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PE C5

QuestionAnswer
All of the following could own group life insurance EXCEPT... A group needing low-cost life insurance.
If the Commissioner has not approved or disapproved any insurance form by the end of the judgement period, the insurer... Can assume the form is approved.
Which of the following riders would NOT cause the Death Benefit to increase? Payor Benefit Rider.
Which of the following would be considered an illegal inducement to purchase insurance? Confirming future dividends in a life insurance proposal.
All of the following would be a reason that an insurance company's name could be disapproved for use in the State of Alabama EXCEPT... The name is too long to be printed on a single line of the policy in required type size.
Which type of life insurance policy generates immediate cash value? Single premium.
Which of the following types of policies allows for a flexible premium and a variable investment component? Variable universal life insurance.
Which of the following documents must be provided to the policyowner or applicant during policy replacement? Notice Regarding Replacement.
All of the following are true regarding insurance policy loans EXCEPT... Policy loans can be made on policies that do not accumulate cash value.
When a whole life policy lapses or is surrendered prior to maturity, the cash value can be used to... Purchase a single premium policy for a reduced face amount.
Insurance policies ensure that after a loss proceeds will go to the... Beneficiary.
When Y applied for insurance and paid the initial premium on August 14, he was issued a conditional receipt. Y was killed in an automobile accident August 22, before the policy was issued. In this case, the insurance company will... Issue the policy anyway and pay the face value to the beneficiary.
If the owner of a whole life policy who is also the insured dies at age 80, and there are no outstanding loans on the policy, what portion of the death benefit will be paid to the beneficiary? A full death benefit.
Which of the following statements best describes the effect the Accelerated Benefit provision would have on the benefits paid to the beneficiary? It will decrease the benefits paid to the beneficiary.
All of the following are types of term policies based on what happens to the face amount during the policy term EXCEPT.... Renewable.
Which of the following describes attachments made to policies that either add or modify coverage? Riders.
What is the advantage of reinstating a policy instead of applying for a new one? The original age is used for premium determination.
An applicant knowingly fails to communicate information that would help an underwriter make a sound decision regarding coverage. This would be an example of... Concealment.
Which of the following applies to the 10-day free look period? It permits the insured to return the policy for a full refund of premiums paid.
The Waiver of Cost of Insurance rider is found in what type of insurance? Universal Life.
What is the purpose of settlement options? They determine how death proceeds will be paid.
All of the following are general requirements for a qualified plan EXCEPT... The plan must provide an offset for social security benefits.
In a case where the primary beneficiary predeceases the insured, in the event of the insured's death, the death benefit proceeds will be paid to... The contingent beneficiary.
All of the following are Nonforfeiture options EXCEPT... Interest only.
All of the following are true regarding the guaranteed insurability rider EXCEPT... The rider is available to all insureds with no additional premium.
Created by: desmooney04
 

 



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