Ad banker comprehensive Study guides, Class notes & Summaries

If an insurer makes a payment for a claim but the insured is dissatisfied with it, he/she must wait _____ days after proof of loss before he/she might take any legal action. correct answer: 60 After the blackout period has ended, the widow or widower may receive a Social Security income benefit based on the ___________. correct answer: PIA of the deceased spouse When must the Outline of Coverage and Guide be provided? correct answer: Both must be provided at the time of application W...

With a Contributory Group Life Plan, what percentage of the employees must participate? correct answer: At least 75% A Contributory Plan is one in which the participants pay all or a portion of the premiums. The high enrollment percentage, 75%, helps to minimize the risk of adverse selection. Which of the following is a major risk to an employee covered under an employer's group life insurance plan? correct answer: The sponsor can elect to discontinue the plan If employees are relyin...

A and B are married. They have two minor age children. A and B feel that all family members should have coverage on their lives, not just A. What would be the least expensive way to accomplish this? A Add accidental death coverage riders on B and the two children B Buy a traditional whole life policy on B, and juvenile policies on the children C Buy traditional whole life policies on B and the two children D Add a term life insurance rider to this policy to provide additional coverage on...

An employer may require a former employee who has COBRA coverage to pay up to _____% of the premium. correct answer: 102 Accidental Injury is a: correct answer: Sudden, unexpected and unforeseen event Albert owned a $100,000 policy that had accumulated a cash value of $20,000, against which he had borrowed $10,000. If he dies with this loan outstanding, his beneficiary will receive which of the following amounts? correct answer: $90,000 All of the following are accurate statements, e...

A D Banker Property and Casualty Chapter 2

A D Banker Property and Casualty Chapter 9.

Which Whole Life Policy would require you to put the least amount of premium into the plan over the total life of the plan? correct answer: Single Pay/ Premium A Single Pay Premium pays the total premium up front at a discounted rate. To waive an insureds premium, most companies require an individual's disability to be: correct answer: Total and permanent A producer licensed for property and casualty, life and health, or both must complete at least ________ hours of CE every 2 years....

Regarding offer and acceptance, which one of the following is false? correct answer: Consideration is only required by the insurer. Which of the following types of coverage provides custodial care outside the home for individuals not requiring confinement? correct answer: Adult Day Care The California Insurance Code requires all producers who meet with established clients age 65 and older in their homes for the purpose of transacting life insurance, annuities, or disability insurance pro...