Waiver of premium - Study guides, Class notes & Summaries

Waiver of premium for disability benefit - A supplemental life insurance policy benefit under which the insurer promises to give up - to waive - its right to collect premiums that become due while the insured is totally disabled. Waiver of premium for payor benefit - A supplemental life insurance policy benefit under which the insurer agrees to waive its right to collect a policy's renewal premiums if the policyowner dies or becomes totally disabled. Disability income benefit - A suppleme...

Kentucky Life Insurance Exam Questions With All Correct Answers Elements of a Contract - CORRECT ANSWERS Competent parties, legal purpose, offer and acceptance, consideration Waiver - CORRECT ANSWERS Voluntary giving up of a known right or privilege, can be express or implied Estoppel - CORRECT ANSWERS A person is prohibited by virtue of his own past actions from claiming a right that would work to the detriment of another who relied on the...

CA PSI Site - Life, Accident and Health Agent Examination (Life Agent)| Questions and Answers, 100% Correct| Latest 2023/2024 CA PSI Site - Life, Accident and Health Agent Examination (Life Agent)| Questions and Answers, 100% Correct| Latest 2023/2024 Admitted Insurance Company vs. Non-Admitted Insurance Company An admitted insurance company is authorized to transact insurance in California because it has a Certificate of Authority granted by the California Department of Insurance (...

Life & Health Insurance Exam (Answered) With Complete Solution 100% Rated Insurance transfer of risk Speculative risk has a possibility of both loss and gain Pure risk only has a possibility of loss (no gain) Exposure risks for which an insurance company would be liable expressed in units Peril cause of a loss Hazard an increase in the chance of loss Moral hazard arise from people's character (faking a loss) Morale hazard state of mind or careless attitude (accidentally lea...

Final Exam- Tennessee Life & Health Questions and Answers 100% Pass The reason for a business having a Business Overhead Expense Disability Plan is to cover: Fixed Business Expenses What is the initial requirement for an insured to become eligible for benefits under the Waiver of Premium provision? Insured must be under a physician's care K applies for a life insurance policy on herself and submits the initial premium with the application. She is given a receipt by the agent stating that cov...

Texas Life And Health Insurance Exam Questions With Correct Answers | Latest 2023/2024 (Graded A+). Which of the following actions is NOT possible with a Universal Life policy? - Correct Answer-Premiums may be applied as a credit against income tax Which of the following will a Long Term Care plan typically provide benefits for? - Correct Answer-home health care Which health policy clause stipulates that an insurance company must attach a copy of the application to the policy to ensure that...

CEBS - GBA Practice Exam 1 Questions and Answers 1. Which of the following statements correctly describes minimum require- ments that group benefit plans typically must meet in order to be prospec- tively rated on contract renewal?: The more unpredictable the event that will trigger a claim, the larger the minimum group size and premium requirements 2. Which of the following statements correctly describes the term graduation as it applies to mortality tables?: It is a mathematica...

H has suffered a covered disability away from her job and will shortly begin collecting benefits. The insurer sends a letter to H stating that she will not receive any benefit amounts greater than her income. This clause is known as: A: Over-insurance clause B: free look C: relation of earning to insurance D: relation of economic value - answer-C: relation of earning to insurance The insured should be aware of the issue date upon delivery a policy and the date should be listed on: A: the...

An insurer must provide claim forms to an insured within a MAXIMUM of how many days after receiving notice of an Accident & Health claim? A. Five B. Fifteen C. Twenty D. Thirty - Answer- b Under a group health plan, an employer may offer additional benefits to classes of employees on the basis of all of the following factors EXCEPT: A. length of employment B. gender C. salary grade D. job category - Answer- b Which of the following statements is CORRECT about a Waiv...

ALPHA PHI ALPHA RISK MANAGEMENT EXAM / 70+ QUESTIONS AND CORRECT ANSWERS 2023/2024 /GRADED A+ LATEST UPDATE. Alpha Phi Alpha risk management 2023 1. The policy that governs expectations regarding behavior is the: Personal conduct policy 2. An effective risk management policy has three components.: Personal Responsibility, Education, Prevention 3. The guidelines regarding the use of communications tools are contained in the.: Electronic Media Usage Policy 4. Who is responsible for imp...