CA- PSI- Life, Accident & Health Exam 2023 Solved
CA- PSI- Life, Accident & Health Exam 2023 Solved Reduced Paid Up ANS-Nonforfeiture option provides new whole life policy at reduced face amount of protection. Provides coverage for longest time. Extended Term ANS-Nonforfeiture option provides new TERM policy with same face amount of coverage as original policy Guaranteed Lifetime Withdrawal ANS-Annuity rider that assures owner will at least get amount paid for the annuity Guaranteed Minimum Income ANS-Rider that guarantees you will get a set amount annually Paid-Up Additions ANS-Increase the death benefit of the original policy by the amount the dividend will buy Needs Approach ANS-The predicted needs of a family after the premature death of the insured 3 Factors that determine premium of life insurance policy ANS-Mortality, Interest, Expense Optionally Renewable ANS-Allows insurer to terminate policy for any reason or increase premiums for a class of insureds on specified date. Only allowed to terminate on premium due dates Monthly Premium for health insurance- How long is grace period ANS-10 days for monthly pay mode. 7 days for weekly pay mode. 31 days for all other modes. Purpose of Coinsurance provision ANS-Prevent overutilization of policy benefits What does "level" refer to in level term insurance? ANS-Face Amount
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