100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Final Exa2 Question and answers already passed 2024 $13.49   Add to cart
Quickly navigate to
Preview
  2.  
  3. Lowa
  4.  
  5. Lowa

Exam (elaborations)

Final Exa2 Question and answers already passed 2024
 5 views  0 purchase
  • Course
  • Lowa
  • Institution
  • Lowa

Final Exa2 Question and answers already passed 2024 Final Exam- Iowa Life Only k is an insured under a life insurance policy owned by a third party. Which of these statements is true? - correct answer K has no ownership rights P is blinded in an industrial accident. Which provision of his l...

[Show more]

Preview 2 out of 13  pages

Document information

  • August 30, 2024
  • 13
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • final exa2
  • final exa2 question and answers already passed 202

Written for

  • Lowa
  • Lowa

Seller

avatar-seller
Academia199

Reviews received

Content preview

Final Exam- Iowa Life Only
k is an insured under a life insurance policy owned by a third party. Which of
these statements is true? - correct answer ✔K has no ownership rights


P is blinded in an industrial accident. Which provision of his life insurance
policy will pay a stated benefit amount? - correct answer ✔Accidental Death
and Dismemberment clause


S, while in the process of converting her group life insurance to an individual
policy, dies. What happens to the claim her beneficiary submits? - correct
answer ✔Full benefits are payable under the Master contract


Which of the following is TRUE is the owner of the IRA names their spouse as
beneficiary, but then dies before any distributions are made? - correct answer
✔The account can be rolled into the surviving spouses IRA


A life policyowner may sell their policy to a(n) ___ in order to receive a
percentage of the policys face value. - correct answer ✔viatical settlement
provider


On January 8, an applicant filled out an application for a life insurance policy
but did not include the initial premium. The insurance company approved the
application on January 14 and issued the policy January 15. The producer
delivered the policy on January 26 and collected the first premium. When did
the coverage become effective? - correct answer ✔January 26


What action will an insurer take if an interest payment on a policy loan is not
made on time? - correct answer ✔automatically add the amount of interest
due to the loan balance

, T is covered by an Accidental Death and Dismemberment (AD&D) policy that
has an irrevocable beneficiary. What action will the insurance company take if
T requests a change of beneficiary? - correct answer ✔Request of the
change will be refused


A provision in a life insurance policy that pays the policyowner an amount that
does not surpass the guaranteed cash value is called the - correct answer
✔Policy Loan provision


What advantage does the renewability feature give the term policy? - correct
answer ✔The insured may extend the coverage period


T applies for a life insurance policy and is told by the producer that the insurer
is bound to the coverage as of the date of the application or medical
examination, whichever is later. Assuming that T is an acceptable risk, what
item is given to T? - correct answer ✔Conditional receipt


Post-tax dollar contributions are found in - correct answer ✔Roth IRA
investments


Which of the following is example of a nonforfeiture option? - correct answer
✔Reduce Paid-Up option


What is one of the roles of commissioner? - correct answer ✔enforce state
insurance laws


How does a typical Variable Life Policy investment account grow? - correct
answer ✔Through mutual funds, stocks, bonds

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 Academia199. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $13.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

79271 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$13.49
  • (0)
  Add to cart