Exam FX Life Insurance Test

Exam FX Life Insurance Test
50/50
Ray has an individual major medical policy that requires a coinsurance payment. Ray
rarely visits his physician and would prefer to pay the lowest premium possible. Which
coinsurance arranngement would be best for Ray?
Single payment or periodic payments
Which two terms are associated directly with the way an annuity is funded?
An insured borrows money from the bank and makes a collateal assignment of a part of
the death benefit to secure the loan
All of the following are examples of thirs party ownership of life insurance
Reduction of premium
An insured pays $1,200 annually for her life insurance premium. The insured applies
this year's $300 worth of accumulated dividends to the next year's premiums, thus
reducing it to $900. What option does this describe?
Convert to an individual policy
A small company offers group insurance to its employees, but recently has decided to
terminate the health insurance contract, leaving the workers without insurance. What
can the employees do regarding their insurance?
Free-Look period
What phase begins after a new policy is delivered?
Revocable
An insured want to name her husband as the beneficiary of her health policy. She also
wishes to retain all of the rights of ownership. The insured should have herhusband
named as what type of beneficiary?
100
In order for a debtor group to qualify for group life insurance, what should be the
minimum number of participants joining the plan every year
Replacement rule
Which rule would apply if an agent knows an applicant is going to cash in an old policy
and use the funds to purchase new insurance?
Nonforfeiture values
Which term secribes the benefits of a life insurance policy that the policyowner does not
automatically relinquish even if the policy lapses?
Twisting
Agents who persaude insureds to cancel a policy in favor of another one when it might
not be in the insured's best interest are guilty of
Certificate holder
If an employee is accepted into a group insurance plan, which status will the employee
have?
Outline of Coverage
Which document helps ensure that full and fair disclosure is provided to the recipient of
a policy?

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