Traditional Life Insurance (Licensure Exam)

Front 1

Endowment

Back 1

Insurance protection will be limited

Front 2

Not a function of an application

Back 2

Non-forfeiture

Front 3

Estate tax liability

Back 3

Absolute assignee

Front 4

Irrevocable beneficiary

Back 4

Discontinue premium payments

Front 5

Basic settlement options

Back 5

Fixed amount, fixed period, life income, interest on deposit

Front 6

Rescind a life

Back 6

A minor at the time of application

Front 7

Least important reason for requiring that insurance agents be licensed

Back 7

To provide additional income to the government through license fees

Front 8

Paid -up insurance option

Back 8

The premiums cease and protection continues with a reduced amount of coverage

Front 9

Higher premium to a lower premium provided the insured

Back 9

Satisfactory evidence of insurability

Front 10

Vary the level of premiums

Back 10

Universal life

Front 11

Disability waiver of premium rider false

Back 11

Insured has to die while disabled

Front 12

Largest amount of information requested

Back 12

Relates to the insurability of the applicant

Front 13

Paid-up additions

Back 13

Don't affect the loan or cash value of the policy

Front 14

Total life coverage... Increased

Back 14

A supplemental term rider

Front 15

Laws of probability

Back 15

Estimate future death rates among members of a given group

Front 16

Renewable term insurance

Back 16

Renew the coverage bases on a higher premium

Front 17

Applied for a ps. 20,000 whole life policy

Back 17

Immediately provides interim

Front 18

Endowment life and term life are similar

Back 18

Protection for only the period of time

Front 19

Agent... Correct selling approach

Back 19

Total needs selling

Front 20

Provision in permanent life insurance , when discontinued will be maintained for a period

Back 20

Extended term insurance

Front 21

Notwithstanding various legal impediments

Back 21

Interest option

Front 22

Extent of medical evidence is determined by

Back 22

Age of applicant

Front 23

Conservation of life insurance is dependent on... except

Back 23

Pressure selling

Front 24

Sources of information except

Back 24

Government tax records

Front 25

Fails to disclose

Back 25

Valid unless the insurer can prove fraud

Front 26

Settlement opinions provide except

Back 26

Payment of proceeds over a fixed period

Front 27

Assure the policy owner... Benefits shall remain

Back 27

Any guaranteed policy values will belong to the policy owner

Front 28

Purchasing a continuous-premium

Back 28

More insurance protection for the same annual premiums outlay

Front 29

Interpleader actions

Back 29

Conflicting claims on the same insurance proceeds

Front 30

Statement false

Back 30

Short duration the cash value of a yearly policy grows very fast

Front 31

Which does not have insurable interest

Back 31

Individual on the life of his mistress

Front 32

Collectively these provisions

Back 32

Riders

Front 33

Which regarding Insurance premiums is false

Back 33

Cash is required paid in grace period

Front 34

Non-forfeiture would ordinarily be selected

Back 34

Discontinues premium payments

Front 35

Policy loan is not paif at the policy anniversary

Back 35

Increase the present loan by the interest

Front 36

Incontestability clause

Back 36

Prevents the company from denying a claim

Front 37

Added primary and secondary Revocable beneficiary

Back 37

Can add a third beneficiary at any time

Front 38

You said you 27, wife 26. You were 26 and she was 27.The insurer will pay

Back 38

The face amount adjusted for misstatement of age

Front 39

Interest policy loan is not paid,company may

Back 39

Increase the present loan by the interest

Front 40

Yearly renewable policy specifies

Back 40

Premiums shall increase every time renewed

Front 41

Insurable interest correct except

Back 41

Important for Purposes of underwriting the risk

Front 42

Requirement to reinstate life insurance policy

Back 42

Furnish evidence

Front 43

Insured Person dies,premiums was not paid

Back 43

The face amount of the policy minus the unpaid premium

Front 44

Life insurance guarantees cash for ff except

Back 44

Educational fund

Front 45

Under endowment policy, insured survives

Back 45

Face amount of the policy will be paid

Front 46

Life insurance contributes to the welfare of country

Back 46

All of the above

Front 47

Yearly renewable term policy specifies that

Back 47

Premium shall increae every time policy is renewed

Front 48

Statement is False when owner borrows on a policy

Back 48

Dividend will be reduced by the amount of the current interest

Front 49

All of ff are Standard provision except

Back 49

An entire contract clause

Front 50

All ff can be sold as a basic policy contract except

Back 50

Six months interim term

Front 51

Housewife without gainful empñoyment applies for P500k life coverage, what agent should do

Back 51

Examine the adequacy of the husband's insurance coverage