hey 2

what type of whole life insurance policies only requires a payment of premium at its inception, and in addition to providing insurance protection for the life of the insured, endows at the insured's age 100

single premium whole life

during partial withdrawal from a universal life policy, what portion, if any, will be taxed

interest earned on the withdrawn cash value

what are the characteristics of the group that underwriters will consider before issuing a group life policy

group's purpose, size, financial strength and turnover

between adjustable life and universal life policies, which one provides more flexible to the policy owner

universal life

what type of whole life insurance policy generates immediate cash value

single premium whole life

what are the living benefits of whole life insurance

loan values

what universal life option has a gradually increasing cash value and a level death benefit

option A

what is the main responsibility for a company's underwriting unit

risk selection

an insured receives a monthly summary for his life insurance policy. He notices that the cash value of the policy is significant lower this month than it was last month. What type of policy does the insured have

variable

what is included in Part 2 of a life insurance application

prospective insured

what type of life insurance offers an applicant a cash value element

permanent insurance (usually, whole life)

what document must a producer provide to the insured during policy replacement

notice regarding replacement

if an insured changes his placement plan from monthly to annually, what happens to the total premium

it will decrease

what are the three main instances when insurable interest exists in life insurance

insuring your own life, the life of a family member, or the life of a business partners or someone who has a financial obligation to the policy owner

mortality tables are used by insurance companies to predict what

life expectancy and health rates for specific groups of individuals

in calculating the amount of the life insurance needed, what is the needs approach based on

the predicted needs of a family after the premature death of the insured

what term describes the fee a person pays an insurance company to receive coverage

premium

at what point does coverage begin when an agent issues a conditional receipt for a life insurance policy

on the date of the application or the date of the medical exam (whichever occurs last)

how does the premium mode affect the otto premium paid for insurance for the new year

higher frequency of the premium payments will result in higher overall premium

what is a blackout period for social security benefits

a period of time during which the surviving spouse does not receive benefits

who is the beneficiary on a key-person life insurance policy

the employer

what type of insurance creates an immediate estate

life insurance

what type of policy issues certificates of insurance to the insurdeds

group policy

who responsible for the contents of insurance advertisements

the insurance company

what document must a producer provide to the insured during policy replacement

notice regarding replacement

who must have insurable interest in the insured

the policy owner

who is a replacing insurer

the company that issues a new policy during policy replacement

what are the three main instances when insurable interest exists in life insurance

insuring your own life, the life of a family member, or the life of a business partners or someone who has a financial obligation to the policy owner

in calculating the amount of life insurance needed, what is the needs approach based on

the predicted needs of a family after the premature death of the insured

what is the purpose of key person insurance

to minimize the risk of a financial loss caused by the death of a key employee

what are illustrations in a life insurance policy

presentations of non guaranteed elements of the policy

when planning for survivor protection in life insurance, what needs to be considered

the insured's current assets, liabilities and survivor's needs

a business is the owner and beneficiary of a key-person life policy When the business collects the policy benefit, how is it taxed

benefit is received tax free

life insurance may be used to pay state inheritance taxes and federal estate taxes eliminating the need to sell assets from the estate. What is this called

estate conservation

what is the purpose of the agent's report during the APPLICATION process

discusses the agent's personal oberservations about the proposed insured that may help in the underwriting process

what type of policy is typically issued without proof of insurability from the insured

group

what is the main propose of the regulation on life insurance policy illustrations

to help the public make educated decisions about buying life insurance

what type of insurance would perform the function of cash accumulation

life insurance

when must insurable interest exist in a life insurance policy

at the time of the application

what is policy replacement

a new policy issued while an existing policy is terminated or reissued with a reduction in cash value

what document describes the specific information about a policy

policy summary

when must the policy summary for a life insurance policy be delivered to the policy owner

at the time of the policy delivery

what are the three factors that determine the premium for a particular life insurance policy

mortality, interest and expense

what is insurance of underwriting

the process of risk selection and classification

an insured receives a monthly summary of his life insurance policy. He notices that the cash value of the policy is significantly lower this month than last month. What type of insured does he have

variable

if someone wants buy a life insurance policy that will provide lifetime protection against premature death, what type of life insurance policy should it be

permanent

what are the personal uses of life insurance

survivor protection, estate creation and conservation, cash accumulation and liquidity

if an applicant for a life insurance policy and the potential insured are two different people, w hat would be the underwriter's main concern

the existence of insurable interest between the applicant and the insured

what does "liquidity" mean for a life insurance policy

available at cash value

if an insured changed his payment plan from monthly to annually, what happens to the total premium

decrease

all factors being equal, which premium payment mode will required an overall higher premium: monthly or annual

monthly