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Privisions
| Question | Answer |
|---|---|
| What benefit does the payor clause on a juvenile life policy have? | Premiums are waved if the juvenile becomes disabled |
| A _____ rider may be used to include coverage for children under their childrens life insurance policy | Term |
| Which provision states who may select policy options designate and name a beneficiary | Owners rights |
| M has an insurance policy that also has an outstanding policy loan at the time of M's death. The insurer will deduct the outstanding loan balance from the | Policy proceeds |
| Which non-forfeiture option continue a build up of cash value | Reduced Paid up |
| Which type of life insurance allow the policyowner to have level premiums and also choose from a selection of investment options? | Variable Life |
| S buys a 10k whole life policy in 2003 and pays an annyal premium of 100 dollars. S dies 5 years later in 2008 and the insurer pays the beneficiary 10,500. Whay kind of rider did S include in the policy? | Return of premium rider |
| A policy loan is made possible by which provision? | Cash value provision |
| A return of premium life insurance policy is | Whole life and increasing term |
| This type of of rider appears on a juvenile life insurance policy | Payor benefit rider |
| Daryan owns a whole life policy that was purchased 10 years ago. If the premium payments suddenly stop and Daryan takes no action, which Nonforfeiture option will the insurer likely proceed with? | Extended Term |
| An insured inability to perform two or more activities of daily living may trigger which type of policy rider? | Long Term Care |
| Dividends paid from a life insurance policy are | issued by the insurer |
| The agreement in a life insurance contract that states a specific sum of money will be paid to a designated person upon an insureds death is called.. | Insuring Agreement which sets for the company's basic promise to pay benefits upon the insureds death |
| An insurer may normally delay payment of a cash value loan or surrender value for up to | 6 months |
| A life insurance may only be assigned as collateral by | The policy owner |
| The option that provides an additional death benefit for a limited amount of time at the lowest possible cost is called.. | Accidental Death and Dismemberment |
| How are policy owner dividend treated in regards to tax | Interest on accumulations is taxed |
| The accelerated death benefit provision is also know in a life insurance policy is also know as? | Living Benefit |
| A provision in life insurance policy that pays the policy owner an amount that does not surpass the guaranteed cash value is called | Policy Loan Provision |
| The consideration clause in a life insurance contract contains what pertinent information? | Amount of premium payments and when they are due |
| Which life insurance rider allows an applicant to have access to coverage? | Term rider |
| additional coverage could be added to a policy by adding | a decreasing term rider |
| genuinelly added to a life insurance policy to cover a juvenile on i life insurance policy | payor clause benefit clause |
| cost of living rider gives the insured | additional death benefits |
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