Automatic premium loan Study guides, Class notes & Summaries

NC Life Exam Simulation Questions and Answers Already PASSED !!! Which of the following actions require a policyowner to provide proof of insurability in an Adjustable Life policy? ANSWER: increase face amount 2. If the Commissioner of insurance finds that a licensed person has used fraudulent, coercive, or dishonest practices or has proved to be incompetent, untrustworthy, or financially irresponsible, the law allows the Commissioner to ANSWER: suspend, revoke, or refuse to renew the ag...

NC Life Exam Simulation Questions and Answers Already PASSED !!! Which of the following actions require a policyowner to provide proof of insurability in an Adjustable Life policy? ANSWER: increase face amount 2. If the Commissioner of insurance finds that a licensed person has used fraudulent, coercive, or dishonest practices or has proved to be incompetent, untrustworthy, or financially irresponsible, the law allows the Commissioner to ANSWER: suspend, revoke, or refuse to renew the ag...

Final Exam insurance Questions and Answers Rated A+ During the first two years a life insurance policy is in force, the insurer may contest a policy for all of the following reasons Except. Misstatement of age in the application. The term "life settlement broker" may refer to. someone who is licensed to negotiate a life settlement contract. A policy owner has just borrowed from a life insurance policy's cash value. which of these statements is true. In the event of death the lo...

XCEL Simulator FL Exam 2023/2024 Questions and Answers (100%Verified) Rated A+. S recently received a $500,000 lump sum retirement buyout from her employer. She would like to buy an annuity that will immediately furnish herguaranteed income for life. What type of annuity is best suited for her situation? - Answer Single Premium. Immediate Annuities are purchasedsingle lump sum payment and will start providing income payments within the first year, but usually starting 30 days from the pur...

XCEL Exam Simulator FL S recently received a $500,000 lump sum retirement buyout from her employer. She would like to buy an annuity that will immediately furnish her with a guaranteed income for life. What type of annuity is best suited for her situation? - Single Premium. Immediate Annuities are purchased with a single lump sum payment and will start providing income payments within the first year, but usually starting 30 days from the purchase date. What type of group plan involve...

Which of these would not be considered a presumptive disability? - Answer- loss of a leg or arm Group dental plans will frequently place a limit on annual benefits in order to minimize - Answer- adverse selection Sharon is the policyowner of a $50,000 life insurance policy. Her son, Mike, is the beneficiary. If Sharon MUST obtain Mike's signature in order to change the beneficiary, what kind of beneficiary designation is this? Tertiary Contingent Revocable Irrevocable - Answer...

When an employer terminate coverage under a group policy, how long is that coverage in force? - ANSWER31 Days. The employee has 31 days under the conversion privilege to convert to an individual policy. When talking about parties to a contract, what makes a person legally competent. - ANSWERThe person must complete secondary education. What is the number of credits required for the fully insured status of social Security disability benefits? - ANSWER40 What type of insurance would be us...

SC Life Insurance ExamThe balance of the loan will be taken out of the death benefit - correct answer If a policy has a automatic loan provision, what happens if the insured dies before the loan is paid back? Inspection Report - correct answer An insurer receives a report regarding potential insured that includes financial status, hobbies, and habits. What type of report is that? Spendthrift Clause - correct answer The clause that protects the proceeds of a life insurance policy from credi...

Insuring Clause (or Insuring Agreement) correct answersis the insurer's basic promise to pay specified benefits to a designated person in the event of a covered loss. States the scope and limits of coverage "We ensure to INSURE you for..." Consideration Clause correct answersstates a policyowner must pay a premium in exchange for the insurer's promise to pay benefits. A policyowner's consideration consists of completing the application and paying the initial premium. The amount and frequ...

Which of the following best describes what the annuity period is? correct answer: The period of time during which accumulated money is converted into income payments The insured had his wife named as the beneficiary of his life insurance policy. To ensure that his wife had an income for life after the insured's death, he chose the life income settlement options. The amount of payment will be determined by taking into account all of the following EXCEPT correct answer: The insured's age at...