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Which of the following is a provision in an interest-sensitive life policy which allows the policyowner to withdraw the policy's cash value Interest free?
Which of the following is a provision in an interest-sensitive life policy which allows the policyowner to withdraw the policy's cash value Interest free?A . Partial Surrender.B . Automatic Premium Loan.C . Waiver of Premium.D . Spendthrift Clause.View AnswerAnswer: A
Insurers do business in Ohio only after a thorough financial review. Most insurance policies written in Ohio are protected by the Guaranty Association established to protect policy owners In the event an admitted company
Insurers do business in Ohio only after a thorough financial review. Most insurance policies written in Ohio are protected by the Guaranty Association established to protect policy owners In the event an admitted companyA . cannot meet it's capital surplus requirements.B . merges with a foreign insurer.C . becomes financially...
An insured has a 5-year Renewable Term Life Insurance Policy. Upon exercising the renewable privilege, the Insured MUST
An insured has a 5-year Renewable Term Life Insurance Policy. Upon exercising the renewable privilege, the Insured MUSTA . provide evidence of insurability.B . renew for at least 10 years.C . pay an annual premium that may be higher.D . convert to a whole life policy.View AnswerAnswer: C
Which of the following statements BEST describes a single premium cash value policy?
Which of the following statements BEST describes a single premium cash value policy?A . It requires only one payment to make the policy paid up.B . It provides for only one premium to be paid without evidence of insurability.C . It waives one future premium if the owner becomes disabled.D...
Under the children's term rider, what occurs when a child reaches the specified age? He or she
Under the children's term rider, what occurs when a child reaches the specified age? He or sheA . automatically becomes the beneficiary of the life insurance policy.B . must show evidence of insurability to remain covered.C . may Increase the term coverage of the rider.D . is eliminated from coverage.View...
After a request has been received for verification of coverage from a viatical settlement provider, an insurance company authorized to do business shall respond within:
After a request has been received for verification of coverage from a viatical settlement provider, an insurance company authorized to do business shall respond within:A . 30 calendar daysB . 45 calendar daysC . 60 calendar daysD . 90 calendar daysView AnswerAnswer: B
Which of the following represents a syndicate of underwriters that specialize in Insuring specific types of risk?
Which of the following represents a syndicate of underwriters that specialize in Insuring specific types of risk?A . reciprocal insurerB . Lloyd's associationC . risk retention groupD . fraternal benefit societyView AnswerAnswer: C
In reference to life Insurance in contract law, a person MOST likely will have an insurable interest in insuring a person's life If
In reference to life Insurance in contract law, a person MOST likely will have an insurable interest in insuring a person's life IfA . the interest exists at the time of death.B . the interest exists at the time of application.C . any type of distant family relationship exists with...
Upon the divorce of an insured who designated their spouse as the beneficiary, which of the following actions will result?
Upon the divorce of an insured who designated their spouse as the beneficiary, which of the following actions will result?A . the insured must pay 50% of the premiums paid to the spouse named as the beneficiaryB . the spouse designated as beneficiary will remain an irrevocable beneficiaryC . the...
Which rider would allow additional insurance to be purchased at specified dates or events, without additional underwriting?
Which rider would allow additional insurance to be purchased at specified dates or events, without additional underwriting?A . Guaranteed renewability.B . Guaranteed insurability.C . Cost of living.D . Disability income.View AnswerAnswer: B
