100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
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)

 4 views  0 purchase
  • Course
  • RMI 211
  • Institution
  • 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...

[Show more]

Preview 2 out of 12  pages

  • August 30, 2024
  • 12
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • RMI 211
  • RMI 211
avatar-seller
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.




2

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 SophiaBennett. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $9.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

81531 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
$9.99
  • (0)
  Add to cart