Irrevocable beneficiary
What kind of life insurance beneficiary requires his/her consent when a change of beneficiary is made?
Anytime
When can a
... [Show More] policy-owner change a revocable beneficiary?
Daughter
K has a life insurance policy where her husband is beneficiary and her daughter is contingent beneficiary. Under the Common Disaster clause, if K and her husband are both killed in an automobile accident, where would the death proceeds be directed?
0
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?
If the primary beneficiary dies before the insured
How would a contingent beneficiary receive the policy proceeds in an Accidental Death and Dismemberment (AD&D) policy?
Irrevocable
A policy would like to change the beneficiary on a Life insurance policy and make the change permanent. Which type of designation would fulfill this need?
The early years are charged more than what is needed
What is the underlying concept regarding level premiums?
Premium Mode
A policy-owner is able to choose the frequency of premium payments through what policy feature?
Mode of Premium
A policy owner is allowed to pay premiums more than once a year under which provision?
Application will be returned to the writing agent.
An incomplete life insurance application submitted to an insurer will result in which of these actions?
Applicant
Any changes made on an insurance application requires the initials of whom?
Set up a meeting with the applicant to answer the remaining questions
P is a producer who notices 5 questions on a life application were not answered. What actions should P take?
Policy was returned within the free-look period, premium will be fully refunded.
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?
Beneficiary
Who is NOT required to sign a life insurance application?
Forward the application o the insurer without the initial premium.
What action should a producer take if the initial premium is NOT Submitted with the application?
applicant's physician
An applicant's medical information received from the Medical Information Bureau (MIB) may be furnished to the
To detect and deter terrorism
What is the purpose of the USA Patriot Act
The group was formed for a purpose other than acquiring insurance.
Which requirement must be met for an association to be eligible for a group life plan?
The policy proceeds will be paid if the employee dies during the conversion period.
When an employee is terminated, which statement about a group term life conversion is true?
Certificate
A person who is insured within a group contract will be given a
Immediate annuity
W is a 39-year old female who just purchased an annuity to provide income for life starting at age 60. All of these would be acceptable annuity choices EXCEPT a(n)
Single premium
An immediate annuity consists of a
Social Security
What is Old Age and Survivors Health Insurance (OASDHI) also known as?
Individual Retirement Account (IRA)
Which of these retirement plans can be started by an employee, even if another plan is in existence?
at future dates specified in the contract with no evidence of insurability required.
When does a guaranteed Insurability Rider allow the insured to buy additional coverage?
Reinstatement
Which of these provisions require proof of insurability after a policy has lapsed?
the initial premium.
The consideration clause in a life insurance policy indicated that a policy owner's consideration consists of a completed application and
Entire contract provision
what provision in a life insurance policy states that the application is considered part of the contract?
Contest a claim during the contestable period
The incontestable clause allows an insurer to
Must have a terminal illness to qualify
Which of the following statements is correct about accelerated death benefits?
payor clause
Which of the following provisions guarantees that premiums will be waived if a juvenile life policy owner becomes disabled?
Assign policy ownership to the bank
What action can a policy owner take if an application for a bank loan requires collateral? [Show Less]