Utah Insurance Test Exam 2024 With 100% Correct Answers

whole life insuranceAnswer - Contracts which provide payments based on investment return of a segregated asset account are called: Reinstatement provisionAnswer - provides that when a policy lapses due to nonpayment of premium, but the insured subsequently pays the renewal premium (which the insurer accepts without requiring an application for a new policy), the policy will be reinstated with the same provisions and rights as before (with the exception of coverage for sickness-related losses within the first ten days after Section 529 PlansAnswer - In establishing this plan, the owner must designate a beneficiary. This selection can be changed. The owner controls the money at all times and decides when withdrawals are taken and for what purpose. If there is money left over or if the beneficiary does not attend college, the owner can change the beneficiary without penalty to an eligible member of the current beneficiary's family, which includes first cousins. limited policyAnswer - ecample: Prescription drug policies may be sold as supplements to individual policies or as stand-alone buy-sell plansAnswer - offers several advantages to the partners while they are all living. The partners know they will have a legal right to buy a deceased partner's share of the business, and the family and heirs of the partners know that the partnership interest will be disposed of at a fair price. Further, the money needed to purchase the deceased partner's interest will be available when needed. unilateral contract.Answer - since only one party-the insurer-makes any kind of enforceable promise. The insurer promises to pay benefits if and when certain events, such as death or disability, occur. The insured's act of paying the premium is given in exchange for this promise. However, the insured is not obligated to make these payments and can let the policy lapse. 18 monthsAnswer - When an employee's coverage terminates under a group health policy, the emplo