Spendthrift clause - Study guides, Class notes & Summaries

The balance of the loan will be taken out of the death benefit - CORRECT ANSWER-If a policy has a automatic loan provision, what happens if the insured dies before the loan is paid back? Inspection Report - CORRECT ANSWER-An insurer receives a report regarding potential insured that includes financial status, hobbies, and habits. What type of report is that? Spendthrift Clause - CORRECT ANSWER-The clause that protects the proceeds of a life insurance policy from creditors after the d...

The balance of the loan will be taken out of the death benefit If a policy has a automatic loan provision, what happens if the insured dies before the loan is paid back? Inspection Report An insurer receives a report regarding potential insured that includes financial status, hobbies, and habits. What type of report is that? Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:05 / 0:15 Full screen Spendthrift Clause The clause...

The balance of the loan will be taken out of the death benefit - If a policy has a automatic loan provision, what happens if the insured dies before the loan is paid back? Inspection Report - An insurer receives a report regarding potential insured that includes financial status, hobbies, and habits. What type of report is that? Spendthrift Clause - The clause that protects the proceeds of a life insurance policy from creditors after the death of the insured is known as Term - Children...

The balance of the loan will be taken out of the death benefit - Answer-If a policy has a automatic loan provision, what happens if the insured dies before the loan is paid back? Inspection Report - Answer-An insurer receives a report regarding potential insured that includes financial status, hobbies, and habits. What type of report is that? Spendthrift Clause - Answer-The clause that protects the proceeds of a life insurance policy from creditors after the death of the insured is known as...

The balance of the loan will be taken out of the death benefit - ANSWERSIf a policy has a automatic loan provision, what happens if the insured dies before the loan is paid back? Inspection Report - ANSWERSAn insurer receives a report regarding potential insured that includes financial status, hobbies, and habits. What type of report is that? Spendthrift Clause - ANSWERSThe clause that protects the proceeds of a life insurance policy from creditors after the death of the insured is known a...

Florida 2-15 Exam Answered 100% Correct In a 3 partner cross-purchase plan, how many policies need to be purchased in order to protect each partner against the loss of any other partner? [Answer: 6 According to the NAIC Life Insurance Solicitation Model, when soliciting life insurance, a producer is required to provide a prospect with a ______ and a _______ specific to the product being marketed. [Answer: general buyer's guide; policy summary The Incontestable Clause states that the in...

Premiums are Best described as - ANSWERthe amount an insured pays per unit of coverage Cindy buys a 10-year certain annuity with an installment refund. After receiving monthly payments for 5 years, Cindy dies. How many remaining payments will the insurer make to her beneficiary? - ANSWER60 payments Who does a life settlement broker represent? - ANSWERIndividual wanting to sell their life policy to a third party How is the cost of employer-provided group life insurance with coverage amou...

The balance of the loan will be taken out of the death benefit - CORRECT ANSWER-If a policy has a automatic loan provision, what happens if the insured dies before the loan is paid back? Inspection Report - CORRECT ANSWER-An insurer receives a report regarding potential insured that includes financial status, hobbies, and habits. What type of report is that? Spendthrift Clause - CORRECT ANSWER-The clause that protects the proceeds of a life insurance policy from creditors after the d...

Florida 2-15 exam | Questions and Correct Solutions | Latest Update 2024/2025 | Graded A+ In a 3 partner cross-purchase plan, how many policies need to be purchased in order to protect each partner against the loss of any other partner? - Answer -6 According to the NAIC Life Insurance Solicitation Model, when soliciting life insurance, a producer is required to provide a prospect with a ______ and a _______ specific to the product being marketed. - Answer -general buyer's guide; policy...

Chris has a single medical contract which covers all medical expenses. His plan is considered to be - ANS Comprehensive A life policy's spendthrift clause would have no effect if the beneficiary is paid the proceeds as a - ANS lump-sum payment What will medicare charge if someone doesn't enroll in certain Medicare programs or plans when they're first eligible? - ANS late enrollment penalty A policy owner is permitted to take out a policy loan on a whole life policy at what poin...