Life Insurance Policy, Provision, Options, And Riders

12 Questions | Total Attempts: 146

SettingsSettingsSettings
Please wait...
Life Insurance Quizzes & Trivia

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

Back to Top Back to top