D) Beneficiary. B) the policy would be payable only after the beneficiary makes past due premium payment A) It allows for a spouse to be added as a rider to a life insurance policy B) dies of a stroke D) Grace period, All of these are standard exclusions found in a life insurance policy EXCEPT, A) hazardous occupations 1. During the claim process, the insurer discovers that L had understated her age on the application. A nonforfeiture clause is an insurance policy clause stipulating that an insured party can receive full or partial benefits or a partial refund of premiums after a lapse due to nonpayment. A) Accidental death rider Set the qualitative parameters if the engine type is gasoline. Claims are denied under the Suicide clause of the policy, Which of these statements about a Guaranteed Insurability Option rider is NOT TRUE? A) Net death benefit will be reduced if the loan is not repaid P is the insured on a participating life policy. All of the following are considered to be nonforfeiture options available to a policyowner EXCEPT. e. Wages in the amount of $3,450 are owed but unpaid and unrecorded at year end. The policy value, therefore, should reflect the effects of inflation upon the economy. How do life insurance companies handle cases where the insured commits suicide within the contracts stated Contestable period? In what part of an insurance policy are policy benefits found? The goal of a life insurance policy is to protect the surviving dependents of the policyholder such that, after the death of the insured person, the insurance company pays a specific sum to the named beneficiaries. Which military service exclusion clause would pay upon his death? b) The key employee has premiums deducted from his salary. D) The agents obligation to pay a death benefit upon an approved death claim, C) The insurers obligation to pay a death benefit upon an approved death claim. B) Make a premium payment after the due date without any loss of coverage Which provision prevents an insurer from changing the terms of the contract with the policyowner by referring to documents not found within the policy itself? A) Bank loans What are collateral assignments normally associated with? Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Which of these would be considered a Limited-Pay Life policy? For an individual who is NOT covered by an employer-sponsored plan, IRA contributions are 1. The Consideration clause in a life insurance policy indicates that a policyowners consideration consists of a completed application and. C) completely and permanently disabled Who does the sub-agent represent? This provision is the, All of the following are nonforfeiture options EXCEPT. The cash surrender value will also be reduced by any outstanding loan amount. Modify a provision in the insurance contract D) The amount of premiums paid will be returned with interest, C) The death benefit paid will be what the premium would be purchased at the correct age. Which of the following statements is (are) true regarding life insurance policyholder dividends? D) medical underwriting. D) Conditions. N is a student pilot with a large life insurance policy. Under the Misstatement of Age provision, the insurer will, adjust the death benefit to a reduced amount, The incontestable clause allows an insurer to, contest a claim during the contestable period. There are no guarantees for the minimum amount of life insurance available in variable and universal life policies, which allow for variable investing. The insurance company guarantees a minimum cash value for the insurancepolicy after a specific period, typically three years from when the policy starts. B) One year term 2003-2023 Chegg Inc. All rights reserved. a) Conversion b) Decreasing Term c) Reduced Paid-up d) Extended Term. Which type of beneficiary is changeable at any point? B) Juvenile waiver suicide. D) Cash dividend option. Chapter 3.2 - Subjecto.com James is the insured on a life insurance policy where his age was misstated on the application. D) Policy loans will no longer be available. The series is called All or Nothing. B) past due premiums that have not been paid by the end of the grace period Which of these is NOT a characteristic of the Accelerated Death Benefit option? Which situation accurately describes a reduced paid-up nonforfeiture option? An insureds inability to perform two or more activities of daily living may trigger which type of policy rider? Pay face amount minus the past due premium. A) Payment mode C) disability

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