Northwestern mutual - Study guides, Class notes & Summaries

Accelerated Benefits - Riders attached to life insurance policies which allow death benefits to be used to cover nursing or convalescent home expenses Accident - an unplanned, unforeseen event which occurs suddenly and at unspecified place Accident Insurance - A type of insurance that protects the insured against loss due to accidental bodily injury Accidental Bodily Injury - unplanned, unforeseen, traumatic injury to the body Accidental Death and Dismemberment (AD&D) - An insurance policy...

A banker is ready to close on a customer's loan. The bank is prepared to offer the loan but only if the customer purchases a life insurance policy from the bank in the amount of the loan. This is an example of a) Loading. b) Defamation. c) Twisting. d) Coercion. - D A brain surgeon has an accident and develops tremors in her right arm. Which disability income policy definition of total disability will cover her for all losses? a) "Any occupation" - less restrictive than other definit...

Northwestern Mutual Life Insurance Study Set More Study Questions with 100% Correct Answers

A business becoming incorporated is an example of risk ____. - transfer A health insurance applicant is notified that a physical examination is required. Which of the following statements is correct? - Physical examinations are performed at the expense of the insurer A health plan offered by private insurance companies is - a medicare supplement A hold-harmless clause is an example of risk - transfer A large corporation pension plan purchased an accumulation annuity contract where all of th...

Which of the following entities can legally bind coverage? Federal Insurance Board Agent Insurer The insured - C An agent is in the process of replacing the insured's current health insurance policy with a new one. Which of the following would be a proper action? Policies must overlap to cover pre-existing conditions The old policy must be cancelled before the new one can be issued The old policy should stay in force until the new policy is issued There should be a 10-day-gap between ...

3 Business Uses of Life Insurance - 1. Key Person 2. Buy-sell Funding 3. Executive Bonus A producer is helping a married couple determine financial needs of their children in the event one or both should die prematurely. This is a personal use of life insurance known as what? - Survivor Protection Acceptance - An insurers underwriter approves the application and issues a policy Alien - Outside the US An insurer wants to obtain information from investigators regarding an applicant for ins...

What is the main purpose of the Seven-pay Test? A. It guarantees the minimum interest B. It determines if the insurance policy is a MEC C. It requires level premium payments for 7 years. D. It ensures that the policy benefits are paid out in 7 years correct answer: C. It requires level premium payments for 7 years. Which of the following is true of a children's rider added to an insured's permanent life insurance policy? A. The policy covers only the natural children of the insured. ...

Which of the following entities can legally bind coverage? Federal Insurance Board Agent Insurer The insured - C An agent is in the process of replacing the insured's current health insurance policy with a new one. Which of the following would be a proper action? Policies must overlap to cover pre-existing conditions The old policy must be cancelled before the new one can be issued The old policy should stay in force until the new policy is issued There should be a 10-day-gap between ...

_____ is responsible for paying the policy's premium and has various rights as specified in the contract - Owner 1.1: The McCarran-Ferguson Act of 1945..... - Gave states the authority to regulate insurance 1.10: A false statement in the application that can render the contract void, if material to the acceptance of the risk, is know as... - Misrepresentation 1.10: Essential elements of a legal contract (3) - Consideration, Legal Purpose, and Competent Parties 1.2: Dividends issued by st...

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