Cash nonforfeiture option - Study guides, Class notes & Summaries

Primerica - Exam test Questions With 100% Correct Answers 2023 An insurer has made all of the decisions regarding the provisions included in the insured's policy. The insured finds an objectionable provision and wants to negotiate it with the insurer but is not allowed to do so. Her only options are to reject the policy or accept it as is. Which contract feature does this describe? a) Unilateral b) Conditional c) Personal d) Adhesion - Correct answer-Adhesion An insurance policy that ...

NEBRASKA INSURANCE EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS Who is protected with the "other insurance with this insurer" provision? - Precise Answer Insurance company A nonparticipating whole life insurance policy was surrendered for its $20,000 cash value. The total premiums paid had totaled $16,000. What were the federal income tax consequences to the policyowner on receipt of the cash value? - Precise Answer $16,000 was received tax-free and $4,000 as ordinary income After th...

An insurer will accept a premium from the insured and continue theicoverage in full force as though it was NOT late during which time period? Incontestable period Probation period Reinstatement period Grace period - Grace period A person who is a nonsmoker, of average weight, and in excellent health would most likely be in which risk classification? Standard Substandard Acceptable Preferred - Preferred Which of these is affected by the frequency of an insurance policy's pr...

Entire Contract Provision - ANSWER found at the beginning of the policy, saying that the policy cannot refer to any outside documents as being part of the contract and prohibiting the insurer from making any changes to the policy after it has been issued. (can only make good changes not bad) Insuring Clause - ANSWER sets forth the company's basic promise to pay benefits upon the insured's death. Free-Look Provision - ANSWER gives policyowners the right to return the policy for a full pre...

Making a statement that is false or maliciously critical of the financial condition of an insurer is known as ️ defamation Which type of business insurance is meant to cover the costs of continuing to do business while the owner is disabled? ️ Business overhead expense policy Dorian exercised a nonforfeiture option by using his life policy's cash value to purchase an extended term insurance option. When the term insurance expires, ️ the protection ends To receive proceeds from a d...

WA Life Insurance Study Questions with Complete Solutions Which of these is NOT considered to be a common life insurance nonforfeiture option? a) Cash surrender b) Extended term insurance c) Reduced paid-up insurance d) Life income annuity d) Life income annuity All of the following riders can increase the death benefit amount EXCEPT a) Cost of living b) Waiver of Premium c) Accidental Death Rider d) Guaranteed Insurability b) Waiver of Premium Joanne has a $100,000 whole life po...

Under a traditional IRA, interest is taxed: Only if withdrawn prior to age 59 1/2 According to the capital gains rate Upon distribution During the accumulation phase - ANSWER-Upon distribution Which of these statements concerning Traditional IRAs is CORRECT? Earnings are not taxable when withdrawn Earnings are taxable when withdrawn Contribution are never tax deductible Contributions are always made by the employer - ANSWER-Earnings are taxable when withdrawn Wh...

Billy is the owner of a life insurance policy and has chosen a policy settlement option under which the company will pay the beneficiary (his widow) an income each month for as long as she lives. Payment stops at her death. Which settlement option has Billy selected? A. Fixed amount option B. Fixed period option C. Interest only option D. Life income option correct answers D. Life income option A man with an Accidental Death & Dismemberment (AD&D) policy having a Principal Sum of $100,0...

NC LIFE insurance state exam questions and answers 100% pass CREDIT LIFE a special type of coverage written to the life of the debtor and pay off the balance of a loan in the event of the death of the debtor. BUY-SELL AGREEMENTS a legal contract that determines what will be done with a business in the event that an owner dies or becomes disabled. Otherwise known as a business continuation agreement INSURABLE INTEREST to purchase insurance the policy owner must face the possibility of losing mo...

GA Life/Health Ins Exam Questions with 100% Correct A claiment wants to bring a recovery action against an insurance company for a loss claimed under a policy. The action must be brought a) Within 2 years. b) Within 3 years. c) Immediately. d) Only within 60 days. - Correct Answer ️️ -b) Within 3 years. Some states require a provision limiting the time parameters in which a claimant may seek recovery from an insurer under a policy. Georgia requires legal action to be brought forth ...