Iowa life insurance only course pt.2
Questions And Verified Answers With
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lowa's 10-day free-look period for life insurance policies begins at the - CORRECT ANSWERS
date of delivery
In life insurance, the needs approach is used mostly to establish: - CORRECT ANSWERS
how much life insurance a client should apply for
Insurance policies are considered aleatory contracts because - CORRECT ANSWERS
performance is conditioned upon a future occurrence
A whole life insurance policyowner does not wish to continue making premium payments. Which of the
following enables the policyowner to sell the policy for more than its cash value? - CORRECT ANSWERS
Life settlement contract
Which of the following statements about noncontributory employee group life insurance is FALSE? -
CORRECT ANSWERS A minimum number of employees is required to participate
An individual life insurance policy issued in lowa must have a free-look period of at least _________days
- CORRECT ANSWERS 10
Which of the following is NOT included in an annuity contract? - CORRECT ANSWERS
AD&D rider
, Statements made on an insurance application that are believed to be true to the best of the applicant's
knowledge are called: - CORRECT ANSWERS representations
Which of the following consists of an offer, acceptance, and consideration? - CORRECT ANSWERS
Contract
When is the face amount of a Whole Life policy paid? - CORRECT ANSWERS When the
insured dies or at the policy's maturity date, whichever happens first
What type of life insurance are credit policies issued as? - CORRECT ANSWERS term
Which of these is NOT considered to be a right given to a policyowner? - CORRECT ANSWERS
Modify a provision in the insurance contract
Ti is an employee covered under a Group Life policy. If T's employment is terminated, the conversion
privilege gives T the right to convert - CORRECT ANSWERS to an individual policy upon
employment termination
An insured is past due on his life insurance premium, but is still within the Grace Period. What will the
beneficiary receive if the insured dies during this Grace Period? - CORRECT ANSWERS
Full face amount minus any past due premiums
Which premium schedule results in the lowest cost to the policyowner? - CORRECT ANSWERS
Annual
Which plan is intended to be used by a sole proprietor and the employees of that business? - CORRECT
ANSWERS Keogh Plan
Which statement regarding a Key Employee Life policy is NOT true? - CORRECT ANSWERS
The beneficiary is named by the key employee
Questions And Verified Answers With
Rationales|GET IT 100% CORRECT
|ALREADY GRADED A+
lowa's 10-day free-look period for life insurance policies begins at the - CORRECT ANSWERS
date of delivery
In life insurance, the needs approach is used mostly to establish: - CORRECT ANSWERS
how much life insurance a client should apply for
Insurance policies are considered aleatory contracts because - CORRECT ANSWERS
performance is conditioned upon a future occurrence
A whole life insurance policyowner does not wish to continue making premium payments. Which of the
following enables the policyowner to sell the policy for more than its cash value? - CORRECT ANSWERS
Life settlement contract
Which of the following statements about noncontributory employee group life insurance is FALSE? -
CORRECT ANSWERS A minimum number of employees is required to participate
An individual life insurance policy issued in lowa must have a free-look period of at least _________days
- CORRECT ANSWERS 10
Which of the following is NOT included in an annuity contract? - CORRECT ANSWERS
AD&D rider
, Statements made on an insurance application that are believed to be true to the best of the applicant's
knowledge are called: - CORRECT ANSWERS representations
Which of the following consists of an offer, acceptance, and consideration? - CORRECT ANSWERS
Contract
When is the face amount of a Whole Life policy paid? - CORRECT ANSWERS When the
insured dies or at the policy's maturity date, whichever happens first
What type of life insurance are credit policies issued as? - CORRECT ANSWERS term
Which of these is NOT considered to be a right given to a policyowner? - CORRECT ANSWERS
Modify a provision in the insurance contract
Ti is an employee covered under a Group Life policy. If T's employment is terminated, the conversion
privilege gives T the right to convert - CORRECT ANSWERS to an individual policy upon
employment termination
An insured is past due on his life insurance premium, but is still within the Grace Period. What will the
beneficiary receive if the insured dies during this Grace Period? - CORRECT ANSWERS
Full face amount minus any past due premiums
Which premium schedule results in the lowest cost to the policyowner? - CORRECT ANSWERS
Annual
Which plan is intended to be used by a sole proprietor and the employees of that business? - CORRECT
ANSWERS Keogh Plan
Which statement regarding a Key Employee Life policy is NOT true? - CORRECT ANSWERS
The beneficiary is named by the key employee
