Quiz_________________?
- The policyowner's obligation to the insurer to provide notification of loss within 20 days
after the occurrence (or as soon as is reasonably possible).
- 20 days -
ANSWER✅
Notice of a Claim
Quiz_________________?
'If' a loss occurs, 'then' the insurer pays the benefits. This type of contract is thought of as 'if-
then', why? -
ANSWER✅
Conditional contracts
Quiz_________________?
7 days for weekly premium policies
10 days for monthly premium policies
31 days for all other premium policies -
1
, ANSWER✅
Grace Period
Quiz_________________?
A binding receipt (binder) provides coverage from the date of the date of the application
and usually lasts for ____ days. -
ANSWER✅
60 days
Quiz_________________?
A clause that states that the policyowner must pay a premium in exchange for the insurer's
promise to pay the benefits is called? -
ANSWER✅
Consideration Clause
Quiz_________________?
A definition of total disability that requires that for disability income benefits to be payable,
the insured must be unable to perform any job for which the insured is "reasonably suited
by reason of education, training, or experience." -
ANSWER✅
Any Occupation
Quiz_________________?
A federally funded program of health insurance for persons 65 years of age and older -
ANSWER✅
Medicare
2
, Quiz_________________?
A HMO is a managed health care plan and where provides contract with a group to provide
medical care for its members and where costs are? -
ANSWER✅
lower than traditional insurance
Quiz_________________?
A life applicant must be notified about which Act at the time the application is completed. -
ANSWER✅
Fair Credit Reporting Act (FCRA)
Quiz_________________?
A life settlement option pays one cash settlement -
ANSWER✅
Lump sum
Quiz_________________?
allow for an additional amount of temporary insurance to be provided on the insured
without the need to issue another policy. they are usually attached to a whole life policy to
provide greater protection at a reduced cost. -
ANSWER✅
Term Riders
3
, Quiz_________________?
allows for continued coverage if premiums are not paid -
ANSWER✅
Nonforfeiture Options
Quiz_________________?
Allows insured to purchase additional amounts coverage at a specified age. -
ANSWER✅
Guaranteed Insurability Rider
Quiz_________________?
Also known as Interest-Sensitive Whole Life. Which life policy provides flexible (varying)
premiums based on a changing current interest rate? -
ANSWER✅
Current Assumption Whole Life
Quiz_________________?
An Annual Renewable Term (ART) policy provides a level face amount with an increasing
premium, and is guaranteed renewable annually without? -
ANSWER✅
Proof of insurability
Quiz_________________?
An applicant can have insurable interest on a spouse, parent, grandparent, siblings, but not? -
ANSWER✅
4
- The policyowner's obligation to the insurer to provide notification of loss within 20 days
after the occurrence (or as soon as is reasonably possible).
- 20 days -
ANSWER✅
Notice of a Claim
Quiz_________________?
'If' a loss occurs, 'then' the insurer pays the benefits. This type of contract is thought of as 'if-
then', why? -
ANSWER✅
Conditional contracts
Quiz_________________?
7 days for weekly premium policies
10 days for monthly premium policies
31 days for all other premium policies -
1
, ANSWER✅
Grace Period
Quiz_________________?
A binding receipt (binder) provides coverage from the date of the date of the application
and usually lasts for ____ days. -
ANSWER✅
60 days
Quiz_________________?
A clause that states that the policyowner must pay a premium in exchange for the insurer's
promise to pay the benefits is called? -
ANSWER✅
Consideration Clause
Quiz_________________?
A definition of total disability that requires that for disability income benefits to be payable,
the insured must be unable to perform any job for which the insured is "reasonably suited
by reason of education, training, or experience." -
ANSWER✅
Any Occupation
Quiz_________________?
A federally funded program of health insurance for persons 65 years of age and older -
ANSWER✅
Medicare
2
, Quiz_________________?
A HMO is a managed health care plan and where provides contract with a group to provide
medical care for its members and where costs are? -
ANSWER✅
lower than traditional insurance
Quiz_________________?
A life applicant must be notified about which Act at the time the application is completed. -
ANSWER✅
Fair Credit Reporting Act (FCRA)
Quiz_________________?
A life settlement option pays one cash settlement -
ANSWER✅
Lump sum
Quiz_________________?
allow for an additional amount of temporary insurance to be provided on the insured
without the need to issue another policy. they are usually attached to a whole life policy to
provide greater protection at a reduced cost. -
ANSWER✅
Term Riders
3
, Quiz_________________?
allows for continued coverage if premiums are not paid -
ANSWER✅
Nonforfeiture Options
Quiz_________________?
Allows insured to purchase additional amounts coverage at a specified age. -
ANSWER✅
Guaranteed Insurability Rider
Quiz_________________?
Also known as Interest-Sensitive Whole Life. Which life policy provides flexible (varying)
premiums based on a changing current interest rate? -
ANSWER✅
Current Assumption Whole Life
Quiz_________________?
An Annual Renewable Term (ART) policy provides a level face amount with an increasing
premium, and is guaranteed renewable annually without? -
ANSWER✅
Proof of insurability
Quiz_________________?
An applicant can have insurable interest on a spouse, parent, grandparent, siblings, but not? -
ANSWER✅
4
