L&H 3
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
|
|
||||
|---|---|---|---|---|---|
| Which of the following policies is designed to be used in estate planning to pay estate taxes for married couples? A Universal Life B Joint Life C Joint Survivorship Life Policy D Variable Life | show 🗑
|
||||
| show | Are deducted from the policy's death benefit:
insureds who need funds for health care to collect some or all of the policy's death benefit while they are still living
🗑
|
||||
| What is the name of the rider that requires that the premium payor become totally and permanently disabled before it will pay a claim? A Jumping Waiver B Minor age waiv of premium C Payor Benefit (Waiver of Payor's Premium) D Juvenile Waiver | show 🗑
|
||||
| show | Premiums are flexible:
Flexible premiums are not a characteristic of a Whole Life Insurance Policy.
🗑
|
||||
| show | Increases in face amount do not require proof of insurability if under $100,000:Any increase in the face amount will require evidence of insurability
🗑
|
||||
| At what age does the cash value equal the face amount of a traditional whole life policy issued 25 years ago? A 95 B 100 C 85 D 115 | show 🗑
|
||||
| All of the following are reasons why a new policy issued thru term conversion costs more, excpt: A The insd's health changed for the worse B The new policy was issued at attaind age C new policy is permanent D new policy has cash values | show 🗑
|
||||
| If PO wants to inc death benefit Adj Life policy, whats req? ARem any cash value fro policy, convert to Term L BAct w/i first 5 yrs of policy issue CPay back prems & interest so that=as if policy issued w/ tht face amt DProve insbility for increase | show 🗑
|
||||
| show | 40-pay life:The longer the premium paying period, the lower the premium
🗑
|
||||
| show | Waiver of Premium:
waive premiums for a disabled insured. If the insured also wanted to replace income due to disability, then he or she would purchase the Waiver of Premium/Disability Income Rider.
🗑
|
||||
| show | The insurer refunds it:Once the waiver of premium takes effect, it is retroactive to the date of the disability=essentially the disability was covered from the first day
🗑
|
||||
| show | The face amount
The full face amount (death benefit) is payable to the beneficiary any time death occurs while the policy is in force.
🗑
|
||||
| what is a type of life insurance that provides an amount of coverage that diminishes while the policy is in effect and is most often used to pay an outstanding loan or mortgage balance upon the death of the insured? | show 🗑
|
||||
| show | Universal Life
🗑
|
||||
| show | 20 year: The longer the term period, the higher the initial term premium
🗑
|
||||
| show | The new policy's premium will be based on the insured's original age: new policy's premium will be based on the insured's attained age, the rates in effect by the insurer at the time of re-entry, and the premium class approved by the company.
🗑
|
||||
| A $100,000 policy with a waiver of premium rider and $30,000 of cash value is in force. The base policy costs $750 rider is $50. What is total prem annually the policyowner must pay to keep policy in force? A $750 B $700 C $800 D $50 | show 🗑
|
||||
| show | B
The policy is supported by the insurer's general account:Both are supported by the insurer's general account--in other words, neither uses a separate account. The other answer options are only true for Universal Life
🗑
|
||||
| show | More than $200,000 but less than $1,000,000
A Life Settlement is similar to a viatical settlement in that it is the sale of an existing life insurance policy to a third party for more than its cash surrender value, but less than its death benefit.
🗑
|
||||
| show | Makes a service charge when the policy is surrendered: allows cash value to accumulate quickly since money stays in longer.
Surr. charges made money withd/policy is surrend.
chrgs reprst backend load & put in place@issue for spec per time on dec scale
🗑
|
||||
| If a universal life policy with the increasing death benefit option has an initial face amount of $75,000 and cash value of $10,000, the actual death benefit would be | show 🗑
|
||||
| show | A
Without providing proof of insurability, pay higher premiums based on her attained age:she will pay a higher premium because she is older than when she purchased the Term Policy, and because she is converting to a Permanent Policy
🗑
|
||||
| what disabling acts would NOT normally be excluded form the waiver of premium rider? | show 🗑
|
||||
| Which Whole Life insurance policies has lowest ann prem paym per $1,000 of coverage for 35-yr-old, all factors being equal? A 30-Pay Ordinary Life B 20-Pay Ordinary Life C Limited Pay Ordinary Whole to age 85 D Ordinary Straight Whole Life | show 🗑
|
||||
| Term insurance differs from permanent insurance in that term: | show 🗑
|
||||
| show | $600
There is usually a maximum 6-month elimination period before premiums are waived.
🗑
|
||||
| Which of the following policies cannot have a premium payment period of less than to age 100? A Limited Pay Life B Ordinary Straight Whole Life C Adjustable Life D Indeterminate Premium | show 🗑
|
||||
| If an insured's policy includes the waiver of premium rider, what happens when the age is reached where the rider no longer applies? | show 🗑
|
||||
| A 22 year-old applicant for life insurance has lim budget for prems. Which policies would provide for the highest face value, for the lowest premium amount? A 10 Year Term B Annually Renewable Term C 30 year Term D 20 Year Term | show 🗑
|
||||
| show | Modified whole life:
modifies a whole life policy to use term at the beginning to lower premiums and then converts to whole life later. The purpose is to make whole life affordable in the early years.
🗑
|
||||
| What rider is designed to help the insured offset the effects of future inflation on the policy's face amount? | show 🗑
|
||||
| show | Term Life Insurance:
Term Insurance is pure protection (i.e. no cash value develops.) Its cost per thousand dollars of coverage is significantly lower initially than Permanent Insurance.
🗑
|
||||
| An existing term life insurance policy may be exchanged for a new term life insurance policy on the ______ date. | show 🗑
|
||||
| show | B
Permanent and Term
🗑
|
||||
| Universal Life and Variable Universal Life share all of the following characteristics, except: A Flexible premiums B The investment risk C Adjustable death benefit options D Policy loans, surrenders, and partial withdrawals are permitted | show 🗑
|
||||
| Which of the following pays a current interest rate and guarantees a minimum interest rate that will be credited to cash values of the life policy? A Variable Whole Life B Variable Universal Life C Universal Life D Ordinary Whole Life | show 🗑
|
||||
| show | It is similar to the re-entry provision found in some term policies
🗑
|
||||
| Bert is the owner and insured of a permanent life insurance policy he purchased 20 years ago. never missed a premium payment. He would like to buy a new car but account is low. How can he obtain the necessary funds while still maintaining coverage? | show 🗑
|
||||
| show | the policy owner:
The policyowner retains all rights in the policy up to and including receiving the endowment proceeds.
🗑
|
||||
| Amounts paid out under the accelerated benefits rider | show 🗑
|
||||
| show | Simplified Issue
🗑
|
||||
| The cash value of a permanent life insurance policy can be used for | show 🗑
|
||||
| A life insurance premium is paid each month. The insurer then subtracts a mortality and expense charge from the policy's cash value. This best describes what type of life insurance policy | show 🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
rachel krystopowicz