Automatic premium loan - Study guides, Class notes & Summaries

Oklahoma Life & Health Insurance Exam Latest Update Graded A+ In Oklahoma, a life insurance policy loan may NOT exceed an interest rate of 8% Under HIPAA requirements, eligibility for the pre-existing conditions exclusion waiver under new coverage is lost if there is a break in coverage of more than 63 days Which of the following health insurance provisions requires that the application becomes part of the policy? Entire Contract clause impatient psychiatric care is covered unde...

What amount will be paid under a policy where the insured misstated his/her age? an amount the premium would have purchased at the correct age the acceptance of a credit life application requires the submission of a certificate of insurance to the insured within_____ days 30 days which of these is considered to be a Living benefit option in a life insurance policy Accelerated death benefit loans obtained by a policy owner against the cash value of a life insurance policy would not be trea...

LOMA 281 Exam with Complete Solutions Graded A+ Extended term life insurance nonforfeiture option - Answer-policy owner can discontinue paying premiums and use the policy's net cash surrender value to purchase term insurance. this term insurance is for the full coverage amount provided under the original policy for as long a term as the net cash surrender value can provide automatic premium loan option - Answer-insurer will automatically pay an overdue premium by making a loan against the p...

SC life insurance exam study set Exam Questions And Answers All Correct And Verified An insurer will accept a premium from the insured and continue their coverage in full force as though it was NOT late during which time period? Incontestable period Probation period Reinstatement period Grace period - ANS 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 Acceptabl...

What protects the insured from unintentional policy lapse due to a nonpayment of premium? - Automatic premium loan What is an important feature of a dental expense insurance plan that is not found in a medical expense insurance plan? - Diagnostic and preventive care What two parts make up a life insurance application? - General Information and the Medical Information. An agent's report can go in a life insurance application but is not included in the life insurance policy. When must insu...

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...

How frequently must domestic insurers be examined by the Office of Insurance Regulation? Select one: a. Annually b. At least once every other year c. At least once every 5 years d. Upon the Office's discretion - CORRECT ANSWER- Domestic insurers must be examined by the Office of Insurance Regulation at least once every 5 years. The correct answer is: At least once every 5 years In Florida, what is the minimum number of employees to be considered a "small employer?" Select one: a. ...

A need to accumulate a capital sum from regular surplus income over a period of time is which type of personal financial need? A Savings B Investment C Protection D Loan : A 1.1 - Main types of personal financial needs The primary financial need of a client in their 60s is likely to be: A savings B investment C protection D loans 2 | P a g e : B 1.3 - Life Cycle Factfinding is also known as: A suitability B know the client C appropriateness D treating the client fairly : B...

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...

What amount will be paid under a policy where the insured misstated his/her age? - an amount the premium would have purchased at the correct age the acceptance of a credit life application requires the submission of a certificate of insurance to the insured within_____ days - 30 days which of these is considered to be a Living benefit option in a life insurance policy - Accelerated death benefit loans obtained by a policy owner against the cash value of a life insurance policy - would n...