Ult Part 1, Quiz 3
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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
Correct Answer
B. NoExplanation
Addison owns a Sun Universal Life policy and her policy lapsed on June 15, 2009. She sent in all the reinstatement requirements on July 7, 2009. Since she is under the age of 70, she will not need to submit a Certificate of Insurability.Rate this question:
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- 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.
Correct Answer
B. Within 30 days from the Maturity/Expiry date in SOLAR.Explanation
Derek can reinstate his policy without going through underwriting within 30 days from the Maturity/Expiry date in SOLAR. This means that if his policy was cancelled due to overloaning, he has a window of 30 days after the policy's maturity or expiry date to reinstate it without needing underwriting approval. This allows him to reactivate his policy without the need for additional underwriting assessments or evaluations.Rate this question:
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- 3.
A policy cannot be reinstated after ____ years after the cancellation date.
Correct Answer
5
fiveExplanation
After a policy is cancelled, it cannot be reinstated after a period of five years. This means that if more than five years have passed since the cancellation date, the policy cannot be reinstated. The word "five" in the answer choice confirms this time frame.Rate this question:
- 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.
Correct Answer(s)
A. Monthly expense charges for the next 2 months.
C. Cost of insurance charges for the next 2 months.Explanation
To reinstate a LifeMaster 3 policy, the policyholder needs to pay the monthly expense charges for the next 2 months and the cost of insurance charges for the next 2 months. These payments are necessary to cover the ongoing expenses and ensure that the policy remains active. The outstanding policy loan is not mentioned as a required amount for reinstatement in this case.Rate this question:
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- 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
Correct Answer
A. TrueExplanation
For products that do not have the gap reinstatement feature, it means that if a policy is cancelled and the customer wants to reinstate it, the effective date of the reinstated policy will be the same as the cancellation date. In other words, there will be no gap in coverage, and the policy will be treated as if it was never cancelled. Therefore, the statement is true.Rate this question:
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