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What is the purpose of requiring licenses for persons who transact insurance?
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Protect the general public
In whole life insurance, which of the following terms describes features such as cash
values and loan provisions?
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Nonforfeiture options
When an insured dies, who has first claim to the death proceeds of the insured's life
insurance policy?
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Primary beneficiary
Which of the following is TRUE regarding a level term life policy written with a
renewable provision?
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At the end of the term, the policy can be renewed without evidence of
insurahility.
Who bears the investment risk in variable life insurance products?
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Policy owner
, An insurer requires an individual applying for life insurance to take an HIV test.
Who must consent to this?
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The applicant
Over several years, a policyowner paid $10,000 in premiums for his insurance policy.
When he suffered a loss, the insurance company paid out $50,000 in benefits. What
characteristic of an insurance contract does this describe?
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Aleatory
Which of the following types of policies allows the policyowner to skip premium
payments, provided that there is enough cash value in the policy to cover the
premium amount?
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Universal Life
Which of the following settlement options does NOT guarantee that the entire
principal will be paid out to the beneficiary?
Give this one a try later!
What is the purpose of requiring licenses for persons who transact insurance?
Give this one a try later!
Protect the general public
In whole life insurance, which of the following terms describes features such as cash
values and loan provisions?
,Give this one a try later!
Nonforfeiture options
When an insured dies, who has first claim to the death proceeds of the insured's life
insurance policy?
Give this one a try later!
Primary beneficiary
Which of the following is TRUE regarding a level term life policy written with a
renewable provision?
Give this one a try later!
At the end of the term, the policy can be renewed without evidence of
insurahility.
Who bears the investment risk in variable life insurance products?
Give this one a try later!
Policy owner
, An insurer requires an individual applying for life insurance to take an HIV test.
Who must consent to this?
Give this one a try later!
The applicant
Over several years, a policyowner paid $10,000 in premiums for his insurance policy.
When he suffered a loss, the insurance company paid out $50,000 in benefits. What
characteristic of an insurance contract does this describe?
Give this one a try later!
Aleatory
Which of the following types of policies allows the policyowner to skip premium
payments, provided that there is enough cash value in the policy to cover the
premium amount?
Give this one a try later!
Universal Life
Which of the following settlement options does NOT guarantee that the entire
principal will be paid out to the beneficiary?
Give this one a try later!
