Exam (elaborations)
WV Life Insurance test with 100- correct answers.
- Course
- Institution
WV Life Insurance test with 100- correct answers.
[Show more]
Content preview
WV Life Insurance testwith 100% correct
answers
The insured under a $100,000 life insurance policy with a triple indemnity
rider for accidental death was killed in a car accident. It was determined that
the accident was his fault. The triple indemnity rider in the policy specifies that
the death must not be contributed to by the insured in any manner. In this
case, what will the policy beneficiary receive? - answer $100,000
The dividend option in which the policyowner uses dividends to purchase a
term policy for one year is referred to as the - answer One-year term option.
The life insurance policy clause that prevents an insurance company from
denying payment of a death claim after a specified period of time is known as
the - answer Incontestability clause.
Which of the following describes the tax advantage of a qualified retirement
plan? - answer The earnings in the plan accumulate tax deferred.
Which nonforfeiture option has the highest amount of insurance protection? -
answer Extended Term
, An insured under a life insurance policy has been diagnosed with a terminal
illness and has 6 months to live. The insured knows that his financial state will
worsen even more with the upcoming medical expenses. What option could
the insured utilize? - answer Viatical settlement
An insured purchased a 10-year level term life policy that is guaranteed
renewable and convertible. What happens at the end of the 10-year term? -
answer The insured may renew the policy for another 10 years, but at a higher
premium rate.
An insured committed suicide one year after his life insurance policy was
issued. The insurer will - answer Refund the premiums paid.
What is the benefit of choosing extended term as a nonforfeiture option? -
answer It has the highest amount of insurance protection.
When a life insurance policy is cancelled and the insured has selected the
extended term nonforfeiture option, the cash value will be used to purchase
term insurance that has a face amount - answer Equal to the original policy for
as long a period of time that the cash values will purchase.
An insured pays an annual premium to his insurer. In return, the insurer
promises to pay benefits in accordance with the terms of the contract. This is
called - answer Consideration.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BRAINBOOSTERS. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79650 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now