Primerica chapter - Study guides, Class notes & Summaries

Life Insurance (Primerica) Chapter 1 Exam Questions and Answers

Primerica Chapter 3 Question and answer rated A+ 2023accumulate build up Attained Age the insured's age at the time the policy is issued or renewed cash value a policy's savings element or living benefit Deferred withheld or postponed until a specified time or event in the future Endow to have the cash value of a whole life policy reach the contractual face amount Face Amount the amount of benefit stated in the life insurance policy Fixed life i...

Primerica Chapter 1 questions and answers already solved 2023What do individuals use to transfer their risk of loss to a larger group? Insurance Best Describe the MIB Nonprofit organization that maintains underwriting information on applicants for life and health insurance An Insurer neglects to pay a legitimate claim that is covered under the terms of the policy. What insurance principles has the insurer violated? Consideration The term "illustration" in a life insuran...

PRIMERICA CHAPTER 1 QUESTIONS AND ANSWERS A prospective insured receives a conditional receipt but dies before the policy is issued. The insurer will... - ANSWER-Pay the policy proceeds only if it would have issued the policy .An insured pays a $100 premium every month for his insurance coverage, yet the insurer promises to pay $10,000 for a covered loss. What characteristic of an insurance contract does this describe? - ANSWER-Aleatory .An Insurer neglects to pay a legitimate claim that...

Primerica Chapter 3: Life insurance policies Test well Defined with Accurate Answers.

What do individuals use to transfer their risk of loss to a larger group? - Ans - Insurance Best Describe the MIB - Ans - Nonprofit organization that maintains underwriting information on applicants for life and health insurance An Insurer neglects to pay a legitimate claim that is covered under the terms of the policy. What insurance principles has the insurer violated? - Ans - Consideration The term "illustration" in a life insurance policy refers to... - Ans - A presentatio...

Primerica chapter 2 Life Insurance basics Questions and answers 2023 Estate Person's net worth Liquidation Selling asset's to raise capital Solvency Ability to meet financial obligations. Insurable Interest Exists when the policy owner faces the possibility of losing money or something of value in the event of a loss. When must insurable interest exist in a policy? At the time of application. To have valid insurable interest, what must the policy insure...

Primerica Chapter 1 questions with complete answers What do individuals use to transfer their risk of loss to a larger group? Insurance Best Describe the MIB Nonprofit organization that maintains underwriting information on applicants for life and health insurance An Insurer neglects to pay a legitimate claim that is covered under the terms of the policy. What insurance principles has the insurer violated? Consideration The term "illustration" in a life insurance polic...

Primerica Chapter 1 questions and answers 100% correctWhat do individuals use to transfer their risk of loss to a larger group? Insurance Best Describe the MIB Nonprofit organization that maintains underwriting information on applicants for life and health insurance An Insurer neglects to pay a legitimate claim that is covered under the terms of the policy. What insurance principles has the insurer violated? Consideration The term "illustration" in a life insurance poli...

Primerica Chapter 3: Life insurance policies questions and answers 2023 Attained Age Insured's age at the time the policy is issued or renewed. Deferred Witheld or postponed until a specific time or event in the future. Endow to have cash value of a whole life policy reach the contractural face amount. Face Amount The amount of benefit stated in the LIP. Fixed Life Insurance Products contracts that offer guaranteed minimum or fixed benefits Lapse policy...