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10 Cards in this Set
- Front
- Back
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Inspection reports may be obtained by an insurance company from
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An independent investigating firm.
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To supplement the information on the application
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the underwriter may order an inspection report which covers financial and moral information
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A policy summary includes
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premium amount and surrender values
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A copy of the policy summary must be delivered along with the policy and include
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producer's name and address, the insurance company's home office address, the generic name of the policy issued, and premium, cash value, surrender value and death benefit figures for specific policy years.
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Which life insurance settlement option guarantees payments for the lifetime of the recipient, but also specifies a guaranteed period, during which, if the original recipient dies, the payments will continue to designated beneficiary?
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Life income with period certain
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The life income with period certain option gaurantees payments for the life of the recipient and also specifies a gauranteed period of continued payments.
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If the recipient should die during this period, the payments would continue to a designated beneficiary for the remainder of the period.
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Which statement regarding the One-Year Term Dividend Option is true?
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The dividend is used to purchase an additional policy in the amount of cash value.
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With the One-Year Term Option, the dividend itself, not the interest on the dividend, is used to purchase a one-year term insurance in the amount of the cash value.
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When the policy holder dies during that period, the beneficiary receives the death benefit of both the original policy and the additional one-year term policy
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The premium charged for exercising the Guaranteed Insurablility Rider is based upon
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Attained age
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Gauranteed Insurability Rider
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The premium charged for the increase will be based upon the attained age of the insured
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