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Questions and Answers
What does the Nonforfeiture Clause stipulate?
What does the Nonforfeiture Clause stipulate?
- The insured party can name individuals as primary and secondary beneficiaries
- The policyholder can borrow a specified amount at a specified rate of interest from the issuing company
- The policyholder can make a premium payment without coverage lapsing
- The insured party can receive full or partial benefits or a partial refund of premiums after a lapse due to nonpayment (correct)
What is the Coverage Grace Period?
What is the Coverage Grace Period?
- Amount of time after the premium is due in which a policyholder can make a premium payment without coverage lapsing (correct)
- An insurance policy clause that states when coverage terms are reset after the insured files a claim
- An investment vehicle policy owner to name individuals as primary and secondary beneficiaries
- The addit
What does the Loan Clause allow the policyholder to do?
What does the Loan Clause allow the policyholder to do?
- Make a premium payment without coverage lapsing
- Receive full or partial benefits or a partial refund of premiums after a lapse due to nonpayment
- Borrow a specified amount at a specified rate of interest from the issuing company by using the cash value of the policy as collateral (correct)
- Name individuals as primary and secondary beneficiaries
What is the Beneficiary Provision in an insurance policy?
What is the Beneficiary Provision in an insurance policy?
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What does the Policy Reinstatement Clause specify?
What does the Policy Reinstatement Clause specify?
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