Life insurance pri Study guides, Class notes & Summaries

401 k plan - ANSWER A qualified retirement plan in which the employee can set aside a portion of their income with pre-tax dollars. Absolute Assignment v. Collateral Assignment - ANSWER Absolute: A permanent and irrevocable transfer of rights and/or benefits by the policyowner. Collateral: A temporary and/or revocable transfer of benefits by the policyowner. Accelerated Death Benefit - ANSWER Policy provision that allows full or partial payment of the policy's de...

Life Insurance Primerica test

Life Insurance Primerica Exam Questions with correct Answers

Life Insurance Primerica Exam Questions and Answers 2023

401 k plan correct answers A qualified retirement plan in which the employee can set aside a portion of their income with pre-tax dollars. Absolute Assignment v. Collateral Assignment correct answers Absolute: A permanent and irrevocable transfer of rights and/or benefits by the policyowner. Collateral: A temporary and/or revocable transfer of benefits by the policyowner. Accelerated Death Benefit correct answers Policy provision that allows full or partial payment of the pol...

Which will be included in a policy summary? -:- Premium amounts and surrender values Why should the producer personally deliver the policy when the first premium has already been paid? -:- To help the insured understand all aspects of the contract An insurance contract requires that both the insured and the insurer meet certain conditions in order for the contract to be enforceable. What contract characteristic does this describe? -:- Conditional If a policy includes a free-look p...

ISR3702 Assignment 2 (COMPLETE ANSWERS) Semester 2 2024 Course Life Insurance (ISR3702) Institution University Of South Africa (Unisa) Book The Principles of Life Insurance

In an insured's neighborhood, individuals are required to pay the fire department if called to their premises. This insured has a homeowner policy. How much will the policy pay for these fire department service charges? - ANSWER-up to $500 When applying for an individual life insurance policy, an applicant states that he went to the doctor for nausea, but fails to mention that he was also having severe chest pains. What is this act called? - ANSWER-Concealment The abandonment provision in...

In an insured's neighborhood, individuals are required to pay the fire department if called to their premises. This insured has a homeowner policy. How much will the policy pay for these fire department service charges? - ANSWERSup to $500 When applying for an individual life insurance policy, an applicant states that he went to the doctor for nausea, but fails to mention that he was also having severe chest pains. What is this act called? - ANSWERSConcealment The abandonment provision in...

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