LIFE INSURANCE Studienführer, Klassennotizen & Zusammenfassungen

an insured owns a 50000 whole life policy. At age 47, the insured decides to cancel his policy and exercise the extended term option for the policy's cash value, which is currently 20,000. what would be the face amount of the new term policy - ANSWER 50,000 all of the following are characteristics of group life insurance except - ANSWER premiums are determined by the age, sex and occupation of each individual certificate holder a rider attached to a life insurance policy that provides cove...

What other term is used to refer to unintentional torts? Negligence Hazard Breach of contract Peril - ANSWER Negligence If a consumer requests additional information concerning an investigative consumer report, how long does the insurer or reporting agency have to comply? 5 days 3 days 7 days 10 days - ANSWER 5 days

An insured purchased an insurance policy 5 years ago. Last year, she received a dividend check from the insurance company that was not taxable. This year, she did not receive a check from the insurer. From what type of insurer did the insured purchase the policy? a. mutual b. reciprocal c. nonprofit service organization d. stock - ANSWER A. mutual

Pooling of Risks - ANSWER A large group of people contribute money to a fund out of which their losses can be paid Policyowner - ANSWER is the person or org that applies for the policy and pays the premium Actuarial Tables - ANSWER Are statistical tables that are used when calculating premium rates and mortality loss reserves

Concerning AIDS and HIV risks, all of the following acts may subject an insurer to liability claims or fines EXCEPT - ANSWER a. Disclosing test results to third party without applicant's consent. b. Requiring applicant to pay for HIV test in order to be underwritten. **c. Declining applicant for a positive HIV test result. d. Not providing counseling contacts and educational information about HIV and AIDS. When a life insurance policy was issued, the policyowner designated a primary and a ...

Which of the following is NOT an essential element of an insurance contract? A) Agreement B) Legal Purpose C) Counteroffer D) Consideration - ANSWER Counteroffer Which of the following best describes the concept that the insured pays a small amount of premium for a large amount of risk on part of the insurance company A) Adhesion B) Subrogation C) Warranty D) Aleatory - ANSWER Aleatory

Q: Which approach predicts a persons carring potential and determines how much of the amount would be devoted to dependents? - ANSWER A: Human Life Value Approach Q: A universal life policy owner must receive a notice of cash surrender value at least every __________ - ANSWER A: Year Q: Maria would like an annuity that provides a guarenteed accumulation or payout. The type of annuity she is seeking is called? - ANSWER A: Annuity Certai

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