Life insurance contract - Study guides, Class notes & Summaries

Kentucky Life Insurance Exam Prep| Questions and Verified Answers| 100 % Correct| Grade A (Latest 2024/ 2025 Update) Q: Universal Life Insurance Flexible premium, adjustable death benefits, accumulates cash values: earlier models have front-end load, later models have back end load. Insurance costs are debited and guaranteed and excess interest are credited. Q: Universal Life Death Benefit Option A Answer: Level death benefit throughout life of policy (can be increased with pr...

Xcel Final Exam| Questions and Verified Answers| 100% Correct| Grade A (Latest 2024/ 2025) Q: P is a producer who notices 5 questions on a life application were not answered. What actions should P take? Answer: Set up a meeting with the applicant to answer the remaining questions Q: Q applied for life insurance and submitted the initial premium on January 1. The policy was issued February 1, but it was not delivered by the agent until February 7. Q is dissatisfied and returns the...

Which of the following describes a participating life insurance policy? A participating life policy is one in which the policyowner receives dividends deriving from the company's divisible surplus What type of reinsurance contract between two insurers involves an automatic sharing of the risks assumed? Under treaty reinsurance, each party automatically accepts specific percentages of the insurer's business. At what point must a life insurance applicant be informed of their rights that fa...

What is it called when a life insurance policy pays a multiple of the coverage amount when certain types of accidents occur? - CORRECT ANSWER-multiple indemnity Upon the issuance of a conditional receipt for a renewal when the premium is paid AFTER the time granted by the insurer, what is the maximum amount of time for reinstatement of the policy? - CORRECT ANSWER-30 days Which of the following statements regarding a pure life annuity payout option is correct? - CORRECT ANSWER-This option...

Connecticut Life and Health Final Exam Questions And Answers Someone who is licensed to negotiate a life settlement contract is called a - ANS-Life settlement broker Chris has a single major medical contract which covers all medical expenses. His plan is considered to be - ANS-comprehensive What typically changes at the re-entry option date found in some life insurance policies? - ANS-Premium - a re-entry option gives the insured the opportunity to provide evidence of insurability at the ...

AZ Life Insurance Exam (Latest 2024/ 2025 Update) Questions and Verified Answers| 100% Correct| Grade A Q: A life policy that has premiums that are lower than normal during the early years is called Decreasing term Modified life Variable life Limited-pay life Answer: Modified life Q: a material change in a modified endowment contract (MEC) results in the contract becoming void a new contestable period the seven pay test, adjustable for cash value, applies again a tax ...

Utah Health and Life Insurance Exam Questions and Answers Already Passed Under a Modified Endowment Contract, what are the likely tax consequences? Pre Death Distributions will become taxable Kathy's annuity is currently experiencing tax-deferred growth until she retires. Which phase is this annuity in? Accumulation period If threats or force is used to affect an insurance transaction, the unfair trade practice of _________ has been committed. Coercion A whole life policy option...

PVL3703 Assignment 3 (COMPLETE ANSWERS) Semester 1 2024 (576663) - DUE 23 April 2024 ;100% TRUSTED workings, explanations and solutions. for assistance Whats-App.......0.6.7..1.7.1..1.7.3.9....... Question 1 One of the attractions at Wonderland Zoo is a train ride that takes customers to and from different locations at the zoo. Sipho, the technician in charge of inspecting and maintaining the train, overlooks some signs that the train is no longer in sound condition. Avril goes for a ride on th...

South Carolina Insurance Exam Questions and Answers Already Passed An insurer is REQUIRED to offer which of the following to each long-term care applicant at the time of purchase? Inflation protection Which of these riders will pay a death benefit if the insured's spouse dies? Family term insurance rider Disability income plans which require that the insurer can NEVER change or alter premium rates are usually considered Nonconcellable What is the required action to be taken by a...

Shawn, Mike, and Dave are brothers who have a $100,000 "first to die" joint life policy covering all three of their lives. If Mike dies first, the policy proceeds A.) Will no longer provide insurance protection B.) Will go to Mike's estate C.) Wwill be divided by probate D.) Will not be paid until the last brother dies - A.) Will no longer provide insurance protection Susan is insured through her Group Health Insurance plan and changed her coverage to an individual plan with the sa...