FREE AND STUDY GAMES ABOUT PRIVISIONS EXAM

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FREE AND STUDY GAMES ABOUT PRIVISIONS EXAM

QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -25 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation Question 1: Which provision states who may select policy options designate and name a beneficiary

Answer:

Owners rights Question 2: Which life insurance rider allows an applicant to have access to coverage?

Answer:

Term rider Question 3: The option that provides an additional death benefit for a limited amount of time at the lowest possible cost is called..

Answer:

Accidental Death and Dismemberment

Question 4: This type of of rider appears on a juvenile life insurance policy

Answer:

Payor benefit rider

Question 5: A _____ rider may be used to include coverage for children under their childrens life insurance policy

Answer:

Term

Question 6: additional coverage could be added to a policy by adding

Answer:

a decreasing term rider Question 7: Which type of life insurance allow the policyowner to have level premiums and also choose from a selection of investment options?

Answer:

Variable Life

Question 8: How are policy owner dividend treated in regards to tax

Answer:

Interest on accumulations is taxed

Question 9: A return of premium life insurance policy is

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Whole life and increasing term Question 10: An insurer may normally delay payment of a cash value loan or surrender value for up to

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• months

Question 11: Which non-forfeiture option continue a build up of cash value

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Reduced Paid up Question 12: M has an insurance policy that also has an outstanding policy loan at the time of M's death. The insurer will deduct the outstanding loan balance from the

Answer:

Policy proceeds

Question 13: cost of living rider gives the insured

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additional death benefits Question 14: Daryan owns a whole life policy that was purchased 10 years ago. If the premium payments suddenly stop and Daryan takes no action, which Nonforfeiture option will the insurer likely proceed with?

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Extended Term Question 15: The accelerated death benefit provision is also know in a life insurance policy is also know as?

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Living Benefit Question 16: genuinelly added to a life insurance policy to cover a juvenile on i life insurance policy

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payor clause benefit clause

Question 17: A life insurance may only be assigned as collateral by

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The policy owner Question 18: S buys a 10k whole life policy in 2003 and pays an annyal premium of 100 dollars.S dies 5 years later in 2008 and the insurer pays the beneficiary 10,500. Whay kind of rider did S include in the policy?

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Return of premium rider Question 19: The consideration clause in a life insurance contract contains what pertinent information?

Answer:

Amount of premium payments and when they are due

Question 20: Dividends paid from a life insurance policy are

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issued by the insurer

Question 21: A policy loan is made possible by which provision?

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Cash value provision Question 22: A provision in life insurance policy that pays the policy owner an amount that does not surpass the guaranteed cash value is called

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Policy Loan Provision Question 23: An insured inability to perform two or more activities of daily living may trigger which type of policy rider?

Answer:

Long Term Care

Question 24: What benefit does the payor clause on a juvenile life policy have?

Answer:

Premiums are waved if the juvenile becomes disabled Question 25: The agreement in a life insurance contract that states a specific sum of money will be paid to a designated person upon an insureds death is called..

Answer:

Insuring Agreement which sets for the company's basic promise to pay benefits upon the insureds death