Life Insurance Policy, Provision, Options, And Riders

What is a provision?

Ths person is responsibile for paying the policy premuim and must have an unsurable interest in the insured at the time of the application.

When the owner and the insured are not the same person it is ___________ ownership.

The policyowner does not need to insruer's permission to assign the policy, but has to advise the insurer in writing of the assignment.

What is the difference between absolute assignment and collateral assignment?

_______________________ 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.

Incontestability does apply to statemnt relating to age, sex, and identity after the plicy has been in force for 2 years.

________________________ is an example of an exclusion

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.

Policies may be backdated __________ months to effect a lower premium.

Per capita is by the head which means....

Per stripes means by the bloodline which distributes the benefits of a beneficiary who died before the insured to that beneficiary's heirs.