Insurance Basics Chapter 3 Flashcards
Test your knowledge of life insurance concepts with these flashcards from Chapter 3. Explore important definitions and advantages, including policy reinstatement and settlement options. Perfect for students looking to solidify their understanding of insurance fundamentals.
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Quiz12 Questions
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Insurance Basics Chapter 3 Flashcards
Quiz • 12 Questions
Study Notes
2 min • Summary
Insurance Basics Chapter 3 Flashcards - Podcast
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List of Questions12 questions
- Question 1
- Policy premium in a reinstated policy will be set according to the insured's original age.
- Question 2
- Refund the premium paid.
- Question 3
- Lump sum
- Question 4
- Waiver of premium
- Question 5
- Increasing Term
- Question 6
- 50,000 it would remain the same as when it was purchased
- Question 7
- The same face amount as in the whole life policy
- Question 8
- Automatic premium loan
- Question 9
- Substitute insured rider
- Question 10
- The surviving beneficiary will continue receiving 2/3 of the benefit paid when both beneficiaries were alive.
- Question 11
- If the father is disabled for more than 6 months
- If the daughter is disabled for more than 3 months
- If the daughter is disabled for any length of time
- If the father is disabled for at least a year
- Question 12
- The benefit is received tax free.
- IRS has no jurisdiction.
- The benefit is subject to the exclusionary rule.
- The benefit is received as taxable income.