WV Life Insurance Questions and Answers Already Passed

WV Life Insurance Questions and Answers Already Passed The insured under a $100,000 life insurance policy with a triple indemnity rider for accidental death was killed in a car accident. It was determined that the accident was his fault. The triple indemnity rider in the policy specifies that the death must not be contributed to by the insured in any manner. In this case, what will the policy beneficiary receive? $100,000 The dividend option in which the policyowner uses dividends to purchase a term policy for one year is referred to as the One-year term option. The life insurance policy clause that prevents an insurance company from denying payment of a death claim after a specified period of time is known as the Incontestability clause. Which of the following describes the tax advantage of a qualified retirement plan? The earnings in the plan accumulate tax deferred. Which nonforfeiture option has the highest amount of insurance protection? Extended Term An insured under a life insurance policy has been diagnosed with a terminal illness and has 6 months to live. The insured knows that his financial state will worsen even more with the upcoming medical expenses. What option could the insured utilize? Viatical settlement An insured purchased a 10-year level term life policy that is guaranteed renewable and convertible. What happens at the end of the 10-year term? The insured may renew the policy for another 10 years, but at a higher premium rate. An insured committed suicide one year after his life insurance policy was issued. The insurer will Refund the premiums paid. What is the benefit of choosing extended term as a nonforfeiture option? It has the highest amount of insurance protection. When a life insurance policy is cancelled and the insured has selected the extended term nonforfeiture option, the cash value will be used to purchase term insurance that has a face amount Equal to the original policy for as long a period of time that the cash values will purchase. An insured pays an annual premium to his insurer. In return, the insurer promises to pay benefits in accordance with the terms of the contract. This is called Consideration. If a life policy allows the policyowner to make periodic additions to the face amount at standard rates, without proving insurability, the policy includes a Guaranteed insurability rider. The president of a company is starting an annuity and decides that his corporation will be the annuitant. Which of the following statements is true? The annuitant must be a natural person. In insurance, an offer is usually made when The completed application is submitted. Nonforfeiture values guarantee which of the following for the policyowner? That the cash value will not be lost Which of the following information will be stated in the consideration clause of a life insurance policy? The amount of premium payment Which of the following is TRUE regarding the premium in term policies? The premium is level. Which of the following is TRUE regarding the accumulation period of an annuity? It is a period during which the payments into the annuity grow tax deferred. Under an extended term nonforfeiture option, the policy cash value is converted to The same face amount as in the whole life policy. The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. When does the