Exam (elaborations)
Xcel solutions - Premiums and proceeds Questions and Answers 2024
- Course
- Institution
Xcel solutions - Premiums and proceeds
[Show more]
Content preview
Xcel solutions - Premiums and proceedsM purchased an accidental death and dismemberment (AD&D) policy and named his
son as a beneficiary. M has the right to change the beneficiary designation anytime.
What type of beneficiaries is his son? - answer Revocable
K is the insured and P is the sole beneficiary on a life insurance policy. Both are
involved in a fatal accident where K dies before P. Under the common disaster
provision, which of these statements is true? - answer Proceeds will be payable to K's
estate if P dies within a specified time.
When can a policyowner change a revocable beneficiary? - answer Anytime
A policy owners rights are limited under which beneficiary designation? - answer
Irrevocable
If the insured and primary beneficiary of both killed in the same accident and it cannot
be determined who died first, where are the death proceeds to be directed under the
uniform simultaneous death act? - answer Insured’s contingent estate
T Is the policy owner for a life insurance policy with a Irrevocable beneficiary
designation. If T wishes to change the beneficiary, T must obtain permission from the -
answer Beneficiary
A policy owner is allowed to pay premiums more than once a year under the which
provision? - answer Mode of premium
Who has the right to change a revocable beneficiary? - answerPolicyowner
A policy owner would like to change the beneficiary on a life insurance policy and make
the change permanent. Which type of designation would fulfill this need? -
answerIrrevocable
T and S Our name co-primary beneficiaries on a $500,000 accident or death and
dismemberment policy insuring their father. Their mother was named contingent
beneficiary. Five years later, S Died of natural causes of the fathers killed in a scuba
accident shortly afterwards. How much of the death benefit will the mother receive? -
answer$0
Which of these is NOT an element of Life insurance premiums? - answerMorbidity rate
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 Dreamer252. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67163 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now