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Arizona Life Insurance Exam - Life Insurance Policy Provisions, Options, and Riders with answers
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Arizona Life Insurance Exam - Life Insurance PolicyProvisions, Options, and Riders with answers
Activities |of |Daily |Living |- |correct |answer |-A |person's |essential |activities |that |include |bathing,
|dressing, |eating, |transferring, |toileting, |continence |(also |known |as |ADLs)
Assignment |- |correct |answer |-Transfer |of |rights |of |policy |ownership |without |the |consent |of |the
|insurer, |but |must |inform |them
Contingent |Beneficiary |- |correct |answer |-A |beneficiary |who |has |second |claim |to |the |policy |proceeds
|after |the |death |of |the |insured |(usually |after |the |death |of |the |primary |beneficiary)
NAIC |- |correct |answer |-National |Association |of |Insurance |Commissioners, |an |organization |composed
|of |insurance |commissioners |from |all |50 |states, |formed |to |resolve |insurance |regulatory |issues
Primary |Beneficiary |- |correct |answer |-A |beneficiary |who |has |the |first |claim |to |the |policy |proceeds
|after |the |death |of |the |insured
Principal |Amount |- |correct |answer |-The |face |value |of |the |policy, |the |original |amount |invested
|before |the |earnings
Trust |- |correct |answer |-An |arrangement |in |which |funds |or |property |are |held |by |a |person |or
|corporation |for |the |benefits |of |another |person |(trust |beneficiary)
Standard |Policy |Provision |- |correct |answer |-Must |be |included |in |all |life |insurance |policies
-Ownership
-Assignment
-Right |to |Examine |(free |look)
-Payment |of |Premium
-Grace |Period
-Reinstatement
-Misstatement |of |age |or |gender
, -Incontestability
-Payment |of |Claims
-Limitation |of |Liability
-Exclusions
Ownership |- |correct |answer |-Only |the |policyowner |has |the |_________ |rights |under |the |policy, |and
|not |the |insured |or |beneficiary. |They |pay |the |premium, |and |have |insurable |interest |in |the |insured,
|they |also |name |and |change |the |beneficiary, |receive |the |living |benefit, |and |select |a |benefit
|payment |option
Absolute |Assignment |- |correct |answer |-Transfer |of |all |right |of |ownership |to |another |person |or
|entity, |permanent |and |total |transfer
Collateral |Assignment |- |correct |answer |-Transfer |of |partial |rights |to |another |person, |usually |done |in
|order |to |secure |a |loan |or |some |other |transaction
Right |to |Examine |- |correct |answer |-(also |known |as |free |look) |The |policyowner |has |10 |days |from
|delivery |receipt |to |look |over |the |policy |and |return |it |for |a |full |refund |of |premium
Entire |Contract |- |correct |answer |-The |policy |and |a |copy |of |the |application, |along |with |any |riders |or
|amendments, |constitute |the |entire |contract |and |must |be |provided
Policy |Title |- |correct |answer |-Every |policy |must |include |on |its |face |and |back |a |____________ |that
|describes |the |policy |in |brief
Payment |of |Premiums |- |correct |answer |-This |provision |stipulates |when |the |premiums |are |due, |how
|often |they |are |to |be |paid, |and |to |whom
Modifications |- |correct |answer |-These |changes |in |the |policy |must |be |endorsed |on, |or |attached |to,
|the |policy |in |writing |over |the |signature |of |an |executive |officer |of |the |insurer |(no |agent |has |the
|right |to |make |_____________)
Grace |Period |- |correct |answer |-The |period |of |time |after |the |premium |due |date |that |the
|policyowner |has |to |pay |the |premium |before |the |policy |lapses |(30 |days |for |AZ) |(if |the |insured |dies
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