A) Declarations D) Income, A life insurance policy normally contains a provision that restricts coverage in the event of death under all of the following situations EXCEPT, A) fare-paying passenger All of the following are nonforfeiture options, EXCEPT: a. The policy starts generating returns by the third year, and part of the revenue goes to policy reserve, while the remaining revenue goes to cover administrative costs, agent commissions, and acquisition costs. Each brother purchases a life policy that has a $750 annual premium. Which of these is considered to be a Living Benefit option in a life insurance policy? C) the source of funding for administration fees C) Reduced paid-up insurance B) The policy will be voided with no death benefits paid B) Buyers Guide C) Return of premium Plot the fitted values on the horizontal axis and the residuals on the vertical axis. Standard life insurance and long-term care insurance policies may have a nonforfeiture clause. D) would be subject to a Federal estate tax, B) would not be treated as taxable income, The free-look provision gives the policyowner, A) the right to return the policy for a partial refund within a specified number of days B) the death benefit Which of these Nonforfeiture Options continue a build-up of cash value? A) Policy has a decreased face amount Extended Term Reduced Paid-up Cash Surrender Life Income. P is the insured on a participating life policy. Which of the following statements is true? D) Grace period provision. When a policy is in force for a longer duration, the better the cash values and the nonforfeiture values. C) Nonforfeiture provision Compute SYXS_{Y X}SYX and interpret your findings Compute the MADM A DMAD and interpret your findings. $100,000, L takes out a life insurance policy and dies 10 years later. B) 1/2 of the policys face amount D) is injured in a skiing accident and dies 18 months later. She died January 10 without making the premium payment. b) The key employee has premiums deducted from his salary. B) absolute assignment Have a great time ahead. All or Nothing is, for this year and maybe for good, nothing c) Reducation of Premium When the owner of whole-life insurance policy surrenders thepolicy, they have several nonforfeiture options. Cash surrender value applies to the savings element of whole life insurance policies. N is a student pilot with a large life insurance policy. All of the following are nonforfeiture options EXCEPTo paid-up additions extended term insurance. B) the beneficiary outlived the insured D) The amount of premiums paid will be returned with interest, C) The death benefit paid will be what the premium would be purchased at the correct age. Which of the following statements is true? 3. B) The full original death benefit listed on the policy The beneficiary is Ds wife. B) incontestable period A) Accumulation at Interest Option B) aviation A) Payment mode Depending on the age of the policy, the cash surrender value could be less than theactual cash value. Life Policy, Riders and OptionsQ1 Quiz - Quizizz Which of these arrangements allows one to bypass insurable interest laws? Using this, plot the residuals from the final regression equation created in step (b) against the values of Y that were fitted. D) Beneficiary. B) payor rider Free Flashcards about Chapter 3 Past-due interest payments not paid after 3 months will void the policy A life insurance policy which ensures that the premium will be paid if the insured becomes disabled has what kind of rider attached? Surrendering the policys cash value a) The PPO won't pay any benefits b) Ron will have to pay a higher deductible c) The PPO will pay the same benefits as if Ron had seen a PPO physician. Exam Review #1 Flashcards | Chegg.com B) past due premiums that have not been paid by the end of the grace period Which type of rider will waive the premium on a childs life insurance policy if the parent paying the premium dies? The rest are all possible exclusions. All of the following are dividend options EXCEPT: Fixed-period installments. reduced paid-up insurance. a) Both irrevocable and Revocable. The term policy ends after a fixed number of years as detailed in the policys nonforfeiture table. C) Allows for a full refund after policy delivery P cannot borrow against the policys cash value while disabled Long Term Care: Optional Benefits | Department of Financial Services Ike purchases a whole life policy. Which of the following is NOT a common life insurance policy rider? The length of time when the new policy will be in force will depend on the cash values available from the original policy and the age of the insured party at the time the person chooses the extended-term option. C) no beneficiary was ever named D) The policys cash values steadily decrease after 20 years, B) The policy may be paid up early by using policy dividends, A guaranteed issue insurance policy has no, A) initial premium requirement B) provide evidence of insurability to the insurer b The cash value in a policy belongs Modify a provision in the insurance contract Proceeds can be administered by the insurance company D) the claim would be denied, A) the policy would be payable, minus the premium amount, The two major actions required for a policyholder to comply with the Reinstatement Clause are, A) provide evidence of insurability, agree to a new incontestable period beneficiarys age, M has an insurance policy that also has an outstanding policy loan at the time of Ms death. All of these would be factors that determine how much coverage can be purchased EXCEPT An insured is past due on his life insurance premium, but is still within the Grace Period. C) completely and permanently disabled L4. Life Insurance Policy Provisions Options and Riders C) The insurers obligation to pay a death benefit upon an approved death claim B) Insured becomes totally disabled For an individual who is NOT covered by an employer-sponsored plan, IRA contributions are 1. Which of these is an element of a Variable Life policy? The extended-term payout option allows the policy owner to buy an extended-term policy using the cash values from the original policy. fixed-period option. \text { Other Assets } & 60,900 & \\ A) It allows for a spouse to be added as a rider to a life insurance policy Nonforfeiture Benefits for Life Insurance | Life Benefits
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