Gail has no children and has decided to make a gift of her life insurance to her alma mater. This type of assignment is voluntary and also usually absolute and complete. Specifics of this type of assignment include:
The insuring clause of a policy includes all of the following, EXCEPT:
Gerry forgets to pay his life insurance premium, and the policy lapses. If he is within the reinstatement period and decides to reinstate his policy, he will be required to take all of the following actions, EXCEPT:
The stipulated period of time, allotted by the insurance company, to allow a policyholder to make an overdue payment while the policy remains in force and coverage is provided is called the _____________.
Jennifer is trying to add her insurance premium payments to her budget. All of the following are accepted payment mode options, EXCEPT:
Which of the following best describes the automatic premium loan provision of a life insurance policy?
If a policy loan is unpaid, the automatic premium loan provision has the effect of deducting the amount of the loan with interest from the death benefit. What should the policyowner do to avoid this reduction in the death benefit?
Withdrawals or partial surrenders can be made on the cash value of a universal life policy. Which of the following is specified in the policy?
What is the primary purpose of the entire contract provision in a life insurance policy?
How long is the loan period on STOLI arrangements?
Of the following individuals, who has the right to change the beneficiary designations in a life insurance policy?
All life insurance is either term insurance or cash value insurance. Term insurance insures your life only for a specified time. Which of the following is not true about term insurance?
All of the following are ownership rights, EXCEPT:
Julie applies for a health insurance policy. Her consideration consists of:
Which provision is mandatory in life insurance policies?
This provision identifies the named insured, type, and amount of coverage provided by the policy:
Joanna's cash value in her life policy was reduced to zero. Which of the following statements is TRUE about the effect on her cash value life insurance policy.
In most states, the period of contestability for material misrepresentations made on a life insurance application is:
Barney dies during the grace period of a life insurance policy. The insurer will:
The applicant's statements in the application are considered ______________ and not _____________, unless fraudulent.
What part of the insurance contract contains the insurer's consideration?
If no beneficiary is named in the insuring clause of a life policy, what happens to the benefit proceeds?
The ____________ clause states that the insurance coverage is in place on application and the payment of the first premium.
Transfer of ownership rights from one person to another is described by the:
Which type of assignment is partial and temporary?
Which of the following policies allows partial withdrawals or surrenders?
All of the following are part of the entire contract provision, EXCEPT:
A policyholder has the right to examine the policy purchased. If the policy owner returns the policy to the insurer within the specified time, to be cancelled, he/she can expect: