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Life Insurance Policies - Provisions, Options and Riders - 2.

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Life Insurance Policies - Provisions, Options and Riders - 2.

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  • June 10, 2024
  • 12
  • 2023/2024
  • Exam (elaborations)
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Life Insurance Policies - Provisions,
Options and Riders - 2
Which of these is NOT a characteristic of the Accelerated Death Benefit option?

The face amount and policy premium are not affected by the payment

Before payment of the benefit is made, specific conditions must exist, such as suffering from
a terminal illness

There may be a dollar limit on the maximum benefit

The benefit can be offered as a rider at a specific extra cost or may be at no cost - correct
answer-The benefit can be offered as a rider at a specific extra cost or may be at no cost

Of the following dividend options, which of these is taxable?

Reduction of premium

One year term

Paid-up additions

Accumulation at interest - correct answer-Accumulation at interest

Which of these is considered to be a Living Benefit option in a life insurance policy?

Reinstatement

Waiver of premium

Accelerated death benefit

Payor benefit - correct answer-Accelerated death benefit

What is the name of the provision which states that a copy of the application must be
attached to the policy when issued?

Policy Summary

Buyer's Guide

Entire Contract

Entire Policy - correct answer-Entire Contract

, In what part of an insurance policy are policy benefits found?

Declarations

Entire contract

Waivers

Conditions - correct answer-Declarations

A provision that allows a policyowner to withdraw a policy's cash value interest free is a(n)

partial surrender

waiver of premium

automatic premium loan

grace period - correct answer-partial surrender

The double indemnity provision in a life insurance policy pertains to an insured's death
caused by a(n)

sickness

suicide

accident

war - correct answer-accident

A provision that allows a policyowner to temporarily give up ownership rights to secure a
loan is called a(n)

automatic premium loan

nonforfeiture option

collateral assignment

irrevocable assignment - correct answer-collateral assignment

All of these are standard exclusions found in a life insurance policy EXCEPT

hazardous occupations

aviation

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