Pa life insurance - Study guides, Class notes & Summaries

Insurable Interest The policyowner must face the possibility of losing money or something of value in the event of loss...Must exist at the time of application Personal Uses of Life Insurance Survivor protection, estate creation/conservation, Liquidity, Asset protection Purchase of Life Insurance creates this Immediate estate Liquidity The policy's cash values can be borrowed against at any time and used for immediate needs Asset Protection The use of life insurance to guard one's weal...

Single premium cash value policy can be described as.. a policy that is paid up only after one payment All of the following are considered appropriate uses of life insurance.. - attracting quality employees by offering a group life plan - protecting the business by covering key employees with life insurance - funding an entity buy sell agreement The do not call list offers exemption from all except life insurance Ken is a producer who has consumer info reports under false pretenses under the ...

PA Life Insurance Exam

Term Life Insurance Temporary protection, only provides coverage for a specific period of time. Also known as pure life insurance. Pure Death Protection What is provided by Term insurance. If the insured dies during this term, the policy pays the death benefit to the beneficiary. Level Term Insurance Most common type of temporary protection purchased. Refers to the fact that the death benefit does not change throughout the life of the policy Level Premium Term Provides a level death benefit a...

PA Life, Accident, & Health Insurance Exam 2024 Actual Questions with Verified Answers, 100% Guarantee Pass (2024 / 2025)

Lying about a material fact on an insurance application is considered: A. a misdemeanor. B. basis for the insurance company to void the contract. C. a felony. D. none of the above. B. basis for the insurance company to void the contract. Of the following, which describes the suicide clause in a life policy? A. States that suicide is excluded during the insured's lifetime. B. States that suicide can not be excluded. C. States that the insurance company will not pay any death benefit if the in...

Absolute Assignment is a policy assignment under which the assignee (person to whom the policy is assigned) receives full control over the policy and full rights to its benefits. Accidental Death Benefit (Multiple Indemnity) Rider pays an additional sum to the beneficiary if the insured dies due to a covered accident. The amount paid is a multiple of the policy face amount such as double or triple the original benefit. Accelerated Benefits Rider allows the insured to receive a portion of the d...

PA Life Insurance License Exam Practice Questions and Answers (100% Pass)

MPOETC CERTIFICATION TEST/151 QUESTIONS AND ANSWERS (A+) 1st Amendment (1791) - √Answer :Freedom of speech, religion and press and the right to petition Quiz :2nd Amendment (1791) - √Answer :Right to bear arms Quiz :3rd Amendment (1791) - √Answer :The government may not house soldiers in private homes without consent of the owner Quiz :4th Amendment (1791) - √Answer :Freedom from unreasonable search and seizures Quiz :5th Amendment (1791) - √Answer :Double jeopardy, ...