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Life,Accident,Health
Insurance Testing
| Question | Answer |
|---|---|
| Which comparison about a Whole Life policy and a Term policy TRUE? | Both can mature and both can lapse |
| Which non-forfeiture option provides the same death benefits as the original policy? | Extended Term |
| Which Life policy has flexible premiums, a flexible death benefit, and cash value that grows at a guaranteed minimum interest rate? | Universal Life |
| Which comparison of a Probationary Period to an Elimination Period is TRUE? | Disability Income policies can contain both |
| Which settlement option gives the most flexibility and can be used to conserve capital? | Interest Only |
| How do most disability policies handle the case of a recurrent disability occurring at least 90 days after the first claim? | it must be handled as a new claim for a new period of disability, requiring a new elimination period |
| The annual gross premium for a Life policy is the net premium | Plus Expenses |
| Which is an example of Retaining Risk? | Accepting a Deductible |
| Adjustable Life would not offer the policy owner flexibility in the | cash value investment vehicle |
| Which method of handling risk is defined as the planned assumption of risk through self-insurance? | retention |
| How would a Canadian insurer operating for the benefit of shareholders and approved to do business in an American state be classified? | admitted alien stock company |
| Dental coverage plans which list all covered dental procedures and the price the coverage will pay for each procedure are know as what type of plan? | Scheduled |
| What does Premium Mode refer to? | Frequency of premium payments |
| The person who received the benefit of an annuity is known as the | Annuitant |
| What does an application for insurance contractually represent for the insured? | an Offer |
| What type of contract is only one part legally required to do something after the insured has completed the act of paying the premium? | Unillateral |
| After receiving ten monthly benefit payments, an annuitant requests that the payout method be changed from Straight Life to Survivorship Life. How will the insurance company respond? | Continue the monthly payments as promised originally |
Created by:
JMS3510
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