J Q&A GRADE A
Which of these is NOT considered to be a common life insurance nonforfeiture option? -
(correct answer)life income annuity
All of these are valid options for what a policy owner may do with policy dividends
EXCEPT - (correct answer)accumulate without interest
James is the insured on a life insurance policy where his age was misstated on the
application. Which of the following is CORRECT regarding the death benefit amount. -
(correct answer)The death benefit paid will be the premium would have purchased the
correct age.
Which type of rider will waive the premium on a child's life insurance policy if the parent
paying the premium dies. - (correct answer)Payor benefit
Which of the is NOT considered to be a nonforfeiture option in a whole life insurance
policy? - (correct answer)interest only
Loans obtained by a policy owner against cash value of a life insurance policy - (correct
answer)would not be treated as taxable income
Which of these would limit a company's libaility to provide insurance coverage? -
(correct answer)Exclusion
If an insured dies during the grace period with no premiums paid - (correct answer)the
policy would be payable, minus the premium amount
All of these common exclusions to a life insurance policy EXCEPT - (correct
answer)accidental death
, What is an insurer required to do when faced with an error made under the
Misstatement of Age provision? - (correct answer)Pay age-corrected benefits
All of these are standard exclusions found in a life insurance policy EXCEPT - (correct
answer)disabillity
A life insurance policy normally contains a provision that restrict coverage in the event of
death under all of the following situations EXCEPT - (correct answer)fare-paying
passenger
An error made on Mary's life insurance application. Which of the following areas are
errors commonly made on applications for which the incontestable clause does NOT
apply? - (correct answer)age
What is an insurance policy's grace period? - (correct answer)Period of time after the
premium is due but the policy remains in force
What is the name of the provision which states that a copy of the application must be
attached to the policy when issued? - (correct answer)Entire Contract
Which of these is considered to be a Living Benefit option in a life insurance policy? -
(correct answer)Accelerated death benefit
Kurt is an active duty serviceman who was recently killed in an accident while home on
leave. Which military service exclusion clause would pay upon his death? - (correct
answer)Results
In order to activate the reinstatement clause of a lapsed life insurance policy, the
insured MUST - (correct answer)provide evidence of insurability to the insurer
Which of these is NOT considered to be a common life insurance nonforfeiture option? -
(correct answer)life income annuity
All of these are valid options for what a policy owner may do with policy dividends
EXCEPT - (correct answer)accumulate without interest
James is the insured on a life insurance policy where his age was misstated on the
application. Which of the following is CORRECT regarding the death benefit amount. -
(correct answer)The death benefit paid will be the premium would have purchased the
correct age.
Which type of rider will waive the premium on a child's life insurance policy if the parent
paying the premium dies. - (correct answer)Payor benefit
Which of the is NOT considered to be a nonforfeiture option in a whole life insurance
policy? - (correct answer)interest only
Loans obtained by a policy owner against cash value of a life insurance policy - (correct
answer)would not be treated as taxable income
Which of these would limit a company's libaility to provide insurance coverage? -
(correct answer)Exclusion
If an insured dies during the grace period with no premiums paid - (correct answer)the
policy would be payable, minus the premium amount
All of these common exclusions to a life insurance policy EXCEPT - (correct
answer)accidental death
, What is an insurer required to do when faced with an error made under the
Misstatement of Age provision? - (correct answer)Pay age-corrected benefits
All of these are standard exclusions found in a life insurance policy EXCEPT - (correct
answer)disabillity
A life insurance policy normally contains a provision that restrict coverage in the event of
death under all of the following situations EXCEPT - (correct answer)fare-paying
passenger
An error made on Mary's life insurance application. Which of the following areas are
errors commonly made on applications for which the incontestable clause does NOT
apply? - (correct answer)age
What is an insurance policy's grace period? - (correct answer)Period of time after the
premium is due but the policy remains in force
What is the name of the provision which states that a copy of the application must be
attached to the policy when issued? - (correct answer)Entire Contract
Which of these is considered to be a Living Benefit option in a life insurance policy? -
(correct answer)Accelerated death benefit
Kurt is an active duty serviceman who was recently killed in an accident while home on
leave. Which military service exclusion clause would pay upon his death? - (correct
answer)Results
In order to activate the reinstatement clause of a lapsed life insurance policy, the
insured MUST - (correct answer)provide evidence of insurability to the insurer
