100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Virginia Principles of Life/Health Insurance Exam Questions & Answers $10.09   Add to cart
Quickly navigate to
Preview
  2.  
  3. Virginia Principles Of Life/Health Insurance
  4.  
  5. Virginia Principles of Life/Health Insurance

Exam (elaborations)

Virginia Principles of Life/Health Insurance Exam Questions & Answers
 6 views  0 purchase
  • Course
  • Virginia Principles of Life/Health Insurance
  • Institution
  • Virginia Principles Of Life/Health Insurance

Limited Pay - ANSWER-The type of whole life insurance that requires payments for a certain or limited period Universal Life Insurance Policies - ANSWER-allow premium payments to be skipped Variable Life - ANSWER-Which type of life insurance policy is regulated as a security Variable Univer...

[Show more]

Preview 2 out of 5  pages

Document information

  • April 4, 2024
  • 5
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • virginia principles of lifehealth insurance exam
  • virginia principles of lifehealth insurance stuvi
  • ordinary whole life answer requires level premiu

Written for

  • Virginia Principles of Life/Health Insurance
  • Virginia Principles of Life/Health Insurance

Seller

avatar-seller
IMORA

Reviews received

Content preview

Virginia Principles of Life/Health
Insurance Exam Questions & Answers

Ordinary Whole Life - ANSWER-requires level premium payments

Limited Pay - ANSWER-The type of whole life insurance that requires payments for
a certain or limited period

Universal Life Insurance Policies - ANSWER-allow premium payments to be skipped

Variable Life - ANSWER-Which type of life insurance policy is regulated as a security

Variable Universal Life - ANSWER-The type of life insurance product that combines
features of universal life and variable life

Current Assumption Whole Life Insurance Policies - ANSWER-may offer an
adjustable death benefit

Decreasing Term - ANSWER-The type of term insurance that is generally used to
protect against the risk that an insured will die before an outstanding loan is paid off

Variable Annuity - ANSWER-pays a variable return, based on sub-account
performance

Annuitant - ANSWER-The measuring life of an annuity policy

Term Certain or Period Certain Annuity - ANSWER-The type of immediate annuity or
annuitization option that pays a specified amount for a specified period

Single Premium Annuity - ANSWER-A fixed annuity where a single, cash payment
establishes the contract

Surrender Charge - ANSWER-What the insurance company may charge the client
when a client takes a withdrawal out of their deferred annuity

Bail-out provision - ANSWER-A provision of a deferred annuity that states that if the
rate ever goes below 2%, the annuity can be surrendered without the application of
surrender charges

Survivorship life insurance - ANSWER-the type of insurance that pays a death
benefit upon the death of the last to die of two or more insured

Guaranteed insurability provision or rider - ANSWER-gives the insured the right to
purchase additional insurance without having to provide evidence of insurability

, Waiver Premium Provision for Juvenile Life Policies - ANSWER-a provision which
allows the premium payments to stop after the payer of the premium on a policy
insuring the life of a juvenile becomes disabled

Through the ages of 60 to 65 - ANSWER-To what ages are the waiver of premium
disability riders generally effective?

Owner - ANSWER-The party on a whole life insurance policy with the right to take
withdrawals

Owner - ANSWER-The party on a life insurance contract with the right to increase or
decrease coverage within contract specifications

Premiums - ANSWER-Constitutes a valuable consideration in an insurance contract
(not: warranties, statements, representations)

Beneficiary - ANSWER-The party that receives policy benefits upon the death of the
insured

Irrevocable Beneficiary - ANSWER-If a _________ is named on a life insurance
policy, the beneficiary designation may only be changed with the permission of this
person

Common Disaster Clause - ANSWER-The type of clause that provides that life
insurance death benefit will be paid to the class II or secondary beneficiary only if the
primary beneficiary does not survive the insured for a specified number of days

Reinstatement - ANSWER-The restoration and continuation of an original contract.
May happen up to three years after due date of defaulted premium payments.

Non forfeiture provisions - ANSWER-These apply when cash value policy holders
stop paying

Incontestability Clause - ANSWER-A clause that gives the maximum amount of time
the insurer has to contest the validity of the policy

Life policies - ANSWER-The "entire contract," "incontestability," and "misstatement
of age," clauses are found in:

Lump sum equal to the remaining - ANSWER-What does a life with cash refund
settlement option pay?

Ten - ANSWER-the minimum number of days an insurer must provide an individual
whole life policy owner in which to examine a policy that is not a replacement policy
and return it for a full refund

Thirty one - ANSWER-a grace period of at least ________days in which a premium
payment may be made after its due date in which the policy will remain in full force is
required when individual life insurance policies are issued or delivered in Virginia

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller IMORA. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $10.09. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

72349 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$10.09
  • (0)
  Add to cart