Life producer exam
Life insurance rider that allows an individual to purchase insurance as they grow older,
regardless of insurability, is called - answer guaranteed insurability rider
alternative to a life settlement - answer accelerated death benefit rider
CANT increase the death benefit amount - answer waiver of premium
whole life insurance policy accumulates cash value that becomes - answer the policy
loan value which the insured may borrow against
under a life insurance policy, what does the insuring clause state? - answer the insurer's
obligation to pay a death benefit upon an approved death claim
NOT a characteristic if the accelerated death benefit option - answer the benefit can be
offered as a rider at a specific extra cost or may be at no cost
NOT a settlement option for life insurance policies - answer extended term
Elizabeth is the beneficiary for a life insurance policy. she is receiving the death benefit
in payments of $10,000 per month until the principal and interest has been paid out.
which option was chosen? - answer fixed amount
how does life insurance create an immediate estate? - answer after the first premium
paid, the face amount may be available to the beneficiary
requirement for ANY change in an insurance application - answerchange must be
initialed by an applicant
field underwriting performed by the producer involves - answercompleting the
application and collecting initial premium
an employee under a group insurance policy has the right to name a beneficiary and the
right to - answerconvert to an individual policy in the event of employment termination
converting a group plan to permanent life insurance requires - answerthe conversion
being applied for within 31 days of termination
lisa has recently bought a fixed annuity. which of these is considered a disadvantage of
owning this type of annuity? - answerduring periods of inflation, annuitants will
experience a decrease in purchasing power of their payments
Life insurance rider that allows an individual to purchase insurance as they grow older,
regardless of insurability, is called - answer guaranteed insurability rider
alternative to a life settlement - answer accelerated death benefit rider
CANT increase the death benefit amount - answer waiver of premium
whole life insurance policy accumulates cash value that becomes - answer the policy
loan value which the insured may borrow against
under a life insurance policy, what does the insuring clause state? - answer the insurer's
obligation to pay a death benefit upon an approved death claim
NOT a characteristic if the accelerated death benefit option - answer the benefit can be
offered as a rider at a specific extra cost or may be at no cost
NOT a settlement option for life insurance policies - answer extended term
Elizabeth is the beneficiary for a life insurance policy. she is receiving the death benefit
in payments of $10,000 per month until the principal and interest has been paid out.
which option was chosen? - answer fixed amount
how does life insurance create an immediate estate? - answer after the first premium
paid, the face amount may be available to the beneficiary
requirement for ANY change in an insurance application - answerchange must be
initialed by an applicant
field underwriting performed by the producer involves - answercompleting the
application and collecting initial premium
an employee under a group insurance policy has the right to name a beneficiary and the
right to - answerconvert to an individual policy in the event of employment termination
converting a group plan to permanent life insurance requires - answerthe conversion
being applied for within 31 days of termination
lisa has recently bought a fixed annuity. which of these is considered a disadvantage of
owning this type of annuity? - answerduring periods of inflation, annuitants will
experience a decrease in purchasing power of their payments
