Oregon Life & Health Insurance exam quizzes and solutions
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Course
LIFE INSURANCE
Institution
LIFE INSURANCE
Death Benefit is also called what? - answer-Policy Face amount
Life Insurance may provide two benefits: - answer-Death Benefit and a living benefit
what are the four parties involved in a life insurance policy? - answer-Policyowner, the insured, the beneficiary, and the insurer
First Party...
Oregon Life & Health Insurance exam
quizzes and solutions
Death Benefit is also called what? - answer-✔Policy Face amount
Life Insurance may provide two benefits: - answer-✔Death Benefit and a living benefit
what are the four parties involved in a life insurance policy? - answer-✔Policyowner, the insured, the
beneficiary, and the insurer
First Party Ownership? - answer-✔The policyowner and insured are the same
Third party ownership? - answer-✔Policyowner is a different person than the insured
There are a number of personal uses of life insurance, including: - answer-✔A: Survivor protection
B: the creation of an immediate estate
C: Cash accumulation in the form of cash value
E: Liquidity
F: estate conservation
G: Living Benefits
What is a viatical settlement? - answer-✔A policyowner sells the policy rights related to a terminally ill
insured to a viatical company. The policyowner/insured receives a large portion of the policy proceeds
prior to the insured's death. The viatical company pays the policy premiums, and receives the death
benefit upon the death of the insured
What type of policy is eligible for dividends? - answer-✔Participating
What is not guaranteed in a participating policy? - answer-✔Amount of dividends paid
,Face amount and cash value that does not fluctuate over the term of the policy - answer-✔Fixed Life
What type of life insurance does the insurer bear the investment risk? - answer-✔Fixed Life
has benefits that will vary over the term of the policy based on the performance of investments -
answer-✔Variable Life
the insurer guarantees a minimum policy face amount and will invest the cash value - answer-✔Variable
Life
will pay the full policy face amount at the end of the policy term or upon the insured's death. - answer-
✔Permanent insurance
will pay the face amount only if the insured dies within the policy's term - answer-✔Term Insurance
What policy insures a person for his whole lifetime? - answer-✔Whole Life insurance
what policy promises to pay either the death benefit or the face amount in the form of an endowment if
the insured is still living at age 100? - answer-✔Whole Life Insurance
Premiums for an ordinary life policy do what? - answer-✔Remain the same for the entire term of the
policy
Premiums do not change as the insured ages in what type of plan? - answer-✔level-premium payment
plan
the amount held in the reserve account by the insurer is called the... - answer-✔Policy cash value
The policyowner can borrow or withdraw funds from what? - answer-✔Policy Cash Value
, The face amount consists of two parts: - answer-✔pure insurance and cash value
Premiums are calculated, so that by the time the insured reaches age 100... - answer-✔The total cash
value in the policy will equal the face amount
if the insured dies, the beneficiary of the policy will receive only... - answer-✔the face amount
what is not the policyowners money, if the insured dies? - answer-✔The cash value
what provides a living benefit to the policyowner only while the insured is alive? - answer-✔The cash
value
Cash value can be compared to what in a person's home? - answer-✔Equity
What are the three non-forfeiture options? - answer-✔Cash Surrender, reduced paid-up insurance,
extended term insurance
which non-forfeiture option allows the policyowner to take the cash value? - answer-✔Cash Surrender
which non-forfeiture option allows the policyowner to buy, with a single premium, a reduced amount of
the same type of insurance? - answer-✔Reduced paid-up insurance
which non-forfeiture option allows the policyowner to buy a reduced amount of the same type of
insurance? - answer-✔Extended term insurance
the premiums are paid for a limited period of time or up to a certain age, at which time the policy is said
to be paid up. - answer-✔Limited-pay life
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