12 Questions
What type of evidence of insurability must the insured provide on the first renewal of a renewable term policy?
Medical records showing current health status
In a buy and sell agreement between two equal partners in a business, what type of policy purchase ensures continuation of the business in case of a partner's death?
Each partner purchases a policy on the other
Which policy provision is specifically designed to protect the insurance company from adverse selection by high-risk applicants?
Suicide Clause
What settlement does an insured need to give an insurance company to confirm an actual loss occurred?
Proof of loss
Which information is typically included in the consideration clause of an accident and health policy?
Schedule and amount of premium payments
What is the primary purpose of the USA PATRIOT ACT?
Detect criminal activity
What is the purpose of a dismemberment provision in a health insurance policy?
It provides benefits for the loss of a specific body part.
Which type of receipt did the producer issue when stating that coverage would be effective immediately if the application is approved, despite no medical examination being required?
A non-medical receipt
What is the purpose of the insuring clause in an accident and health policy?
To specify the conditions under which benefits are payable
Which annuity pays benefits based on units rather than specific dollar amounts?
A variable annuity
What feature of an insurance contract is reflected when an insurer pays $250,000 to a beneficiary after the policy owner paid only $1,200 in premiums?
The aleatory feature
Which type of annuity provides the highest monthly payout?
A straight life annuity
Test your knowledge on insurance policy renewal and policy summary with this quiz. Questions cover topics like renewable term policy statements, evidence of insurability, face amount increases, renewal premium calculation, and policy summary contents including coverage, riders, and exclusions.
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