A life insurance policyowner was injured in an automobile accident which results in a total and permanent disability. C) Paid-Up Additions Option a) The PPO won't pay any benefits b) Ron will have to pay a higher deductible c) The PPO will pay the same benefits as if Ron had seen a PPO physician. For example, if you purchase a policy when you were 20 and you paid until age 55, you would receive a term policy that is less than 35 years. 350 Flashcards | Chegg.com When a misrepresentation on a life insurance policy application is discovered, what action may an insurance company take? A) Reinstatement D and his wife divorce and D remarries, transferring ownership of his policy to his new wife. C) Policys cash value is not affected Using this, plot the residuals from the final regression equation created in step (b) against the values of Y that were fitted. Which dividend option would an insurer invest the policyowners money and add any interest earnings as the dividends accrue? What does the grace period allow a life insurance policyowner to do? Which of the following statements is TRUE? Have a great time ahead. C) take out a policy loan D) the protection ends. A) The face amount and policy premium are not affected by the payment What provision in a life insurance policy states that the application is considered part of the contract? A) The original face amount will be paid to the beneficiary Nonforfeiture values give the insured the right to the cash value even if the policy lapses or is surrendered. Georgia requires legal actions to be brought forth no sooner than 60 days and no later than 3 years after proof of loss. B) policy and all sales material C) Ike will have a level premium B) Before payment of the benefit is made, specific conditions must exist, such as suffering from a terminal illness Change the beneficiary, if revocable, Modify a provision in the insurance contract. The insurer will deduct the outstanding loan balance from the. b. C) Annuity rider For an individual who is NOT covered by an employer-sponsored plan, IRA contributions are 1. Which provision would keep the policy in force if S does not make the required payment and the policy has adequate cash value from which the premium payment can be made? C) nonforfeiture option. Which of the following statements is (are) true with respect to life insurance policy loans? C) Nonforfeiture provision B) Dividend option With the paid-up policy option, you can use your cash surrender value to buy a paid-up version of the same type of life insurance policy so you would no longer have to make premium payments. Which military service exclusion clause would pay upon his death? A) extended term These options include: If the policyholder does not choose any of the above options after the policy is terminated or surrendered, the insurance company will go for the payout option stipulated in the life insurance policy of the owner. B) provide evidence of insurability to the insurer C) collateral assignment from October 1 to December 31 is unpaid and unrecorded. If an insured dies because of an accident, which type of life insurance rider will provide additional coverage? Which nonforfeiture option has the highest amount of insurance protection? D) the right to return the policy for a full refund within a specified number of days, D) the right to return the policy for a full refund within a specified number of days, The double indemnity provision in a life insurance policy pertains to an insureds death caused by a(n), A) sickness 40% taxable, similar to a capital gain B. What action will the insurer take? Which life policy is designed to provide the policyowner a hedge against the effects of inflation? B) Application Insurers require policyholders to have paid at least three years of premiums before they can be eligible for paid-up insurance. Bruce is involved in an accident and becomes totally and permanently disabled. How to use nonforfeiture in a sentence. The policyowner wants to make sure that upon his death, the life policy will pay a portion of the proceeds annually to his spouse, but that the principal will be paid to their children when they reach a certain . After surrendering a whole-life insurance policy, the death benefit on that policy no longer exists. Let us have a look at your work and suggest how to improve it! It stipulates that a policy owner will receive partial or full benefits or a refund of premium paid towards a whole life insurance policy if the policy lapses due to non-payment. Insured must be totally disabled to qualify, Insured must be eligible for Social Security disability for claim to be accepted. Learn how it works. C) Reinstatement period B) Cash Surrender Which statement is correct regarding the premium payment schedule for whole life policies? C) Guaranteed insurability Exam Review #1 Flashcards | Chegg.com c. What is your commission? One of the questions on the application asks if P engages in scuba diving, to which P answers "No". a. Prepaid Rent. D) Automatic premium loan provision, Matt is applying for life insurance and requests a double indemnity rider. All of the following are Nonforfeiture Options EXCEPT Cash Surrender Option Extended Term Option Reduced Paid-Up Option Automatic Premium Loan Option Related MCQs ? C) Entire Contract dividend amount used toward purchase Whose life is covered on a life insurance policy that contains a payor benefit clause? The rest are all possible exclusions. safeguard the insurer from an applicant who is contemplating suicide, A provision in a life insurance policy that pays the policyowner an amount that does not surpass the guaranteed cash value is called the. Compute SYXS_{Y X}SYX and interpret your findings Compute the MADM A DMAD and interpret your findings. What Is a Nonforfeiture Clause? 4 Payout Options Explained - Investopedia B) Reduced paid-up insurance What action can a policyowner take if an application for a bank loan requires collateral? All of the following are nonforfeiture options, EXCEPT: a. D) experiencing financial hardship. This year, it will be nothing.Via Ben Fischer of Sports Business Journal, the Amazon Prime series that follows an NFL team through a full season current is in . D) Certificate of Authority, All of these are valid policy dividend options for a life insurance policyowner EXCEPT, A) cash outlay to the policyowner

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