Shadow251

P wants to name her husband as the beneficiary of her life policy. However, she wishes to retain all of the rights of ownership. P should have her husband named as the: A.irrevocable beneficiary B.revocable beneficiary C.secondary beneficiary - B A contract that has as its basic function the systematic liquidation of accumulated assets through periodic payments is called an: A.indemnity contract B.investment contract C.endowment D.annuity - D An insurance producer takes an application f...

Under the social security retirement benefits, all of the following factors will influence how much a retiring individual will receive as a monthly income benefit except the individual's - Sex In life insurance, insurance interest must exist at the time the - Producer writes an application on a proposed insured Which of the following statements is NOT correct about representations? - They are true in every respect An insurance producer takes an application for a life insurance policy but d...

a type of annuity in which the cash values are invested in securities is called variable two business partners own life insurance on each other. If one partner dies, which of the following contracts will allow the other partner to buy 100 percent of the business interest buy and sell agreement which of the following retirement plans is tax-qualified defined contribution a client needs a substantial amount of protection but has limited financial resources. Which of the following insurance p...

P wants to name her husband as the beneficiary of her life policy. However, she wishes to retain all of the rights of ownership. P should have her husband named as the: A.irrevocable beneficiary B.revocable beneficiary C.secondary beneficiary - B A contract that has as its basic function the systematic liquidation of accumulated assets through periodic payments is called an: A.indemnity contract B.investment contract C.endowment D.annuity - D An insurance producer takes an application f...

Cash Value - The amount of money a whole life policyholder would receive if the policy were surrendered before death or maturity Term Insurance - Life insurance coverage for a specified period of time, less expensive than whole Term insurance is appropriate when: - 1. The amount of income that can be spent on life insurance is limited 2. The need for protection is temporary 3. The insured wants to guarantee future insurability D I A L Policies - Decreasing Increasing Annual Renewable Term...

Which of the following statements is correct about a policy loan against a life insurance contract? - Interest rates on a loan are determined by the insurance company's loss-ratio experience Under a unilateral life insurance policy, which of the following parties makes the enforceable promises? - The insurance company One of the basic concepts of insurance underwriter is that a life insurance policyowner must be the insured, a blood relative of the insured, or someone who would suffer an ec...

All of the following options are examples of Nonforfeiture options EXCEPT: a. Renewability b. Extended Term Insurance c. Cash Surrender Values d. Reduced Paid-Up Insurance - a. Renewability Which of the following policy features permits an insured to pay premiums MORE than once every year? a. Consideration clause b. Payor Clause c. Settlement Options provision d. Mode of Premium provision - b. Payor Clause Which of the following statements is CORRECT regarding Variable Whole Life Insur...

P wants to name her husband as the beneficiary of her life policy. However, she wishes to retain all of the rights of ownership. P should have her husband named as the: A.irrevocable beneficiary B.revocable beneficiary C.secondary beneficiary - B.revocable beneficiary A contract that has as its basic function the systematic liquidation of accumulated assets through periodic payments is called an: A.indemnity contract B.investment contract C.endowment D.annuity - D.annuity An insurance p...

Sandra has a life insurance policy that states her husband, Gerald, is to receive the full death benefit. If he predeceases her, their 3 children are to share the benefit equally. If her husband and all 3 children predecease her, the benefit is payable to the First Community Church. All of the following statements are correct EXCEPT? A) Gerald is the primary beneficiary. B) The 3 children are all secondary beneficiaries. C) The First Community Church is the tertiary beneficiary. D) The desig...

An insured may cancel a Personal Auto Policy by taking which of the following actions? A. Paying the insurance company any past due premiums B. Waiting until the policy expiration date C. Giving written notice to the insurance company D. Informing the producer by telephone Correct Answer: C In insurance, which of the following terms refers to continuous or repeated exposure to conditions that may result in bodily injury or damage neither expected nor intended? A. An accident B. An occurre...