The insurance policy is a contract between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language. Know Everything About Insurance Policies in this Insurance Quiz
No cash value is available to the policy owner during the term of the policy
Renewal and conversion privileges are available
A benefit will be paid at the end of the period of coverage if the person is then alive
Insurance protection will be limited to a specified period
To give details pertaining to non-forfeiture options
To furnish information on which the contract of life insurance may be written
To furnish initial information as to insurability
To convey to the company the desire of the applicant to obtain insurance
Irrevocable primary beneficiary
Absolute assignee
Irrevocable secondary beneficiary
Revocable primary beneficiary
Avail of a non-forfeiture option
Discontinue premium payments
Borrow minimal cash loan
Alter the dividend option now in effect
A. Policy loan, guaranteed insurability
Cash surrender value, automatic premium loan
Fixed amount, fixed period, life income, interest on deposit
Double indemnity, total and permanent disability waiver
Company discovers at any time that the policy owner was actually a minor at the time of application
Insured person intentionally kills himself during the suicide exclusion period specified in the policy
Insured person is killed in military action during the contestable period of the policy
Company discovers during the contestable period that the application contains a material statement.
To establish and maintain high professional and ethical standards
To protect the public
To give the government adequate control over the conduct of agents
To provide additional income to the government through license fees
The premiums stop and the policy continues for the full face amount until age 65
The insurance continues at a reduced amount and with a reduced premium
The policy will automatically terminate
The premiums cease and protection continues with a reduced amount of Coverage
Buys a new plan altogether
Presents satisfactory evidence of insurability
Momentarily assigns the policy to the company
Obtains written consent from his or her spouse
Participating whole life policy
Participating endowment
Universal life
None of the above
Disability must occur before a stated date
The insured has to die while disabled
There is a waiting period
It has to be attached to a life insurance policy
Identifies the applicant
Describes the type of insurance applied for
Relates to the insurability of the applicant
Describes the desired benefits and mode of payment
Affect both cash and loan value of the policy
Don’t affect the cash value of the policy
Don’t affect the loan or cash value of the policy
Only affect the cash value of the policy
An accidental death benefit rider
An interim term rider
A supplemental term rider
None of the above
Estimate future death rates among members of a given group
Predict when an individual insured will die
Develop statistics of past deaths among the general population
Determine the experienced death rate among the insured persons
Renew the coverage based on a higher premium
Change the life insured at renewal date
Renew providing the insurance company agrees to continue coverage
Renew at the same premium for further period of years
Offers permanent insurance coverage effective as of the date of the application
Promises that the insurance coverage will become effective as of the date the application is approved
Guarantees the policy will be issued as applied for
Immediately provides interim insurance that remains in effect until the policy is issued or the application is declined
Build up cash value rapidly in the early policy years
Provide for payment of the face amount if the insured is alive at the end of the specified period
Provide life insurance protection for only the period of time specified in the policy contract
Contain provisions for automatic continuation of the insurance protection at the end of a specified period
Counselor selling
Total needs selling
Planned selling
Multiple products selling
Extended term insurance
Paid-up insurance additions
Life income option pension
Reduced paid-up insurance
Fixed income option
Periodic annuity option
Interest option
Life annuity option
The age of the applicant and the proposed sum to be insured
Occupation of the applicant
Financial condition of the applicant
Date of the last medical examination
The level of first year commission
Agent’s service oriented attitude
Pressure selling
The use of effective needs selling
The applicant’s personal appearance
Medical examination report
Agent’s inspection report
Government tax records
Valid if the insurer issues a policy which is delivered to the applicant
Void from the beginning
Voidable by the insurer if it has been in force less than 2 years
Valid unless the insurer can prove fraud
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