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Life Insurance- Exam 2 Practice Questions and Answers
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Page 1 of 6 Life Insurance- Exam 2 Practice Questions and Answers The automatic premium loan provision authorizes an insurer to withdraw from a policy's cash value the amount of - Answer️️ -past due premiums that have not been paid by the end of the grace period If an insured dies during ...

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  • September 1, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • life insurance exam 2 practice questions and answ

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  • Life insurance
  • Life insurance

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SophiaBennett

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©SOPHIABENNETT
2024/2025 ACADEMIC YEAR




©SOPHIABENNETT 9/1/24 2024/2025

, Life Insurance- Exam 2 Practice
Questions and Answers


The automatic premium loan provision authorizes an insurer to withdraw from a policy's

cash value the amount of - Answer✔️✔️-past due premiums that have not been paid by

the end of the grace period


If an insured dies during the grace period with no premiums paid - Answer✔️✔️-the policy

would be payable, minus the premium amount

What is the name of the provision which states that a copy of the application must be

attached to the policy when issued? - Answer✔️✔️-Entire Contract

Which of the following protects a policyowner from a misrepresentation caused by an

innocent mistake? - Answer✔️✔️-Incontestable clause

What is the purpose for having an accelerated death benefit on a life insurance policy? -

Answer✔️✔️-It allows for cash advances to be paid against the death benefit if the

insured becomes terminally ill

All of the following are considered to be nonforfeiture options available to a policyowner

EXCEPT - Answer✔️✔️-Reduction of Premium

If an insured's age on a life insurance policy has been misstated, what is the insurer's

liability if the insured dies? - Answer✔️✔️-A prorated death benefit based on the amount

of insurance the insured's premiums would have been if purchased at the correct age



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