Ult Part 1, Quiz 3

5 Questions | Total Attempts: 53

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Ult Part 1, Quiz 3 - Quiz

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Questions and Answers
  • 1. 
    Addison owns a Sun Universal Life policy, and she is under age 70.  Her policy lapsed June 15, 2009.  She sent in all of her reinstatement requirements on July 7, 2009.  Will she need to submit a Certificate of Insurability? 
    • A. 

      Yes

    • B. 

      No

  • 2. 
    Derek also owns a Sun Universal Life policy, and he is under age 70.  His policy cancelled due to overloaning.  Using KIWI, select teh option that describes when he can reinstate his policy without going through underwriting. 
    • A. 

      Within 7 days from the STAT-CHG date in SOLAR.

    • B. 

      Within 30 days from the Maturity/Expiry date in SOLAR.

    • C. 

      His policy requires underwriting approval in order to reinstate.

    • D. 

      None of the above.

  • 3. 
    A policy cannot be reinstated after ____ years after the cancellation date. 
  • 4. 
    Choose all of the required amounts needed to reinstate a LifeMaster 3 policy (business practice). 
    • A. 

      Monthly expense charges for the next 2 months.

    • B. 

      Outstanding policy loan.

    • C. 

      Cost of insurance charges for the next 2 months.

  • 5. 
    For products that do not have the gap reinstatement feature the effective date of the reinstatement will be the cancellation date.
    • A. 

      True

    • B. 

      False

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