The beneficiary will receive the full death benefit if it is determined that the applicant qualified for the policy. If the applicant dies the following day, which of the following is TRUE? The premium would be returned to the insured's estate because the policy was not issued. An applicant signs an application for a $25,000 life insurance policy, pays the initial premium, and receives a conditional receipt. To attain currently insured status under Social Security, a worker must have earned at least how many credits during the last 13 quarters? 4 credits 6 credits 10 credits 40 credits. Which component increases in the increasing term insurance? Cash value Interest on the proceeds Premium Death benefit. When a policyowner designates a group of individuals as the beneficiary of a life insurance death benefit without specifically naming the individuals, this is called Revocable designation. What percentage of a company's employees must take part in a noncontributory group life plan? 0% 25% 75% 100%. Which of the following would qualify as an implied warranty in an insurance contract? Statements in the policy An oral representation by the applicant The applicant’s signature Contract’s legal purpose. ![]() Who would be eligible to contribute to an IRA? An 18-year old non-working student A 50-year old school teacher A 75-year old professional earning income A 35-year old receiving monthly unemployment checks. What will the company do? Pay nothing there was a misrepresentation on the application Pay the full death benefit and refund excess premium Pay a reduced death benefit Pay the full death benefit. He is killed in an automobile accident and it is discovered that he is actually 45 years old, and not 43, as stated on the application. An insured has had a life insurance policy that he purchased 3 years ago when he was 40 years old. It allows for coverage to continue beyond maturity date. It has the highest amount of insurance protection. What is the benefit of choosing extended term as a nonforfeiture option? It can be converted to a fixed annuity. The insured will be guaranteed premium rates for a specific amount of time. The insured will be locked into a contract for at least 2 years. The insured's coverage will be effective immediately. When an insured receives a written binder, The insured will not have to submit an application to the insurer. Earned Surplus funds allow a company to pay higher bonuses to its agents. It is from this money that death or medical claims are paid. ![]() ![]() Earned Surplus are unassigned funds that are required to be reported on the insurer's annual statement. Which of the following is a TRUE statement concerning an insurer’s Earned Surplus? Earned Surplus finances a company's growth. A situation in which a person can only lose or have no change represents Adverse selection. Which of the following information about the applicant is NOT included on Part 1 of the application for insurance? Occupation Marital status Medical background Gender. Which special policy combines decreasing term insurance with whole life insurance to provide the insured's family with a monthly income upon the death of the insured, while maintaining permanent coverage until the end of the income payments? Family Protection Policy Family Maintenance Policy Survivorship Life Family Income Policy. Which of the following types of insurance covers the whole family in a single contract? Whole Life Policy Family Policy Family Income Policy Survivorship Policy. Temario: The advantage of qualified plans to employers is Taxable contributions.
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