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Web.Ce Correct Life Insurance AnswersLife Insurance Exam (WI) Flashcards | Quizlet - correct answer a fine of up to $1,000 Kate bought a universal life policy with a $200,000 death benefit and chose death benefit option 1. In year five of the policy, she withdrew $50,000 from the policy's cash value. If she dies after withdrawing the $50,000, what will her beneficiary receive? - correct answer $150,000 An insurer sends a premium statement to a former policyowner. However, the policy has lapsed for non-payment of premiums. Believing that the policy is still in effect, the policyowner pays the premium, which the insurer accepts. The insured then suffers a loss and makes a claim on the policy. What legal doctrine prevents the insurer from denying the claim? - correct answer estoppel All the following are factors in determining an individual's life insurance needs using the needs approach EXCEPT: - correct answer the applicant's economic value Which of the following is not required to be included in a variable contract? - correct answer the fact that premiums will vary Pierre retires early and purchases an annuity. He wants his payout to begin immediately and last only for the next 15 years, at which time his pension will begin. Which of the following annuity options best suits Pierre's wish? - correct answer fixed period payout Juanita notified her agent that she wished to immediately cancel her policy but did not notify the insurer. Which statement is true? - correct answer The insurer is considered to have received notice of cancelation. Alpha Insurers paid Mary Jane's insurance claim 25 days after receiving proof of loss. Which statement is true? - correct answer Alpha paid the claim in a timely manner. (within 30 days)