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RMI 211 Final Exam Practice Questions and Answers (100% Pass) $9.99   Add to cart

Exam (elaborations)

RMI 211 Final Exam Practice Questions and Answers (100% Pass)

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  • RMI 211
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  • RMI 211

©SOPHIABENNETT@ Sunday, August 25, 2024 2:42 PM 3 Under an original age conversion, the policy owner must pay a financial adjustment in addition to the premium for the new policy. Evidence of insurability is required before a conversion is permitted. Most insurers require original age convers...

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  • August 30, 2024
  • 12
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • RMI 211
  • RMI 211
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SophiaBennett
©SOPHIABENNETT@2024-2025 Sunday, August 25, 2024 2:42 PM


RMI 211 Final Exam Practice Questions and
Answers (100% Pass)

A contingent beneficiary in a life insurance policy has the right to: -
Answer✔️✔️-receive the policy proceeds if the primary beneficiary dies
before the insured

A legal reserve in life insurance is a result of: - Answer✔️✔️-excess
premiums in the early policy years being invested at compound interest.

All of the following are nonforfeiture options found in cash value life
insurance EXCEPT:

Cash Value

Reduced Paid-Up Insurance

Extended Term Insurance

Reduction of Premiums - Answer✔️✔️-reduction of premiums

Under the waiver of premium provisions, if an insured becomes disabled:

1. premiums are continued to be paid by the insurance company on behalf
of the insured

2. premiums paid by the insured are waived by the insurance company -
Answer✔️✔️-2. only

Ann is considering the purchase of a life insurance policy with these
characteristics: flexible premium payments, the insurance and savings



1

, ©SOPHIABENNETT@2024-2025 Sunday, August 25, 2024 2:42 PM

components are separate, the interest rate credited to the cash value is tied
to a changing market interest rate but a minimum interest rate is
guaranteed, and a monthly administrative fee is charged. Ann is
considering buying: - Answer✔️✔️-universal life insurance

Becky is considering the purchase of a whole life policy on her own life.
She is concerned that if she becomes disabled, paying premiums will
become a burden. Which provision can Becky attach to her life insurance
policy to address this concern? - Answer✔️✔️-waiver-of-premium provision

All of the following statements about ordinary life insurance are true
EXCEPT:

There is a build-up of cash value that can be borrowed by the policyholder.

It offers the policyholder the flexibility to meet a wide variety of financial
objectives.

Premiums are level throughout the policy period.

The face amount of the policy is paid if the insured lives to age 65. -
Answer✔️✔️-The face amount of the policy is paid if the insured lives to age
65.

All of the following statements about the conversion of a term policy are
true EXCEPT:

Under an attained age conversion, the premium is based on the insured's
attained age at the time of conversion.




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