Nonforfeiture options - Study guides, Class notes & Summaries

IDAHO Life Insurance Exam questions and answers already passed Which of the following statements describes one of the reasons individuals purchase life insurance? 2. It creates an immediate estate. How long is the grace period for an individual life insurance policy? 1 month In this state the owner gets a "free look" of a specified number of days from Delivery of the policy Which of the following would be likely to establish a SEP? Smalls employers If a soliciting producer ...

1 OHIO LIFE INSURANCE EXAM REVIEW QUESTIONS AND ANSWERS, 100% ACCURATE/ A life insurance company has transferred some of its risk to another insure. The insurer assuming the risk is called - - all of the following are examples of business continuation plan except - -Deffered Compensation All of these are valid options for an Adjustable Life Policy EXCEPT The policy's premium can be increased or decreased The policy's death benefit can be increased or decreased A nonforfeiture option ...

A licensee just renewed his license. How much time will pass before he will have to renew it again? - 2 years How many eligible employees must be included in a contributory plan? - 75% All of the following are Nonforfeiture options EXCEPT - Interest only Federal law makes it illegal for any individual convicted of a crime involving dishonesty or breach of trust to work in the business of insurance affecting interstate commerce - Without receiving written consent from an insurance regulator...

GA Life/Health Ins Exam Questions with 100% Correct A claiment wants to bring a recovery action against an insurance company for a loss claimed under a policy. The action must be brought a) Within 2 years. b) Within 3 years. c) Immediately. d) Only within 60 days. - Correct Answer ️️ -b) Within 3 years. Some states require a provision limiting the time parameters in which a claimant may seek recovery from an insurer under a policy. Georgia requires legal action to be brought forth ...

Which medical plan covers doctor visits while the insured is in the hospital and physical therapy treatments following release from the hospital? limited medical policy basic hospital expense policy comprehensive major medical insurance supplementary major medical insurance correct answerscomprehensive major medical insurance A comprehensive major medical plan covers hospital expenses and doctor and surgeon fees. A basic hospital expense policy covers the cost of hospitalization, but no...

PSI 200 Life Health Accident Exam Questions and Answers Nonforfeiture Options - CORRECT ANSWER-cash value, reduced paid-up insurance, extended term insurance Cash Value - CORRECT ANSWER-the amount of money a whole life policyholder would receive if the policy were surrendered before death or maturity Reduced Paid-Up - CORRECT ANSWER-The amount of equity (ownership) or cash accumulation in a permanent life insurance policy. Extended Term - CORRECT ANSWER-A nonforfeiture option that all...

Life Insurance Exam questions IDAHOWhich of the following statements describes one of the reasons individuals purchase life insurance? - correct answer 2. It creates an immediate estate. How long is the grace period for an individual life insurance policy? - correct answer 1 month In this state the owner gets a "free look" of a specified number of days from - correct answer Delivery of the policy Which of the following would be likely to establish a SEP? - correct answer Smalls employ...

According to the state nonforfeiture law for life insurance policies, insurers must offer at least one of the following nonforfeiture options EXCEPT A) Shortened benefit period B) Reduction of premium C) Reduced paid-up D) Extended term - B) Reduction of premium Correct! Reduction of premium is not a nonforfeiture option (it's a dividend option). The other answer choices are the required nonforfeiture options in life insurance policies issued in this state. All advertisements are the re...

Kentucky Life & Health Insurance Questions and Answers 100% Pass Life insurance underwriting would consider which of these factors as unimportant? Age of the applicant Weight of the applicant Marital status of the applicant Gender of the applicant Marital status of the applicant The inducement of an insured to lapse, forfeit, or surrender an insurance policy by misrepresentation or misleading comparisons, in order to write a new policy, is known as: Rebating Twisting Commingling Churning...

Final Exam Idaho Life Only Questions and Answers 2024 All of these are standard exclusions found in a life insurance policy EXCEPT - CORRECT ANSWER-disability Level premium term life insurance policies - CORRECT ANSWER-have premiums that are averaged over the policy period Which type of life insurance policy pays the face amount at the end of the specified period if the insured is still alive? - CORRECT ANSWER-Endowment policy Converting a group plan to permanent life insurance requir...