which of the following best describes a conditional insurance contract

Rob purchased a standard whole life policy with a $500,000 death benefit when we was age 30. A) offer Which dividend option would an insurer invest the policyowners money and add any interest earnings as the dividends accrue? Provide an opinion. Which military service exclusion clause would pay upon his death? legal reserve, What are an applicant's statements concerning occupation, hobbies, and personal health history regarded as? Only the insured can change the provisions Which option was chosen? Policy loans are disallowed The premium payments will be tax deductible Pre-death distributions are typically taxable Withdrawals will be prohibited, When a whole life policy is surrendered, income taxes may be owed, All of these statements concerning whole life insurance are false EXCEPT Policyowner can take out a policy loan up to the face amount When a whole life policy is surrendered, income taxes may be owed Coverage is normally temporary The death benefit is not affected by outstanding loans, A life insurance policy which contains cash values that vary according to its investment performance of stocks is called Increasing Term Life Modified Whole Life Variable Whole Life Adjustable Whole Life, Which of these riders will pay a death benefit if the insured's spouse dies? A) Authority given in writing to an agent in the agency agreement What does a life insurance policy guarantee to the stated beneficiary upon the death of the insured? Identify the type of financing (stock or bond) that best answers the question. Who is responsible for assembling the policy forms for insureds? AzAnswer team is here with the right answer to your question. (C) Both parties exchange goods of equal value. Accelerated death benefit rider Waiver of premium rider Extended term option Decreasing term insurance. c. income earned by Pat's spouse. If the consumer price index had gone up 4%, how much may Ron increase the face value of the policy? insured When handling premiums for an insured, an agent is acting in which capacity? Period of time after the initial premium is paid and before the policy is issued Period of time it takes for a policy's underwriting to complete Period of time after a policy is issued and before it is delivered to policyowner Period of time after the premium is due but the policy remains in force, Life insurance policies will normally pay for losses arising from commercial aviation war suicide hazardous jobs, A policyowner may exercise which of these dividend options that uses the dividend to pay all or part of the next premium due? Dorian exercises a nonforfeiture option by using his life policys cash value to purchase an extended term insurance option. A) Unilateral C) Law of large numbers C) promises made In order to maintain coverage and make a successful claim, its crucial that policyholders read and understand their insurance contract carefully. A) express authority Which Of The Following Statements About Personal Selling Is Correct? Which of the following is true of the law of contracts? A) insured Where would policy proceeds be paid if both the insured and primary beneficiary were killed in the same accident? A policyowner is prohibited from making any changes to the policy without the beneficiarys written consent under which beneficiary designation? Rob recently died at age 60. A contract that requires certain conditions or acts by the insured individual. Which contract element is insurable interest a component of? Under a life insurance policy, what does the insuring clause state? A) implied authority offer Accelerated death benefit An example of an unfair claims practice would be Child term rider Payor rider Family maintenance rider Family income rider, What happens to the coverage under a children's term rider when that child reaches a certain specified age? Because of this, an insurance contract is considered D) collateral, Express power given to an agent in an agency agreement is Which of the following BEST describes a conditional insurance contract? if the insured lives beyond the 5 years, no benefits are payable. Insurance contracts are unilateral contracts. issuance of the policy Which of the following is the best descriptive word? Which of the following BEST describes a conditional insurance contract? A) Insurer's promise to pay benefits An individual who has a hobby racing cars once a month. D) Business owner and business client, Under a contract of adhesion, If Mike dies first, the policy proceeds will no longer provide insurance protection will go to Mike's estate will be divided by probate will not be paid until the last brother dies, The gap between the total death benefit and the policy's cash value, What is a corridor in relation to a Universal Life insurance policy? B) Authority that is not specifically given to an agent in the agency contract, but that an agent can reasonably assume to carry out his/her duties What does the word level in Level Term describe? An applicants character and personal habits can be obtained for underwriting purposes from which source? With a life insurance contract, the insurer binds itself to pay a certain sum upon the death of the insured. Insurers must maintain files of all documents used for solicitation for ____ year(s) after the last authorizes date of use. When