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Terms in this set (21)Which statement is TRUE in regards to a policy loan? Past-due interest on a policy loan is added to the total debt D was actively serving in the Marines when he was killed in an automobile accident while on leave. His $100,000 Whole life policy contains a War Exclusion clause. How much will D's beneficiary's receive? The full face amount An insured's inability to perform two or more activities of daily living may trigger which type of policy rider? Long term care A long term care rider is triggered by the insured's inability to perform two or more activities of daily living.
All of these statements concerning Settlement Options are true EXCEPT Only the beneficiary may select Settlement options may be selected by the policy-owner How do life insurance companies handle cases where the insured commits suicide within the contract's stated Contestable period? Claims are denied under the Suicide clause of the policy What action will an insurer take if an interest payment on a policy loan is not made on time? automatically add the amount of interest due to the loan balance Unpaid interest from a policy loan is added to the loan balance if not paid by the due date. Additional coverage can be added to a Whole Life policy by adding a(n) decreasing term rider What provision in a life insurance policy states that the application is considered part of the contract? Entire Contract provision The Entire Contract provision, found at the beginning of the policy, states that the policy document, the application (which is attached to the policy), and any attached riders constitute the entire contract. What is the Suicide provision designed to do? safeguard the insurer from an applicant who is contemplating suicide D is the policyowner and insured for a $50,000 life insurance policy. The beneficiary is D's wife. D and his wife divorce and D remarries, transferring ownership of his policy to his new wife. If D dies without making any further changes, to whom will the policy proceeds be paid to? Ex-wife D's ex wife is still the beneficiary of this policy, even though policy ownership has changed to his current spouse 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. Which life insurance rider typically appears on a Juvenile life insurance policy? Payor Benefit rider A payor benefit rider provides for waiver of premium if the adult-payor of the policy dies or becomes totally disabled. All of these statements about the Waiver of Premium provision are correct EXCEPT 1. A waiting period must pass before becoming eligible for benefits 2.Waiver of Premium is available on both permanent and term insurance policies 3.Insured must be eligible for Social Security disability for claim to be accepted 4.Insured must be totally disabled to qualify Insured must be eligible for Social Security disability for claim to be accepted The automatic premium loan provision is designed to avoid a policy lapse In a life insurance policy, which feature states that the policy will not cover certain risks? Exclusion The feature of a life insurance policy stating that the policy will not cover certain risks is called an exclusion. When does a Guaranteed Insurability Rider allow the insured to buy additional coverage? at future dates specified in the contract with no evidence of insurability required S buys a $50,000 whole life policy with a $50,000 Accidental Death and Dismemberment rider. S dies 1 year later of natural causes. How much will the insurer pay the beneficiary? $50,000 A young, married teacher has two children and owns a Whole Life policy. If the teacher wants an increasing Death Benefit to protect against inflation, the teacher should select which of the following Dividend Options? Paid-Up Additional Insurance Which of these are NOT an example of a Nonforfeiture option? 1. Extended Term Life Income How are surrender charges deducted in a life policy with a rear-end loaded provision? Deducted when the policy is discontinued ... ... Students also viewedChapter 3 (part 2)28 terms brooke_sours Life Insurance - Chapter 3: Life Insurance Policies45 terms ManalH-M
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finance Prepare journal entries to record the following production activities for Hotwax. **1.** Requisitioned $9,000 of indirect materials for use in production of surfboard wax. **2.** Incurred$156,000 overhead costs (credit Other Accounts). **3.** Applied overhead at the rate of 140% of direct labor costs. Direct labor costs were $75,000 in the Mixing department and$50,000 in the Shaping department. Verified answer
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economics In June 2005, claims for unemployment insurance in Illinois from construction workers made up about 14 percent of all claims. In December 2005, they made up about 21 percent. Why might more construction workers file for unemployment benefits in December than in June? What type of unemployment best explains the difference? Verified answer
finance Assume Karo Products, Inc., purchased conveyor-belt machinery. Classify the given expenditure as a capital expenditure or an immediate expense related to machinery: b. Special reinforcement to the machinery platform Verified answer Recommended textbook solutions Mathematics with Business Applications6th EditionMcGraw-Hill Education 3,760 solutions
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Mathematics with Business Applications6th EditionMcGraw-Hill Education 3,760 solutions Other Quizlet setsSF Exam 1 Practice Questions52 terms pomsandapplesPlus CM8 HEPSY36 terms L_rette Fundamental Facts 2-3-4 : Bell 127 terms prestonqueener Which of the following is not a life insurance settlement option?14 Cards in this Set. What are the basic settlement options for life insurance policies except?There are four settlement options: interest only, fixed-period installments (period certain), fixed-amount installments and life income.
Which of the following settlement options in life insurance?6 Life Insurance Settlement Options You Should Know. Lump-sum payment. Lump-sum payment is the simplest and most common insurance type of life insurance settlement. ... . Interest only. ... . Interest accumulation. ... . Fixed period. ... . Fixed amount. ... . Life income (also known as life-only or life annuity). What are the 5 settlement options?The following are the most common options available:. - Lump Sum. The beneficiary takes the full amount of the death benefit as a single settlement. ... . - Interest Only. ... . - Fixed Period. ... . - Life Annuity. ... . - Life Annuity with Period Certain.. |
All of these are settlement options for life insurance policies EXCEPT Quizlet
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