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Terms in this set (15)Which of the following actions is NOT possible with a Universal Life Policy? Premiums may be applied as a credit against income tax. All of these actions are possible with a Universal Life policy EXCEPT "Premiums may be applied as a credit against income tax".
What kind of insurance policy supplies an income stream over a set period of time that starts when the insured dies? Family Maintenance Policy. A policy that provides an income for a specific period starting at the death of the insured is a Family Maintenance Policy. Which of these types of policies may NOT have the Automatic Premium Loan provision attached to it? Decreasing Term. The Automatic Premium Loan provision can be incorporated into all of these policies EXCEPT decreasing term. What kind of life policy either pays the face value upon the death of the insured or when the insured reaches age 100? Whole Life. Whole Life insurance is designed to mature at age 100. What type of life insurance are credit policies issued as? Term. The type of insurance used is decreasing term, with the term matched to the length of the loan period (though usually limited to 10 years or less) and the decreasing insurance amount matched to the declining loan balance. A father who dies within 3 years after purchasing a life insurance policy on his infant daughter can have the policy premiums waived under which provision?
Payor Provision. A Payor Provision provides that in the event of death or disability of the adult premium payor, the premiums on a juvenile policy will be waived until the insured child reaches a specified age or the maturity date of the contract. L, aged 50, and L's spouse, 48, have one natural child and one adopted child. They purchase a Family Policy that covers L's spouse to age 65. A death benefit will NOT be paid in which of the following circumstances? L's spouse dies at age 66. L's spouse has coverage until age 65. A life insurance policy that provides a policyowner with cash value along with a level face amount is called: Whole Life. Whole life provides the insured with a cash value as well as a level face amount. The most important factor to consider when determining whether to convert term insurance at the insured's attained age or the insured's original age is: The cost. The cost of insurance is most important when an insured owner is trying to decide whether to convert term insurance at the insured's original age or the insured's attained age. Which of the following combination plans is designed to protect an insured from an unpaid mortgage balance upon premature death? Joint Life. A joint life policy covers two or more people. Using some type of permanent insurance (as opposed to term), it pays the death benefit at the first insured's death. What type of life insurance incorporates flexible premiums and an adjustable death benefit? Universal Life. Universal Life is designed to provide flexible premiums and an adjustable death benefit. When is the face amount paid under a Joint Life and Survivor policy? Upon death of the last insured. A Joint Life and Survivor policy pays benefits after the death of the last insured. What type of life insurance are credit policies issued as? Term. The type of insurance used is decreasing term, with the term matched to the length of the loan period (though usually limited to 10 years or less) and the decreasing insurance amount matched to the declining loan balance. Which of these types of life insurance allows the policyowner to have level premiums and to also choose from a selection of investment options? Variable Life. A life insurance policy that has a level premium but allows the policyowner to choose from a selection of investment options is known as Variable Life. F needs life insurance that provides coverage for only a limited amount of time with a death benefit that changes regularly according to a schedule. What kind of policy is needed? Decreasing term policy. A life insurance policy written for a specified period of time with a death benefit that changes regularly according to a schedule is a decreasing term policy. Sets found in the same folder5 - Life Insurance Underwriting and Policy Issue17 terms jordandms16 9 - Retirement Plans32 terms N_Ritchie Chapter Exam 159 terms mercyx21 Life Insurance Premiums, Proceeds, and Beneficiari…24 terms allietomasso Other sets by this creatorChap 8 Texas Laws and Rules39 terms jrstxusa Chap 7 Health Underwriting11 terms jrstxusa Chap 6 Health Insurance Policy Provisions20 terms jrstxusa Chap 5 Private Insurance Plan for Seniors10 terms jrstxusa Verified questionseconomics ______ is GDP that has been adjusted for price changes. Verified answer
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finance Which method delays recognition of bad debt until the specific customer accounts receivable is identified? A. income statement method B. balance sheet method C. direct write-off method D. allowance method Verified answer Recommended textbook solutions Fundamentals of Financial Management, Concise Edition10th EditionEugene F. Brigham, Joel Houston 777 solutions
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Which of the following policies would not have a policy loan provision quizlet?Which of the following Policies would not offer a policy loan option? The policy loan option is only found in policies that contain cash value. Term life policies do not have cash value.
What is an automatic premium loan provision in life insurance?Automatic Premium Loan — an optional provision in life insurance that authorizes the insurer to pay from the cash value any premium due at the end of the grace period. This provision is useful in preventing inadvertent lapse of the policy.
What type of policy allows the policy owner to skip premium payments provided that there is enough cash value in the policy to cover the premium amount?Universal life insurance benefits
Since there is a cash value component, you may be able to skip premium payments as long as the cash value is enough to cover your required expenses for that month. Some policies may allow you to increase or decrease the death benefit to match your particular circumstances**
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Which of these types of policies may not have the automatic premium loan provision attached to it quizlet?
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