If, at the time of an insured's death, the insurance company discovers that the insured's age was misstated on the application for life insurance, the
... [Show More] company will most likely - pay the policy proceeds in the amount the premiums would have purchased at the insured's actual age
The provision in a health insurance policy that suspends premiums being paid to the insurer while the insured is disabled is called the: - Waiver of Premium
P and Q are married and have three children. P is the primary beneficiary on Q's Accidental Death and Dismemberment (AD&D) policy and Q's sister R is the contingent beneficiary. P, Q, and R are involved in a car accident and Q and R are killed instantly. The Accidental Death benefits will be paid to: - P only
Which of these statements accurately describes the Waiver of Premium provision in an Accident and Health policy? - *Premiums are waived after the insured has been totally disabled for a specified time period
(The Waiver of Premium provision waives the payment of premiums after the insured has been totally disabled for a specified period of time.)
All of the following provisions must be included in life insurance policies EXCEPT - All of the following provisions must be included in life insurance policies EXCEPT
Q applied for life insurance and submitted the initial premium on January 1. The policy was issued February 1, but it was not delivered by the agent until February 7. Q is dissatisfied and returns the policy February 13. How will the insurer handle this situation? - olicy was returned within the free-look period, premium will be fully refunded
Who can purchase a plan through the Marketplace? - Any legal resident except those incarcerated
A major medical policy typically: - provides benefits for reasonable and necessary medical expenses, subject to policy limits
Which of the following BEST describes a short-term medical expense policy? - Nonrenewable
A Whole Life Insurance Policy endows when the - Cash value equals the death benefit
The insuring clause - States the scope and limits of the coverage
An insurer must provide an insured with claim forms within __ days after receiving notice of a loss. - 15
A Family Income Policy is a combination of Whole Life and - Decreasing term insurance
T and S are named co-primary beneficiaries on a $500,000 Accidental Death and Dismemberment policy insuring their father. Their mother was named contingent beneficiary. Five years later, S dies of natural causes and the father is killed in a scuba accident shortly afterwards. How much of the death benefit will the mother receive? - $0
Which of these statements describe a Modified Endowment Contract (MEC)? - Exceeds the maximum amount of premium that can be paid into a policy and still have it recognized as a life insurance contract
What group term life feature permits an individual to depart from the group and continue to be covered without providing evidence of insurability? - conversion
An insurance company may be judged guilty of false advertising if it - exaggerates its dividends in a newspaper advertisement
A policy of adhesion can only be modified by whom? - the insurance company
Variable Whole Life Insurance can be described as: - both an insurance and securities product
Which type of contract liquidates an estate through recurrent payments? - annuity
Many small business owners worry how their business would survive financially if the owner becomes disabled. The policy which BEST addresses this concern is: - business overhead expense
What is the elimination period of an individual disability policy? - time period a disabled person must wait before benefits are paid
In Texas, a domestic insurance company is defined as a company that - is incorporated and formed in Texas
Under a Renewable Term policy, - the renewal premium is calculated on the basis of the insured's attained age.
Group life policies MUST include all of the following provisions EXCEPT - right to loan proceeds
The Commissioner of Insurance may issue a temporary agent's license for a maximum of how many days? - 90 [Show Less]