Irrevocable beneficiary Study guides, Class notes & Summaries

LA Life, Health & Accident Insurance Series 103 Practice Exam Questions and Answers Already Passed Under which situation must insurable interest exist between the applicant and insured at the time of application? When a third-party applicant names themselves beneficiary. Which of the following is true about a decreasing term life policy? The face amount reaches zero at policy expiration. Which of the following occurs immediately after the application is submitted and the initial premium paid?...

Florida 2-15 Insurance Final Exam Test Bank (All Chapters complete 1-30, Questions and Answers, 100% Verified) Latest 2023/2024 1. A life insurance company is organized in Orlando where it maintains its home office. In Florida, the company is classified as a a. domestic company b. local company c. foreign company d. preferred company a 2. With regard to life insurance, all of the following statements are correct EXCEPT a. all individuals are considered to have insurable interests i...

Life and Disability Producer Combo Practice Questions with Certified Answers The premium payment mode that results in the highest overall cost would be Monthly A policyowner is prohibited from making any changes to the policy without the beneficiary's written consent under which beneficiary designation? Irrevocable beneficiary Over the course of a year, which premium payment mode is most expensive? Monthly Purchasing a life insurance policy in order to avoid the forced sale of ...

What is the benefit of choosing extended term as a nonforfeiture option? - correct answer It has the highest amount of insurance protection Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. What does this mean? - correct answer The beneficiary will only receive payments of the interest earned on the death benefit If a life insurance policy has an irrevocable beneficiary designation, - correct answer the beneficiary ...

Pearson Vue Life + Health Insurance Practice Exam Questions And Correct Answers P wants to name her husband as the beneficiary of her life policy. However, she wishes to retain all of the rights of ownership. P should have her husband named as the: a: irrevocable beneficiary b: revocable beneficiary c: secondary beneficiary B A contract that has as its basic function the systematic liquidation of accumulated assets through periodic payments is called an: A. indemnity contract B. invest...

PSI Practice Exam - Life Insurance Questions and Answers Rated A+ For an individual long-term care policy there is an annual dollar limit for tax deductions that is based on which of the following? 1. age 2. cost of care 3. policy value 4. premium cost 1 The group conversion option is allowed for all of the following EXCEPT 1. termination of the master policy . 2. loss of group coverage due to termination of employment. 3. upon the loss of eligibility on the part of a class of insureds. ...

Ohio Health Insurance Exam Questions and Answers 100% Correct Bryce purchased a disability income policy with a rider that guarantees him the option of purchasing additional amounts of coverage at predetermined times without requiring to provide evidence of insurability. What kind of rider is this? A.) Guaranteed insurability rider B.) Additional coverage rider C.) Paid-up option rider D.) Extended insurability rider Guaranteed insurability rider All of the following are included as part of...

Missouri Life and Health Exam Questions and Answers 100% Pass In a Life insurance contract, an insurance company's promise to pay stated benefits is called the: a) insuring clause b) consideration clause c) entire contract d) owner's rights insuring clause under which circumstance MUST a health insurer have an expedited grievance review procedure? when the enrollee's life or health is jeapordized The Consideration clause in a life insurance contract contains what pertinent information? ...

MN life insurance questions and answers rated A+ In what type of policy does the owner pay the same premium throughout the term of the contract? Level premium policy Which type of beneficiary CANNOT be changed without consent? The beneficiary is irrevocable How many total hours of continuing education covering the subjects for which the license is licensed must complete. 24 hours Accidental and dismemberment will pay the principal sum of death occurs: As a result of an acciden...

What is the minimal size of a prep room? correct answer: 12 x 14 What is the minimal size of a funeral home chapel? correct answer: 300 sq ft What type of flooring is required in a prep rm? correct answer: tile or cement What are the minimum requirements in a prep rm correct answer: Flush rim sink, floor drain, backflow preventer Besides a FD and embalmer, who are allowed in the prep room? correct answer: Mort student, immediate family, public official How long is the cooling...

Which policy provision permits the policy owner to take a specified number of days to examine the contract, and allows for cancellation and a full refund if the policy owner rejects the terms or costs? - Free Look When will a policy pay on a UCR basis? - When particular benefits are not listed on a payment schedule Which type of rider reimburses health and social service expenses incurred in a convalescent or nursing home facility? - long term care rider Which of the following is exempt...

Certain conditions, such as dismemberment or total and permanent blinds, will automatically qualify the insured for full disability benefits. Which disability policy provision does this describe? - presumptive disability Which provision concerns the insured's duty to provide the insurer with reasonable notice in the event of a loss? - notice of claim Because an insurance policy is a legal contract, it must conform to the state laws governing contracts which require all of the following el...