1-144 of 144
Which of the following policy provisions prohibits an insurance company from
incorporating external documents into an insurance policy?
Waiver
Exceptions and Reductions
Incontestable
Entire Contract
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, entire contract
On January 8, an applicant filled out an application for a life insurance policy but did
not include the initial premium. The insurance company approved the application on
January 14 and issued the policy January 15. The producer delivered the policy on
January 26 and collected the first premium. When did the coverage become
effective?
January 8
January 14
January 15
January 26
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January 26
T, age 70, withdraws cash from a profit-sharing plan and purchases a Straight Life
Annuity. What will this transaction provide?
Income for a fixed period stated in the contract
Income that cannot be outlived by the owner
Inflation protection
Tax-free income
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income that cannot be outlived by the owner
,Which of the following actions will an insurance company most likely NOT take if an
applicant, who has diabetes, applies for a Disability Income policy?
Issue the policy with a diabetes exclusion
Issue the policy with an altered Time of Payment of Claims provision
Issue the policy with a rating
Decline the applicant
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issue the policy with an altered Time of Payment Claims provision
A level premium indicates
the premium is fixed for a period stated in the contract, then becomes variable
the premium can only be changed with the consent of the insurer
the premium stays level until the policy's renewal date
the premium is fixed for the entire duration of the contract
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the premium is fixed for the entire duration of the contract
Which of the following actions is NOT possible with a Universal Life policy?
Policy's cash value may be used to pay premiums
Premium payments may be made at unscheduled times
Premiums may be applied as a credit against income tax
Face amount may be adjusted
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, premiums may applied as a credit against income tax
An insurance company receives E's application for an individual health policy. E did
not complete all of the medical history questions because she could not remember
the exact dates. E signed the policy and submitted it to the insurance company
anyway. A few weeks later, E suffers a heart attack and is hospitalized without
completing the medical history questions and paying the initial premium. E is not
insured. Which of the following clauses details the conditions that E did not meet?
Entire Contract clause
MIB clause
Insuring clause
Consideration clause
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consideration clause
When a person returns to work after a period of total disability but cannot earn as
much as he or she did before the disability, this situation is called which of the
following?
Waiver of premium
Recurring disability
Residual disability
Presumptive disability
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residual disability
Which of the following policy provisions prohibits an insurance company from
incorporating external documents into an insurance policy?
Waiver
Exceptions and Reductions
Incontestable
Entire Contract
Give this one a try later!
, entire contract
On January 8, an applicant filled out an application for a life insurance policy but did
not include the initial premium. The insurance company approved the application on
January 14 and issued the policy January 15. The producer delivered the policy on
January 26 and collected the first premium. When did the coverage become
effective?
January 8
January 14
January 15
January 26
Give this one a try later!
January 26
T, age 70, withdraws cash from a profit-sharing plan and purchases a Straight Life
Annuity. What will this transaction provide?
Income for a fixed period stated in the contract
Income that cannot be outlived by the owner
Inflation protection
Tax-free income
Give this one a try later!
income that cannot be outlived by the owner
,Which of the following actions will an insurance company most likely NOT take if an
applicant, who has diabetes, applies for a Disability Income policy?
Issue the policy with a diabetes exclusion
Issue the policy with an altered Time of Payment of Claims provision
Issue the policy with a rating
Decline the applicant
Give this one a try later!
issue the policy with an altered Time of Payment Claims provision
A level premium indicates
the premium is fixed for a period stated in the contract, then becomes variable
the premium can only be changed with the consent of the insurer
the premium stays level until the policy's renewal date
the premium is fixed for the entire duration of the contract
Give this one a try later!
the premium is fixed for the entire duration of the contract
Which of the following actions is NOT possible with a Universal Life policy?
Policy's cash value may be used to pay premiums
Premium payments may be made at unscheduled times
Premiums may be applied as a credit against income tax
Face amount may be adjusted
Give this one a try later!
, premiums may applied as a credit against income tax
An insurance company receives E's application for an individual health policy. E did
not complete all of the medical history questions because she could not remember
the exact dates. E signed the policy and submitted it to the insurance company
anyway. A few weeks later, E suffers a heart attack and is hospitalized without
completing the medical history questions and paying the initial premium. E is not
insured. Which of the following clauses details the conditions that E did not meet?
Entire Contract clause
MIB clause
Insuring clause
Consideration clause
Give this one a try later!
consideration clause
When a person returns to work after a period of total disability but cannot earn as
much as he or she did before the disability, this situation is called which of the
following?
Waiver of premium
Recurring disability
Residual disability
Presumptive disability
Give this one a try later!
residual disability