initial premium is collected and policy is issued. Insurable interest Insurance exchanges Law of large numbers and risk pooling Population table data, People with higher loss exposure have the tendency to purchase insurance more often than those at average risk. Your email address will not be published. Coverage decreases automatically Coverage increases automatically Coverage remains as long as proof of insurability is provided Coverage is eliminated, Joe has a life insurance policy that has a face amount of $300,000. D) statements made in the application only, C) statements made in the application and the premium, According to life insurance contract law, insurable interest exists Before using an assumed name in Utah, a producer MUST, Maria would like an annuity that provides a guaranteed accumulation or payout. A contract that requires certain conditions or acts by the insured individual This means that the insurer's promise to pay benefits depends on the occurrence of an event covered by the contract. Vegetable B. Craig purchased a life insurance policy for enabling his heirs to pay estate taxes. Proof of insurabiilty Changes in the insuring clause Premium increase Premium decrease, What is the name of the provision which states that a copy of the application must be attached to the policy when issued? both parties consent to the contract. After being properly appointed by the insurer. the insurer's obligations are dependent upon certain acts of the insured individual D) underwriter, Reasonably necessary acts that an agent must perform for carrying out his/her expressly authorized duties are covered by an agent's One-sided or unfair insurance contracts can, however, exist if they contain provisions that disproportionately benefit one party. Term, whole, and universal life insurance. The principle of insurable interest, in regards to a life insurance contract, is accurately described in which statement? What are conditions in an insurance policy? Which type of life insurance offers flexible premiums, a flexible death benefit, and the choice of how the cash value will be invested? Advertisement. C) Business partners Which type of life insurance policy is this? B) issuance of the policy A policy containing exclusions or limits that are not clearly disclosed to the policyholder, or a premium that is significantly higher than the risk covered, could be considered unfair or one-sided. LIFE INSURANCE LICENSING EXAM Flashcards | Chegg.com A) there is the potential for an unequal exchange of value nonparticipating life insurance policy participating life insurance policy divisible surplus life insurance policy straight life insurance policy, Which of the following is considered to be an event or condition that increases the probability of an insured's loss? discreet apparent implied express, Bob and Tom start a business. Parent and children Which of the following BEST describes a conditional insurance contract? The automatic premium loan provision authorized an insurer to withdraw from a policys cash value the amount of, Past due premiums that have not been paid by the end of the grace period. Loans obtained by a policyowner against the cash value of a life insurance policy. Connect the text to your own experiences. D) imposed authority, What makes an insurance policy a unilateral contract? If Sharon MUST obtain Mikes signature in order to change the beneficiary, what kind of beneficiary designations is this? 0 Answers/Comments. How often must an insurance producers license in Utah be renewed? Determine which insurer offers the best rates Determine which insurer offers the best policies Determine financial strength of an insurance company Determine which agent to use locally, A nonparticipating policy will provide a return of premium provide tax advantages not pay dividends give policyowners special privileges, A rating from a rating service company, such as A.M. Best, Which of the following is NOT considered advertising? C) Insurance carriers Cash surrender Extended term insurance Reduced paid-up insurance Life income annuity, Which type of rider will waive the premium on a child's life insurance policy if the parent paying the premium dies? C) Only the insurer is legally bound Which of the following is the best descriptive word? A - Weegy What guarantees that the statements supplied by an insurance applicant are true? A) Sue the insured Term insurance is appropriate for someone who, Seeks temporary protection and lower premiums. Net death benefit will be reduced if the loan is not repaid No interest will be charged on loan balance Term life policies are the only type of insurance that allows policy loans A loan can be taken out for up to the face amount of the policy, Ownership of a life insurance policy may be temporarily transferred with a(n) collateral assignment absolute assignment transferable assignment beneficiary assignment, provide evidence of insurability to the insurer, In order to activate the reinstatement clause of a lapsed life insurance policy, the insured MUST remit all past-due premiums within the grace period provide evidence of insurability to the insurer resubmit a new life insurance application provide a valid reason for the lapse, Which of the following is considered to be an alternative to a life settlement?



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