Life Insurance Policies -
Provisions, Options and
Riders questions solved.
Which of these provisions require proof of insurability after a policy has lapsed?
-Insuring
-Conversion
-Reinstatement
-Consideration - Ans>>>-Reinstatement
The Consideration clause in a life insurance policy indicates that a policyowner's
consideration consists of a completed application and
-the initial premium
, -agreeing to a physical examination
-delivery of policy
-disclosure of any medical conditions - Ans>>>-the initial premium
What action will an insurer take if an interest payment on a policy loan is not
made on time?
-cancel the policy if not paid within the grace period
-automatically add the amount of interest due to the loan balance
-subtract from any dividends owed
-disallow any further loans - Ans>>>-automatically add the amount of interest due
to the loan balance
When an insurer issues a policy that refuses to cover certain risks, this is referred
to as a(n)
-elimination
-exclusion
-limitation
-exception - Ans>>>-exclusion
Provisions, Options and
Riders questions solved.
Which of these provisions require proof of insurability after a policy has lapsed?
-Insuring
-Conversion
-Reinstatement
-Consideration - Ans>>>-Reinstatement
The Consideration clause in a life insurance policy indicates that a policyowner's
consideration consists of a completed application and
-the initial premium
, -agreeing to a physical examination
-delivery of policy
-disclosure of any medical conditions - Ans>>>-the initial premium
What action will an insurer take if an interest payment on a policy loan is not
made on time?
-cancel the policy if not paid within the grace period
-automatically add the amount of interest due to the loan balance
-subtract from any dividends owed
-disallow any further loans - Ans>>>-automatically add the amount of interest due
to the loan balance
When an insurer issues a policy that refuses to cover certain risks, this is referred
to as a(n)
-elimination
-exclusion
-limitation
-exception - Ans>>>-exclusion
