The two major actions required for a policyowner to comply with the Reinstatement Clause are, Provide evidence of insurability, pay past due premiums, The term which describes the fact that both parties of a contract may NOT receive the same value is referred to as. The policy may be paid up early by using policy dividends. What type of life insurance could she purchase that is designed to pay off the loan balance if she dies within the 30-year period? Connect the text to your own experiences. (B) Both parties adhere to the contract. If xxx actually turns out to be 131313, what do you think of the claim? D) Insurance producers, If a material warranty violation on the part of the insured is found, what recourse does an insurer have? Question. Utah requires that an insurance producer must complete ___ hour(s) of continuing education on the subject of law and ethics every reporting period. there must be legal reasons for entering into the contract B) Bob's estate Which of the following policies does NOT build cash value? Identify the type of financing (stock or bond) that best answers the question. Principal Capacity, All of the following are elements of an insurance policy EXCEPT consideration A marathon is 42.2 kilometers. If the insured dies at any time during the 5 years, his beneficiary will receive the policy's face value. Legal purpose This legal agreement requires prior performance of another agreement or clause in order to be enforceable. An unintentional violation of Utah insurance law could lead a producer to a fine of up to _____ per violation. Advertisement. Andy the annuitant dies before the annuity start date. A) Legal 3. implied D) Intent, Which contract element is insurable interest a component of? Reduction of premium dividend option Extended term option Paid-up option Cash dividend option, Net death benefit will be reduced if the loan is not repaid, Joanne has a $100,000 whole life policy with an accumulated $25,000 of cash value. be in writing A conditional contract, also called a hypothetical contract, is a contract agreement that only requires performance once the delineated conditions are met. A) there is the potential for an unequal exchange of value D) unilateral, Who is responsible for assembling the policy forms for insureds? Which market index is normally associated with an indexed annuitys rate of return? With a life insurance contract, the insurer binds itself to pay a certain sum upon the death of the insured. D) Terminate the agent, Insurable interest does NOT occur in which of the following relationships? 2. Anheuser-Busch InBev is trying to reduce its water usage. A provision that allows a policyowner to withdraw a policys cash value interest free is a(n), The Do Not Call Registry offers exemptions for calls placed from all of the following EXCEPT, All of these are valid options for an Adjustable Life Policy EXCEPT, The policys premium can be increased or decreased, An insurers claim settlement practices are regulated by the. Assume that the product will be tested on 202020 randomly selected stained garments, and let xxx denote the number of these garments from which the stains will be completely removed. B) Indemnity B) other insurance Policy Application Riders Certificate of Authority, A life insurance rider that allows an individual to purchase insurance as they grow older, regardless of insurability, is called a(n) guaranteed term rider guaranteed insurability rider accelerated benefit rider cost of living rider, The suicide clause of a life insurance policy states that if an insured commits suicide within a stated period from the policy's inception, the insurer will only be liable for a return of premiums paid minus indebtedness and with interest during the last 12 months minus indebtedness and without interest during the last 6 months, A life insurance policyowner does NOT have the right to change a beneficiary select a beneficiary take out a policy loan revoke an absolute assignment, A life insurance policy normally contains a provision that restricts coverage in the event of death under all of the following situations EXCEPT fare-paying passenger pilot of personal airplane suicide war, The insurer's obligation to pay a death benefit upon an approved death claim, Under a life insurance policy, what does the insuring clause state? Tom's spouse Bob's estate Bob's spouse Tom, Which contract element is insurable interest a component of? B) guarantee Coverage decreases automatically Coverage increases automatically Coverage remains as long as proof of insurability is provided Coverage is eliminated, Joe has a life insurance policy that has a face amount of $300,000. Waiver Exclusion Rider Provision, The double indemnity provision in a life insurance policy pertains to an insured's death caused by a(n) sickness suicide accident war, An insurer will accept a premium from the insured and continue the coverage in full force as though it was NOT late during which time period? This is also known as a non-negotiable insurance contract, or an automatic contract. Which military service exclusion clause would pay upon his death? Which of these is considered to be a disadvantage of owning this type of annuity? Options A) A contract that requires certain conditions or acts by the insured individual B) A contract that has the potential for the unequal exchange of consideration for both parties C) A contract where one party "adheres" to the terms of the contract What does a life insurance policy guarantee to the stated beneficiary upon the death of the insured? Which of these factors is NOT taken into account when determining an applicants life insurance needs? 30 seconds. C) Law of Agency Insurable interest Insurance exchanges Law of large numbers and risk pooling Population table data, People with higher loss exposure have the tendency to purchase insurance more often than those at average risk. Guaranteed Insurability rider Family term insurance rider Family whole insurance rider Payor benefit rider, A partial surrender is allowed in which of the following life policies? Both partners are still married at the time of Bob's death. B) errors and omissions A Dalhousie University student training for distance running finds that, after running for x hours, her distance traveled, in kilometers, is given by, y=f(x)={10xif0x35x+15if3 How To Remove Light Cover From Hunter Ceiling Fan,
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