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All of the following statements about the provisions in a typical modification clause in a life insurance policy are true EXCEPT: - The authority to bind the insurance company to policy changes or modifications is limited to specified persons. The lowest total annual premium expenditure usually results when premiums are paid: - Annually A preferred risk classification for a whole life insurance policy means that: - The premium rate is lower than the standard rate for the identical policy The gross annual premium for a whole life insurance policy is the net premium: - Plus Expenses Which one of the following statements about a life insurance policy rider regarding waiver of premiums and disability income is true? - In addition to waiving premiums during periods of disability, it provides a monthly income. A withdrawal from a deferred annuity must be authorized by - The Owner The beneficiary of a life insurance policy originally is indicated: - On the life insurance application Life insurance helps meet estate planning objectives because it is: - A liquid asset at death Current interest rates provide a reasonable basis for projecting cash values in a fixed annuity when: - The current interest rate is close to historical standards