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Exam (elaborations)

Life and Health Insurance Chapter 5 2026/2027 | Study Guide, Practice Questions & Answers | Exam Prep

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Life and Health Insurance Chapter 5 2026/2027 | Study Guide, Practice Questions & Answers | Exam Prep

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!!!!!!!!!!!!!!!!!!!!!!!!!!#######################Life
hapter 5.pdfLife
Life and Health
and Health
Chapter
Chapter
5.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!######################################
5.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!################################
and Health Chapter 5.pdfLife and Health Chapter 5.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!




Life and Health Chapter 5
Agent and to the home office of the company. - ANS-The first premium is normally given to the
____ at the time of application, and subsequent premiums are paid ____.

Backdated and Attained age. - ANS-In most states, a life insurance application can be _____ as
much as six months. The effect of this would be a lower premium because it is based on the
insured's ____.

collateral and absolute. - ANS-The two types of assignment are

Insuring - ANS-The basic promise that exists between the policy owner and the company is
found in the ____ clause.

Irrevocable - ANS-These rights may be given up by naming a(n) ____ beneficiary.

Policy and Application - ANS-The entire contract that exists between the company and the
policy owner consists of the ____ and the ____ attached to it.

Policyowner - ANS-Most policy rights rest with the

Primary, Secondary, Tertiary, Contingent. - ANS-The beneficiary who is designated first in line is
the ____ beneficiary; second in line is the____ beneficiary and third in line is the _____
beneficiary. All beneficiaries after the first in line are known as _____ beneficiaries.

Required and Discretionary - ANS-Life insurance companies are required to include some
provisions ( ____ provisions) and may include certain others ( ____ provisions).




5.pdfLife
!!!!!!!!!!!!!!!!!!!!!!!!!!#######################Life
Life
andand Health
Health
Chapter
Chapter
5.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!######################################
5.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#######################Life
and Health Chapter 5.pdfLife and Health Chapter 5.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
and Health Chapter

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