If the policyowner Study guides, Class notes & Summaries
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ExamFx Life Insurance (Life Policy Provisions, Riders, and Options) Questions With Complete Solutions
- Exam (elaborations) • 8 pages • 2023
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What is the term for how frequent a policyowner is required to pay the policy premium? correct answer: Mode 
 
Which of the following statements is true about a policy assignment? correct answer: It transfers rights of ownership from owner to another person 
 
During partial withdrawal from a university life policy, which portion will be taxed? correct answer: Interest 
 
Which of the following riders is often used in business life insurance policies when the policyowner needs to change the i...
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LOMA 281 Module 3 Study Questions and Answers 2023-2024
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Waiver of premium for disability benefit - A supplemental life insurance policy benefit under which the insurer promises to give up - to waive - its right to collect premiums that become due while the insured is totally disabled. 
 
Waiver of premium for payor benefit - A supplemental life insurance policy benefit under which the insurer agrees to waive its right to collect a policy's renewal premiums if the policyowner dies or becomes totally disabled. 
 
Disability income benefit - A suppleme...
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Xcel solutions final exam Maryland Life and health questions and answers 100% pass
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Xcel solutions final exam Maryland Life and health questions and answers 100% pass 
What is normally the consequence for NOT obtaining preadmission certification prior to receiving inpatient medical care? A reduction in benefits 
A group-owned insurance company that is formed to assume and spread the liability risks of its members is known as a Risk retention group 
During the application process, a statement made by an applicant that becomes part of the contract is considered to be a(n) Warrant...
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Nevada Life and Health License Exam Prep Questions with 100% Correct Answers
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Nevada Life and Health License Exam Prep 
Questions with 100% Correct Answers 
What are the four required elements of an insurance contract? - Answer- Agreement, 
consideration, competent parties, and legal purpose. 
What two parts make up a life insurance application? - Answer- General Information 
and the Medical Information. An agent's report can go in a life insurance application but 
is not included in the life insurance policy. 
When must insurable interest exist in life insurance? - Answ...
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Xcel Testing Solutions, Life and Health Insurance Exam Questions With Answers Latest 2023-2024 Graded A+
- Exam (elaborations) • 24 pages • 2023
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Barbara's policy includes a rider which allows her to purchase additional insurance at specific 
dates or events without evidence of insurability. This rider is called a(n) 
Answers>>Guaranteed insurability rider 
A guaranteed insurability rider allows for the insured to purchase additional insurance at 
specific dates or events without evidence of insurability. 
Disability Income plans which require that the insurer can NEVER change or alter premium rates 
are usually considered Answers&...
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Colorado Health Insurance Exam Questions with correct Answers
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Mandatory Uniform Provisions - Answer- Must be included in every individual accident policy, no additional provisions may be included which otherwise restrict or modify a uniform provision, designed to protect the insured's interest Entire Contract Clause- Mandatory Uniform - Answer- Includes the policy and provisions, c a copy of the application and any riders, waivers, or endorsements Time Limit on Certain Defenses-Mandatory Uniform - Answer- No statement or misstatement may be contested afte...
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Texas Life Insurance Exam 2023 with 100% correct answers
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P completes an application for a $10,000 life policy, but does not give the producer the initial premium. P's coverage becomes effective when 
P receives the policy and pays the premium 
 
 
 
A potential client, age 40, would like to purchase a Whole Life policy that will accumulate cash value at a faster rate in the early years of the policy. Which of these statements made by the producer would be carrer? 
20-Pay Life accumulates cash value faster than Straight Life 
 
 
 
How does an indexed...
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NC Life Exam Questions With 100% Correct Answers 2024
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NC Life Exam Questions With 100% Correct 
Answers 2024 
The validity of the policy cannot be conested once it has been in force for at least how many 
years after its date of issue? - answer2 Years 
A rider attached to a life insurance policy that provides coverage on the insured's family 
members is called the - answerOther-insured rider 
When an insured makes truthful statements on the application for insurance and pays the 
required premium, it is know as what - answerConsideration 
The regu...
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PSI Life Exam Questions and Answers 2022/2023
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What kind of retirement plan can a 75-employee for profit corporation establish? - ANSWER-Simple IRA 
 
The taxable portion of a monthly income benefit paid during the annuity phase from a nonqualified annuity is calculated using the - ANSWER-Exclusion ratio 
 
Unfair claims settlement methods and practices by an insurance company include all of the following acts EXCEPT - ANSWER-failure to pay all claims that are reported within 90 days after a loss occurs 
 
The settlement option that allows p...
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XCEL - NY - Exam Simulator 1 Insurance | 2023 | 160 Questions with 100% Correct Answers | Updated & Verified | 22 Pages
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Jonas is a whole life insurance policyowner and would like to add coverage for his two children. 
Which of the following products would allow him to accomplish this? - Child Term Rider 
Lisa has recently bought a fixed annuity. Which of these is considered to be a disadvantage of 
owning this type of annuity? - During periods of inflation, annuitants will experience a 
decrease in purchasing power of their payments. 
In contrast to a guaranteed renewable policy, a noncancellable policy - may nev...
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