Life Insurance Policy, Provision, Options, And Riders
12 Questions
| Total Attempts: 146
Questions and Answers
- 1.What is a provision?
- 2.Ths person is responsibile for paying the policy premuim and must have an unsurable interest in the insured at the time of the application.
- A.
Third-party owner
- B.
Absolute assigner
- C.
Rider
- D.
Policyowner
- 3.When the owner and the insured are not the same person it is ___________ ownership.
- 4.The policyowner does not need to insruer's permission to assign the policy, but has to advise the insurer in writing of the assignment.
- A.
True
- B.
False
- 5.What is the difference between absolute assignment and collateral assignment?
- 6._______________________ allows policyowner an opportunity to put a lapsed policy back in force (subect to proving insurability). Max time limit is 3 years after the policy has lapsed.
- 7.Incontestability does apply to statemnt relating to age, sex, and identity after the plicy has been in force for 2 years.
- A.
True
- B.
False
- 8.________________________ is an example of an exclusion
- 9.All death claims under insurance policies in the state of Louisiana must be settled by the insurer within 60 days after the receipt of proof of death. After 60 days, ____ percent interest will be assessed on the claim.
- 10.Policies may be backdated __________ months to effect a lower premium.
- 11.Per capita is by the head which means....
- 12.Per stripes means by the bloodline which distributes the benefits of a beneficiary who died before the insured to that beneficiary's heirs.
- A.
True
- B.
False
.
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