Traditional Life Reviewer
(101-125) fully solved &
updated (graded A+)
A housewife without gainful employment applies for a P3 million life
coverage. Which of the following should the agent do?
A. Be grateful
B. Examine the adequacy of the husband's insurance coverage
C. Suggest she double the amount
D. Tell her she has no need for it - answer B. Examine the adequacy of the
husband's insurance coverage
If the interest on a policy loan is not paid at the policy anniversary, the
insurance company may -
A. Increase the present loan by the interest
B. Terminate the contract
C. Refuse to grant future additional loan
D. Demand full settlement of the loan - answer A. Increase the present loan
by the interest
The incontestability clause -
A. Gives the company the right to rescind a policy at any time
B. Permits the company to pay claims within 2 years
, C. Makes it necessary for the beneficiary to present proof of death in the
event of a death claim
D. Prevents the company from denying a claim after the policy has been in
force for 2 years - answer D. Prevents the company from denying a claim
after the policy has been in force for 2 years
When you bought an insurance policy on your wife's life, you were 27 and
she was 26. But you stated that you were 26 and she was 27. Five years later
your wife died. The insurer will pay -
A. Slightly less than the face amount
B. The face amount
C. The face amount adjusted for misstatement of age
D. The sum of the premium paid - answer C. The face amount adjusted for
misstatement of age
A man applied for a P20,000 whole life policy and paid the full initial
premium to the soliciting agent. The agent issued a binding receipt. Under
such a receipt, the insurance company -
A. Offers permanent insurance coverage effective as of the date of the
application
B. Promises that the insurance coverage will become effective as of the date
the application is approved
C. Guarantees the policy will be issued as applied for
D. Immediately provides interim insurance that remains in effect until the
policy is issued or the application is declined - answer D. Immediately
(101-125) fully solved &
updated (graded A+)
A housewife without gainful employment applies for a P3 million life
coverage. Which of the following should the agent do?
A. Be grateful
B. Examine the adequacy of the husband's insurance coverage
C. Suggest she double the amount
D. Tell her she has no need for it - answer B. Examine the adequacy of the
husband's insurance coverage
If the interest on a policy loan is not paid at the policy anniversary, the
insurance company may -
A. Increase the present loan by the interest
B. Terminate the contract
C. Refuse to grant future additional loan
D. Demand full settlement of the loan - answer A. Increase the present loan
by the interest
The incontestability clause -
A. Gives the company the right to rescind a policy at any time
B. Permits the company to pay claims within 2 years
, C. Makes it necessary for the beneficiary to present proof of death in the
event of a death claim
D. Prevents the company from denying a claim after the policy has been in
force for 2 years - answer D. Prevents the company from denying a claim
after the policy has been in force for 2 years
When you bought an insurance policy on your wife's life, you were 27 and
she was 26. But you stated that you were 26 and she was 27. Five years later
your wife died. The insurer will pay -
A. Slightly less than the face amount
B. The face amount
C. The face amount adjusted for misstatement of age
D. The sum of the premium paid - answer C. The face amount adjusted for
misstatement of age
A man applied for a P20,000 whole life policy and paid the full initial
premium to the soliciting agent. The agent issued a binding receipt. Under
such a receipt, the insurance company -
A. Offers permanent insurance coverage effective as of the date of the
application
B. Promises that the insurance coverage will become effective as of the date
the application is approved
C. Guarantees the policy will be issued as applied for
D. Immediately provides interim insurance that remains in effect until the
policy is issued or the application is declined - answer D. Immediately
