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PE C4

QuestionAnswer
When an insured under a life insurance policy died, the designated beneficiary received the face amount of the policy, as well as a refund of all premiums paid. Which rider is attached to the policy? Return of premium.
In the event that an insurer terminates the appointment of a producer, the insurer must notify the Commissioner within... 30 days.
Events or conditions that increase the chances of an insured loss occurring are referred to as... Hazards.
When would a misrepresentation on the insurance application be considered fraud? If it is intentional and material.
What is the income period after the children are no longer dependent on the surviving spouse for support, but before the surviving spouse qualifies for Social Security survivor benefits? Preretirement period.
What is the waiting period on a Waiver of Premium rider in life insurance policies? 6 months.
All of the following are TRUE regarding the convertibility option under a term life insurance policy EXCEPT... Upon conversion, the death benefit of the permanent policy will be reduced by 50%.
What is the purpose of the buyer's guide? To allow the consumer to compare the costs of different policies.
50-year-old Sue is married to 53-year-old Aaron, who is the primary breadwinner in the family. They have raised two children, who have recently left the house and are earning stable incomes. Sue and Aaron are in which of the income periods? Preretirement.
An insured purchased a Life Insurance policy. The agent told him that depending upon the company's investments and expense factors, the cash values could change from those shown in the policy at issue time. The policy is a... Interest-sensitive Whole Life.
When calculating the amount a policyowner may borrow from a variable life policy, what must be subtracted from the policy's cash value? Outstanding loans and interest.
An insured pays an annual premium to his insurer. In return, the insurer promises to pay benefits in accordance with the terms of the contract. This is called... Consideration.
Which of the following determines the length of time that benefits will be received under the Fixed-Amount settlement option? Size of each installment.
Insurance policies stay in force even if the insureds are overdue on the premium payments. What phrase best describes this concept? Grace period.
Which of the following is the basic source of information used by the company in the risk selection process? Application.
Which of the following would describe a legal document which would dictate who can buy a deceased partner's share of business and for what amount? Buy-sell agreement.
All of the following are beneficiary designations EXCEPT.... Specified.
What is the purpose of key person insurance? To lessen the risk of financial loss because of the death of a key employee.
Which of the following is NOT typically excluded from life policies? Death due to plane crash for a fare-paying passenger.
Which of the following terms describes making false statements about the financial condition of any insurer that are intended to injure any person engaged in the business of insurance? Defamation.
Which of the following government programs allows a blackout period? Social Security.
Which of the following statements about a suicide clause in a life insurance policy is TRUE? Suicide is excluded for a specific period of years and covered thereafter.
In Modified Life policies, what happens to the premium? It is level at the beginning and increases after the first few years.
The reduction, decrease, or disappearance of value of the person or property insured in a policy by a peril insured against is known as... Loss.
An individual purchased a $100,000 Joint Life policy on himself and his wife. Eight years later, he died in an automobile accident. How much will his wife receive from the policy? $100,000.
Created by: desmooney04
 

 



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