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The extended term nonforf - Study guides, Class notes & Summaries

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Alabama Life Insurance Exam Questions With 100% Correct Answers (GRADED A+)

  • Alabama Life Insurance Exam Questions With 100% Correct Answers (GRADED A+)

  • Exam (elaborations) • 3 pages • 2023
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    • Which clause allows the insured to change an existing policy to any other policy of any type as long as the new policy has a higher premium, without any proof of insurability? - ANSWERSPrivilege of change clause The extended term nonforfeiture option provides: - ANSWERSPaid-up term coverage equal to that of the original policy With a collateral assignment of a life policy to a creditor: - ANSWERSYou assign a partial amount of the policy values to the creditor An accounting measure used ...
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