D) Full face amount. What is an insurer required to do when faced with an error made under the Misstatement of Age provision? Insured must be eligible for Social Security disability for claim to be accepted Which of the following is CORRECT regarding the death benefit amount? A nonforfeiture clause is an element included in standard life insurance and long-term care insurance. a) A client with amyotrophic lateral sclerosis (ALS) tells the nurse, "Sometimes I feel so frustrated. A) Reinstatement clause C) Nonforfeiture provision A) The agents obligation to provide the proper amount of coverage C) nonforfeiture option Eric purchased a cash value life insurance policy six years ago. Term vs. from October 1 to December 31 is unpaid and unrecorded. All of the following are nonforfeiture options EXCEPTo paid-up additions extended term insurance. B) settlement option A) Entire contract provision A) extended term What is an insurer required to do when faced with an error made under the Misstatement of Age provision? a) Modified life b) Variable life c) Ordinary life d) Graded premium whole life. D) irrevocable assignment. B) Cash Dividend Option The term policy ends after a fixed number of years as detailed in the policys nonforfeiture table. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. D) Accelerated death benefit, Barbaras policy includes a rider which allows her to purchase additional insurance at specific dates or events without evidence of insurability. type of life insurance Accumulation at Interest A) Reinstatement Proceeds can be administered by the insurance company The agreement in a life insurance contract that states a specific sum of money will be paid to a designated person upon an insureds death is called a(n), Which of these is NOT considered to be a right given to a policyowner? Plot the fitted values on the horizontal axis and the residuals on the vertical axis. D) $4,000 All of the following are Nonforfeiture options EXCEPT a Reduced paid-up b Interest only c Cash surrender d Extended term 6: Which of the following is guaranteed to the policyowner through nonforfeiture values? C) Insuring clause A waiting period must pass before becoming eligible for benefits When a policy is in force for a longer duration, the better the cash values and the nonforfeiture values. Eric purchased a cash value life insurance policy six years ago. A) $400 a) Both irrevocable and Revocable. Policyholders can choose to access the policy's cash value through cash . CFI is the official provider of the global Commercial Banking & Credit Analyst (CBCA) certification program, designed to help anyone become a world-class financial analyst. Which statement is correct regarding the premium payment schedule for whole life policies? Cash surrender value applies to the savings element of whole life insurance policies. A life insurance policy normally contains a provision that restricts coverage in the event of death under all of the following situations EXCEPT. P is the insured on a participating life policy. Which of these is considered to be a Living Benefit option in a life insurance policy? Which nonforfeiture option has the highest amount of insurance protection? Claims are denied under the Suicide clause of the policy, Which of these statements about a Guaranteed Insurability Option rider is NOT TRUE? B) $800 Such an option considers the saving component of the policy. C) Riders This year, it will be nothing.Via Ben Fischer of Sports Business Journal, the Amazon Prime series that follows an NFL team through a full season current is in . All of the following are standard life insurance policy nonforfeiture options EXCEPT: (A) cash surrender option(B) 1-year term insurance option(C) extended term insurance option(D) reduced paid-up (permanent) insurance option A (B) 1-year term insurance option 6 Q Which of the following statements best describes life insurance policy dividends? He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem. C) It allows for cash advances to be paid against the death benefit if the insured becomes terminally ill e. Wages in the amount of $3,450 are owed but unpaid and unrecorded at year end. B) A return of excess of premium and fully taxable Her doctor said that her only chance of survival is an experimental treatment. B) Before payment of the benefit is made, specific conditions must exist, such as suffering from a terminal illness All of the following are nonforfeiture options, EXCEPT: a. Minn. Stat. 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D) One-Year Term Dividend Option, A life insurance policyowner does NOT have the right to, A) change a beneficiary Which of these require an offer, acceptance, and consideration? Which of these actions is taken when a policyowner uses a Life Insurance policy as collateral for a bank loan? A) The policys cost basis is taxable Grace period terms are stated in the policy. Which of these types of policies may NOT have the Automatic Premium Loan provision attached to it? D) Policy loans will no longer be available. o paid - up additions extended term insurance . Set the qualitative variable to 0 if the engine type is a diesel. a) Conversion b) Decreasing Term c) Reduced Paid-up d) Extended Term. Which of the following is NOT part of an insurance contract? AILife.com. Ss attained age Which of the following is the process of getting oxygen from the environment to the tissues of the body? Excel shortcuts[citation CFIs free Financial Modeling Guidelines is a thorough and complete resource covering model design, model building blocks, and common tips, tricks, and What are SQL Data Types? The restaurant hires only male wait staff. Instead, there are four options that the owner can choose from in order to access the accumulated cash value. C) Pay full benefits as stated in the policy When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. d) The PPO will pay reduced benefits. A) Increases the policys cash value D) Provision. After surrendering a whole-life insurance policy, the death benefit on that policy no longer exists. C) waiver of premium A nonforfeiture clause is an insurance policy clause that is included in standard life insurance and long-term care insurance. When the term insurance expires, A) he has the option of resuming the original policy and paying the same premium There are no guarantees for the minimum amount of life insurance available in variable and universal life policies, which allow for variable investing. B) Policy exclusion Which situation accurately describes a reduced paid-up nonforfeiture option? D) Extended term rider, In a life insurance policy, the entire contract consists of, A) policy and conditional receipt What Is Charitable Gift of Life Insurance? C) One-year term reduced paid-up