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Delaware Licensing Exam - #1

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...

Delaware Life Insurance Exam -With 100% verified solutions -tutor verified

Delaware Life Insurance Exam -With 100% verified solutions -tutor verified

Delaware Life Insurance Exam -With 100% verified solutions -tutor verified

Delaware Life Insurance Exam Study Questions with Complete Solutions What is the benefit of choosing extended term as What is the benefit of choosing extended term as a nonforfeiture option? - Correct Answers 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 Answers The beneficiary will only receive payments of the interest earned on th...

Accelerated Benefits - Correct Answer Riders attached to life insurance policies which allow death benefits to be used to cover nursing home expenses or convalescent home expenses Accidental Death Benefits - Correct Answer A policy rider that states that the cause of death will be analyzed to determine if it complies with the policy description of accidental death Accidental Death Insurance - Correct Answer An insurance policy that provides payment if the insured's death is the r...