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XCEL chapter 4 exam - life provisions questions and answers
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XCEL chapter 4 exam - life provisions questions and answers
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XCEL chapter 4 exam - life provisionsquestions and answers
All of these are valid policy dividend options for a life insurance policyowner EXCEPT -
Answers -accumulate without interest
A whole life policy option where extended term insurance is selected is called a(n) -
Answers -nonforfeiture option
Of the following options, which of these is taxable? - Answers -Accumulatuon at interest
Which of these is considered to be a living benefit option in a life insurance policy? -
Answers -Accelerated death benefit
Which of these would limit a company's liability to provide insurance coverage? -
Answers -Exclusion
If an insured's age on a life insurance policy has been misstated, what is the insurer's
liability if the insured dies? - Answers -A prorated death benefit baded on the amount of
insurance the insured's premiums would have been if purchased at the correct age
The suicide clause of a life insurance policy states that if an insured commits suicide
within a stated peruod from the policy's inception, the insurer will only be liable for a
teturn of premiums paid - Answers -Minus indebtedness and without interest
Which of the following is a reinstatement condition? - Answers -Proof of insurability
The automatic premium loan provision authorizes an insurer to withdraw from a policy's
cash value the amount of - Answers -Past due premiums that have not been paid by the
end of the grace period
The two major actions required for a policyholder to comply with the reinstatement
clause are - Answers -provide evidence of insurability, pay past due premiums
What is the name of the provision which states that a copy of the application must be
attached to the policy when issued? - Answers -Entire Contract
A provision in a whole life policy that allows a policyowner to terminate the policy in
return for a reduced paid-up policy of the same type is called a(n) - Answers -
nonforfeiture provision
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