When can a policy owner change a revocable beneficiary?
Anytime
M purchased an Accidental Death and Dismemberment (AD&D) policy and named his son as
... [Show More] beneficiary. M has the right to change the beneficiary designation at anytime. What type of beneficiary is his son?
Revocable
How would a contingent beneficiary receive the policy proceeds in an Accidental Death and Dismemberment (AD&D) policy?
If the primary beneficiary dies before the insured
What is the underlying concept regarding level premiums?
The early years are charged less than what is needed
A policy owner is able to choose the frequency of premium payments through what policy feature?
Premium Mode
Any changes made on an insurance application requires the initials of whom?
Applicant
All of these are considered sources of underwriting information about an applicant EXCEPT
Rating Services
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?
Policy was returned within the free-look period, premium will be fully refunded
M completes an application for life insurance but does not pay the initial premium. All of these actions must occur before M's policy goes into effect EXCEPT
free-look period has expired
What action should a producer take if the initial premium is NOT submitted with the application?
Forward the application to the insurer without the initial premium
Which of the following is an important underwriting principle of group life insurance?
Everyone must be covered in the group
Which requirement must be met for an association to be eligible for a group life plan?
Group was formed for a purpose other than acquiring insurance
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When an employee is terminated, which statement about a group term life conversion is true?
Policy proceeds will be paid if the employee dies during the conversion period
Under a trustee group life policy, who would be eligible for a certificate of coverage?
Corporation [Show Less]