insurance final exam

J would like to maintain the right to change beneficiaries. Which beneficiary designation should be used? - Answer- Revocable T and S are named co-primary beneficiaries on a $500,000 Accidental Death and Dismemberment policy insuring their father. Their mother was named contingent beneficiary. Five years later, S dies of natural causes and the father is killed in a scuba accident shortly afterwards. How much of the death benefit will the mother receive? - Answer- $0 How would a contingent beneficiary receive the policy proceeds in an Accidental Death and Dismemberment (AD&D) policy? - Answer- If the primary beneficiary dies before the insured A policyowner would like to change the beneficiary on a Life insurance policy and make the change permanent. Which type of designation would fulfill this need - Answer- Irrevocable A policyowner's rights are limited under which beneficiary designation? - Answer- Irrevocable If the insured and primary beneficiary are both killed in the same accident and it cannot be determined who died first, where are the death proceeds to be directed under the Uniform Simultaneous Death Act? - Answer- Insured's contingent beneficiary On a life insurance policy, who is qualified to change the beneficiary designation? - Answer- the Policyowner An incomplete life insurance application submitted to an insurer will result in which of these actions - Answer- Application will be returned to the writing agent Any changes made on an insurance application requires the initials of whom? - Answer- Applicant Which Federal law allows an insurer to obtain an inspection report on a potential insured? - Answer- Fair Credit Reporting Act K applies for a life insurance policy on herself and submits the initial premium with the application. She is given a receipt by the agent stating that coverage begins immediately if the application is approved. What kind of receipt was used? - Answer- Conditional M completes an application for life insurance but does not pay the initial premium. All of these actions must occur before M's policy goes into effect EXCEPT - Answer- free-look perio