Beneficiary designation - Study guides, Class notes & Summaries

PENNSYLVANIA INSURANCE STATE EXAM 2024 WITH 100% CORRECT ANSWERS Jonas is a whole life insurance policyowner and would like to add coverage for his two children. Which of the following products would allow him to accomplish this? - correct answer Child Term Rider Which of the following annuity payout options makes no additional payments regardless of when the annuitant dies? - correct answer Life only People with higher loss exposure have the tendency to purchase insurance more often ...

LLQP Practice Exam 150 Questions and Answers (100%Verified). What kind of life insurance beneficiary requires his/her consent when a change of beneficiary is made? *Irrevocable beneficiary *Tertiary beneficiary *Primary beneficiary *Revocable beneficiary - ANSWER *Irrevocable beneficiary (An irrevocable designation may not be changed without the written consent of the beneficiary.) When can a policyowner change a revocable beneficiary? *Anytime *After the consent of the current benefi...

What kind of life insurance beneficiary requires his/her consent when a change of beneficiary is made? *Irrevocable beneficiary *Tertiary beneficiary *Primary beneficiary *Revocable beneficiary *Irrevocable beneficiary (An irrevocable designation may not be changed without the written consent of the beneficiary.) When can a policyowner change a revocable beneficiary? *Anytime *After the consent of the current beneficiary *Never *Only if primary beneficiary dies *Anytime

A funeral prearrangement life insurance agent must be supervised - Answer- By a legal reserve life insurance agent whose company holds a seller's permit. The maximum initial guaranteed death benefit that a funeral prearrangement life insurance agent may sell is - Answer- $15,000 A funeral prearrangement life insurance agent license expires when the agent - Answer- Fails to submit a biannual renewal application and fee When an application for an insurance agent license is denied, except...

LLQP Practice Exam 150 Questions and Answers (100%Verified). What kind of life insurance beneficiary requires his/her consent when a change of beneficiary is made? *Irrevocable beneficiary *Tertiary beneficiary *Primary beneficiary *Revocable beneficiary - ANSWER *Irrevocable beneficiary (An irrevocable designation may not be changed without the written consent of the beneficiary.) When can a policyowner change a revocable beneficiary? *Anytime *After the consent of the current benefi...

1 OHIO LIFE INSURANCE PRACTICE EXAM REVIEW QUESTIONS AND ANSWERS, RATED A+ Which of these describes the result of a modified endowment contract that failed to meet the seven-pay test? Policy loans are disallowed The premium payments will be tax deductible Pre-death distributions are typically taxable Withdrawals will be prohibited - -Pre-death distributions are typically taxable Purchasing a life insurance policy in order to avoid the forced sale of assets upon death is called estate ...

Kansas Life & Health Insurance Final Exam Questions and Answers Already Passed When can a policy owner change a revocable beneficiary? Anytime J would like to maintain the right to change beneficiaries. Which beneficiary designation should be used? Revocable M purchased an Accidental Death and Dismemberment (AD&D) policy and named his son as beneficiary. M has the right to change the beneficiary designation at anytime. What type of beneficiary is his son? Revocable Beneficiary revocable benef...

Accidental death and dismemberment insurance beneficiary requires consent when a change of beneficiary is made? irrevocable beneficiary The waiver of premium provision in a health insurance contract suspends the insurer's right to receive premiums during a covered period of disability An insured should submit the claim in any form if the insurer does not send the claims forms within the time period set forth in a health policy's claims forms provision Reinstatement coverage ma...

Xcel Testing Solutions (Life & Health) Final 150 Question Practice Exam with Verified Solutions When can a policy owner change a revocable beneficiary? Anytime M purchased an Accidental Death and Dismemberment (AD&D) policy and named his son as beneficiary. M has the right to change the beneficiary designation at anytime. What type of beneficiary is his son? Revocable How would a contingent beneficiary receive the policy proceeds in an Accidental Death and Dismemberment (AD&D) po...

Kansas Life & Health Insurance Final ExamWhen can a policy owner change a revocable beneficiary? - correct answer Anytime J would like to maintain the right to change beneficiaries. Which beneficiary designation should be used? - correct answer Revocable M purchased an Accidental Death and Dismemberment (AD&D) policy and named his son as beneficiary. M has the right to change the beneficiary designation at anytime. What type of beneficiary is his son? - correct answer Revocable Beneficiary...