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Insurance 10

QuestionAnswer
A professional liability for which producers can be sued for mistakes of putting a policy into effect is called errors and omissions
If the beneficiary dies from the same accident as the insured individual, the insurer will proceed as if the insured outlived the beneficiary
Which of the following is NOT a common exclusion for a medical expense policy? Physical therapy
According to life insurance contract law, insurable interest exists at the time of application
Which of these factors help determine an insured's life insurance premium? avocation (hobby)
Which of these is affected by the frequency of an insurance policy's premium payments? Cost
What is implied authority defined as? Authority that is not specifically given to an agent in the agency contract, but that an agent can reasonably assume to carry out his/her duties
Which of these is considered a major tax advantage of life insurance? Income tax is typically not owed on proceeds paid directly to a beneficiary
All of the following are elements of an insurance policy EXCEPT claim forms
When the _____ settlement option is selected, the policy proceeds remain with the insurer and earnings are paid on a monthly basis to the beneficiary. interest only
Elizabeth is the beneficiary of a life insurance policy. She is receiving the death benefit in payments of $10,000 per month until the principal and interest has been paid out. Which option was chosen? Fixed amount
How is the cost of a policy affected when a policyowner pays premiums more frequently? Increases
A life insurance policy normally contains a provision that restricts coverage in the event of death under all of the following situations EXCEPT fare-paying passenger
Created by: johnnywaldron71
 

 



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