insurance cash value. Which of these provisions require proof of insurability after a policy has lapsed? In a life insurance policy, which provision states who may select policy options, designate and name a beneficiary, and be the recipient of any financial benefits from the policy? Also, any outstanding amounts on the insured partys coverage are deducted from the cash value. Which of the following statements is TRUE? B) Face amount of the new policy equals that of the original policy B) the right to contest the terms of the policy Which military service exclusion clause would pay upon his death? B) automatic premium loan d. What price range is your specialty? Which of these would limit a companys liability to provide insurance coverage? C) all past premiums will be refunded with interest 90 percent of forfeiture proceeds go to law enforcement, Law enforcement required to report forfeitures to the state auditor on a monthly basis, and the auditor must then make annual reports to the state Legislature. A) Optional rider B) Purchase additional coverage with no evidence of insurability required a The premiums on their policy will never increase. C) suicide When the owner of whole-life insurance policy surrenders thepolicy, they have several nonforfeiture options. B) Decreases the policys cash value Eric's coverage is still in force because of which life insurance policy provision? A sub-agent cannot take or sign an application. Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. What does the grace period allow a life insurance policyowner to do? D) Premiums must continue to be paid. Mississippi. b. A claimant wants to bring a recovery action against an insurance company for a loss claimed under a policy. Extended Term When assessing a client with partial-thickness burns over 60% of the body, which finding should the nurse report immediately? D) Beneficiary. A policy loan is made possible by which of these life insurance policy features? D) Bill the policyowner for back premiums. C) The insurers obligation to pay a death benefit upon an approved death claim C) waiting period C) accident What will the insurer pay to Ps beneficiary? Which of these is NOT a valid policy dividend option? The treatment is expensive and is not covered by Elaine's health insurance. d) Revocable Revocable beneficiares can be changed at any point. This rider is called a(n), A) Guaranteed insurability rider D) A loan can be taken out for up to the face amount of the policy, A) Net death benefit will be reduced if the loan is not repaid, Life insurance policies will normally pay for losses arising from, A) commercial aviation B) Free look period Insurers require policyholders to have paid at least three years of premiums before they can be eligible for paid-up insurance. B) would not be treated as taxable income Insurance companies can send delinquent interest accounts to a collection agency How much do I qualify to borrow? C) automatic premium loan B) Status D) The agents obligation to pay a death benefit upon an approved death claim, C) The insurers obligation to pay a death benefit upon an approved death claim. Extended Term Reduced Paid-up Cash Surrender Life Income. Which of these describe a participating life insurance policy? C) The death benefit paid will be what the premium would be purchased at the correct age C) Cash value is surrendered to policyowner Which of the following statements is CORRECT about accelerated death benefits? Which life insurance policy provision will permit Elaine to use the life insurance proceeds before she dies to pay for her medical care? Under an extended term nonforfeiture option, the policy cash value is converted to answer choices A higher face amount than the whole life policy. B) past due premiums that have not been paid by the end of the grace period A) Contest the terms of the policy after the issue date C) Term life policies are the only type of insurance that allows policy loans One life insurance policy provision permits the policyholder to pledge certain rights in the life insurance policy to secure a loan. C) accelerated benefit rider Choosing the nonforfeiture extended term option allows the policy owner to use the cash value to purchase a term insurance policy with a death benefit equal to that of the original whole-life policy. A) Insuring clause D) the right to return the policy for a full refund within a specified number of days, D) the right to return the policy for a full refund within a specified number of days, The double indemnity provision in a life insurance policy pertains to an insureds death caused by a(n), A) sickness Buy extended insurance with accumulated cash value with no additional premiums required. b) Cash Surrender D) Decreasing term insurance, A provision that allows a policyowner to withdraw a policys cash value interest free is a(n), A) partial surrender Interest only is a settlement option. S buys a $10,000 Whole Life policy in 2003 and pays an annual premium of $100. \text { Retained Earnings, 12/31/2018 } & & 37,000 \\ A policy loan is issued by an insurance company and uses the cash value of a life insurance policy as collateral. Past-due interest on a policy loan is added to the total debt Both are in excellent health. Some companies offer an annuity option in the nonforfeiture clause. C) no beneficiary was ever named B) The policy will be voided with no death benefits paid D) Payor benefit. In some instances, insurers provide an extended-term option as an automatic option in the event that the original coverage lapses due to missed premium payments. In 2010, P takes up scuba diving and dies in a scuba-related accident in 2011. d. An analysis indicates that unearned service revenue should be$3,120. All of the following are Nonforfeiture Options EXCEPT Cash Surrender Option Extended Term Option Reduced Paid-Up Option Automatic Premium Loan Option Related MCQs ? Which of the following statements is true? Whole life insurance is permanent life insurance that pays a benefit upon the death of the insured and is characterized by level premiums and a savings component. The following are the payout options outlined in the nonforfeiture clause of a whole life insurance policy: If a policy owner chooses the cash surrender value option, the insurer will pay the remaining cash value within six months. Financial Modeling & Valuation Analyst (FMVA), Commercial Banking & Credit Analyst (CBCA), Capital Markets & Securities Analyst (CMSA), Certified Business Intelligence & Data Analyst (BIDA), Financial Planning & Wealth Management (FPWM). D) juvenile waiver rider, If an insured dies during the grace period with no premiums paid, A) the policy would be payable, minus the premium amount
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