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Delaware Life Insurance Exam Terms!!!

What is the benefit of choosing extended term as a nonforfeiture option? - correct answer It has the highest amount of insurance protection Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. What does this mean? - correct answer The beneficiary will only receive payments of the interest earned on the death benefit If a life insurance policy has an irrevocable beneficiary designation, - correct answer the beneficiary ...

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DELAWARE LIFE INSURANCE EXAM TERMS

What is the benefit of choosing extended term as a nonforfeiture option? - Answer- It has the highest amount of insurance protection Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. What does this mean? - Answer- The beneficiary will only receive payments of the interest earned on the death benefit If a life insurance policy has an irrevocable beneficiary designation, - Answer- the beneficiary can only be changed w...

Speculative Risk A chance of loss, no loss, or gain. a risk that presents the chance of loss but no opportunity for gain Pure Risk risk sharing Allocating ownership of a risk to another party Risk Transfer A pure risk is transferred from the insured to the insurer, who typically is in a stronger financial position insurable risk a pure risk that is faced by a large number of people and for which the amount of the loss can be predicted Morbidity Refers to ill health in an individual an...

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