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WV Life Insurance test with 100- correct answers.
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WV Life Insurance test with 100- correct answers.
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WV Life Insurance testwith 100% correct
answers
The insured under a $100,000 life insurance policy with a triple indemnity
rider for accidental death was killed in a car accident. It was determined that
the accident was his fault. The triple indemnity rider in the policy specifies that
the death must not be contributed to by the insured in any manner. In this
case, what will the policy beneficiary receive? - answer $100,000
The dividend option in which the policyowner uses dividends to purchase a
term policy for one year is referred to as the - answer One-year term option.
The life insurance policy clause that prevents an insurance company from
denying payment of a death claim after a specified period of time is known as
the - answer Incontestability clause.
Which of the following describes the tax advantage of a qualified retirement
plan? - answer The earnings in the plan accumulate tax deferred.
Which nonforfeiture option has the highest amount of insurance protection? -
answer Extended Term
, An insured under a life insurance policy has been diagnosed with a terminal
illness and has 6 months to live. The insured knows that his financial state will
worsen even more with the upcoming medical expenses. What option could
the insured utilize? - answer Viatical settlement
An insured purchased a 10-year level term life policy that is guaranteed
renewable and convertible. What happens at the end of the 10-year term? -
answer The insured may renew the policy for another 10 years, but at a higher
premium rate.
An insured committed suicide one year after his life insurance policy was
issued. The insurer will - answer Refund the premiums paid.
What is the benefit of choosing extended term as a nonforfeiture option? -
answer It has the highest amount of insurance protection.
When a life insurance policy is cancelled and the insured has selected the
extended term nonforfeiture option, the cash value will be used to purchase
term insurance that has a face amount - answer Equal to the original policy for
as long a period of time that the cash values will purchase.
An insured pays an annual premium to his insurer. In return, the insurer
promises to pay benefits in accordance with the terms of the contract. This is
called - answer Consideration.
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