance policy.
What will the insurance company pay in case his wife dies?
Death of the employee regardless of cause except suicide during the first year
(sometimes two years)
Group life insurance covers
Irrevocable Beneficiary
Your client tells you that when his father died, received P500,000 free of Estate Tax and
that he had not even known that this policy existed. Which of the following
classifications did your client fall under?
Absolute Assignee
Paul has recently retired and now wants to pass his present life insurance policy which
is payable to his estate to his son who will assume the premium payments. Which of the
following will he have to appoint his son to achieve his desire and protect him from
Estate Tax Liability?
It would be seven years before the court could declare him legally dead.
, Mr. Sy walked out of his house one night and was never heard of again. His wife
wanted to make a claim on his life insurance policy as she believes that he is dead.
Which of the following statements is correct in this case?
Premiums charged to persons who are considered to be higher-than-average risk
categories
In life insurance "the term "substandard rates" generally is used to refer to
Cash value of the policy
Life insurance policy loans are limited to an amount which with interest will not exceed
the
Discontinue premium payments
What happens to a policy when an irrevocable beneficiary has been designated the
insured?
Spread over a large number of people
The fundamental advantage of the use of life insurance as a means of meeting
economic losses is that through life insurance these losses are
Increase the present loan by the interest
What will happen if the insured fails to pay the interest on a policy loan during policy
anniversary?
No, beneftis agreed upon at the inception of the policy may not be changed.
If a policyholder changes his occupation without notifying the company, might it affect
the beneftis under his policy?
FIxed amount, fixed period, life income, interest on deposit
If a policy owner wants to have a claim, what are his basic settlement options?
Yearly renewable term
A businessman has arranged for a development loan which will be available 1 year from
now. Because he is unable to wait until then he has arranged an interim loan with his
bank. The only problem is ithat the bank wants loan secured against the risk of his
death. What is the best economic arrangement that you recommend?
Company discovers at any time that the policy owner was actually a minor at the time of
the application
In which circumstances does an insurance company has the right to rescind a policy
Term policy
A prospect tells you that he wants to be insured at age 65 but he does not want to pay
more than the minimum possible level of premiums. Would you offer him
Accumulated dividends
An applicant wants to get a participating policy which will have the maximum cash
available for emergencies. Which of the following should he select?
Written assurance of intent to keep the policy in force
Which of the following is not correct with respect to reinstatement process?
Face amount of the policy minus the unpaid premium
If the person whose life is insured dies during the grace period and the premium was
not paid, the amount that the insurance company will pay to the beneficiary is usually
the
Total value of the assets and any future earnings derived therefrom
A person's human economic value is defined as the
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