Chapter 11: NV Statutes & Regulations Common To Li
Chapter 11: NV Statutes & Regulations Common to Li
Exam (elaborations)
Chapter 11: NV Statutes & Regulations Common to Life and Health Only Questions And Answers With Verified Updates
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Chapter 11: NV Statutes & Regulations Common to Li
Institution
Chapter 11: NV Statutes & Regulations Common To Li
how is a credit insurance policy usually written? - as decreasing term insurance and may be
written as an individual policy or as a group plan; it can't pay more than the balance of the debt
credit insurance - a special type of coverage written to insure the life of the debtor and pay off the
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Chapter 11: NV Statutes & Regulations
Common to Life and Health Only
how is a credit insurance policy usually written? - as decreasing term insurance and may be
written as an individual policy or as a group plan; it can't pay more than the balance of the debt
credit insurance - a special type of coverage written to insure the life of the debtor and pay off the
balance of a loan in the event of the death of the debtor
what does credit life and health insurance cover? - the life and disability of a debtor during the
time a loan is outstanding
which of the following is TRUE about credit life insurance?
A) debtor is the policy beneficiary
B) creditor is the policyowner
C) debtor is the annuitant
D) creditor is the insured - B
which of the following is NOT allowed in credit life insurance?
A) creditor having a collateral assignment on the policy
B) creditor requiring that a debtor has a life insurance
C) creditor becoming a policy beneficiary
D) creditor requiring that a debtor buys insurance from a certain insurer - D
Which of the following would be an allowable purpose of forming a group to be covered by a life
insurance policy?
, A) obtaining lower insurance rates
B) assembling a group of employees
C) claim of benefits
D) obtaining group insurance - B
What entity ultimately determines if an advertisement is deceptive or confusing? - commissioner
When group coverage terminates, the insured may convert coverage to an individual policy without
evidence of insurability within - 31 days
what type of insurance would you recommend for someone who wants to insure the life of a debtor in
connection to a specific loan? - credit life insurance
what type of insurance is known as consumer credit insurance? - credit insurance
all of the following are required provisions in all group life insurance policies EXCEPT]
A) nonforfeiture benefits
B) incontestability
C) misstatement of age
D) grace period - A
which of the following is correct regarding credit life insurance?
A) it insures the life of a creditor
B) it has a max term of 20 yrs
C) it insures the life of a debtor
D) it is purchased on an installment basis - C
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