Beneficiary designation - Study guides, Class notes & Summaries

Health Insurance Florida 2-40 Practice Exam Questions 1 QUESTIONS AND ANSWERS| GRADED A Which of the following laws requires an insurer to notify an applicant in writing that an investigative consumer report may be made on the applicant? -Uniform Provisions Law. -Freedom of Information Act. -Medical Information Bureau Disclosure Act -Fair Credit Reporting Act (Insurance Information and Privacy Protection Act) Correct Answer: Fair Credit Reporting Act (Insurance Information and Privacy Protect...

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 beneficiary - the policy owner may change the beneficiary at any time witho...

When can a policy owner change a revocable beneficiary? - Answer-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? - Answer-Revocable How would a contingent beneficiary receive the policy proceeds in an Accidental Death and Dismemberment (AD&D) policy? - Answer-If the primary beneficiary dies before the insured What is the underly...

What is the benefit of choosing extended term as a nonforfeiture option? - It has the highest amount of insurance protection Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. What does this mean? - The beneficiary will only receive payments of the interest earned on the death benefit If a life insurance policy has an irrevocable beneficiary designation, - the beneficiary can only be changed with written permission o...

Delaware Life Insurance Exam Questions and Answers 100% Pass What is the benefit of choosing extended term as a nonforfeiture option? - Correct Answer ️️ -It has the highest amount of insurance protection Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. What does this mean? - Correct Answer ️️ -The beneficiary will only receive payments of the interest earned on the death benefit If a life insurance policy...

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 ...

Life Insurance State Exam Questions and Answers (2023 / 2024) (Verified Answers) If the insured and primary beneficiary are both killed in the same accident and it cannot be determined who died first, where are the death proceeds to be directed under the Uniform Simultaneous Death Act? Insured's contingent beneficiary When can a policyowner change a revocable beneficiary? Anytime Which premium schedule results in the lowest cost to the policyowner? Annual A level premium indi...

Which welfare program provides assistance to the needy? - answer-Medicaid Barbara has the right to change the beneficiary designation on her life insurance policy. Barbara's beneficiary is a(n): - answer-revocable beneficiary Within how many calendar days must all clean electronic health insurance claims be paid in Alabama? - answer-30 Which type of term policy allows the policyowner to switch to permanent insurance? - answer-Convertible term What does renewable term guarantee? - answe...

Pearson Vue Life Insurance Practice Exam LATEST ACTUAL EXAM QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+ An insured owns a $10,000 policy with a $4,000 cash value and a 6 percent interest rate. On January 1, the insured borrows $500 and pays one year's interest in advance. During the year, the insured does not repay any part of the loan or interest. If the insured dies on December 31, the beneficiary will be entitled to a MAXIMUM of: A.$3,500 B...

T and S are named co-primary beneficiaries on a $500,000 Accidental Death and Dismemberment policy insuring their father. Their mother was named contingent beneficiary. Five years later, S dies of natural causes and the father is killed in a scuba accident shortly afterwards. How much of the death benefit will the mother receive? - Answer $0 Which statement regarding the Change of Beneficiary provision is true? - Answer The policyowner can change the beneficiary What is the underlying ...