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Life Insurance- Exam 2 Questions & 100% Correct Answers- Latest Test | Graded A+ | Passed
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The automatic premium loan provision authorizes an insurer to withdraw from a policy's cash value the amount of -:- 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 -:- the policy would be payable, minus...

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  • September 6, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • life insurance exam 2 questions 100 correct a
  • the automatic premium loan provision authorizes an

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  • Life Insurance
  • Life Insurance

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2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!



Life Insurance- Exam 2 Questions & 100%
Correct Answers- Latest Test | Graded A+ |
Passed
The automatic premium loan provision authorizes an insurer to withdraw from a policy's

cash value the amount of


✓ -:- 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


✓ -:- 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?


✓ -:- Entire Contract




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

innocent mistake?


✓ -:- Incontestable clause




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




1|Page | Grade A+| 2024/2025

, 2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!

✓ -:- 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


✓ -:- 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?


✓ -:- A prorated death benefit based on the amount of insurance the insured's

premiums would have been if purchased at the correct age




Under a life insurance policy, what does the insuring clause state?


✓ -:- The insurer's obligation to pay a death benefit upon an approved death claim




The two major actions required for a policyholder to comply with the Reinstatement Clause

are


✓ -:- provide evidence of insurability, pay past due premiums




James is the insured on a life insurance policy where his age was misstated on the

application. Which of the following is CORRECT regarding the death benefit amount?

2|Page | Grade A+| 2024/2025

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