Podcast
Questions and Answers
What type of evidence of insurability must the insured provide on the first renewal of a renewable term policy?
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 (correct)
- Income tax returns for the past year
- Proof of death in the family
- Driving history for the past 10 years
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?
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?
- Both partners purchase policies on themselves
- The partnership purchases a policy on one partner
- Each partner purchases a policy on the other (correct)
- The business buys a policy for each partner
Which policy provision is specifically designed to protect the insurance company from adverse selection by high-risk applicants?
Which policy provision is specifically designed to protect the insurance company from adverse selection by high-risk applicants?
- Grace Period
- Accelerated Death Benefit Rider
- Suicide Clause (correct)
- Settlement Options
What settlement does an insured need to give an insurance company to confirm an actual loss occurred?
What settlement does an insured need to give an insurance company to confirm an actual loss occurred?
Which information is typically included in the consideration clause of an accident and health policy?
Which information is typically included in the consideration clause of an accident and health policy?
What is the primary purpose of the USA PATRIOT ACT?
What is the primary purpose of the USA PATRIOT ACT?
What is the purpose of a dismemberment provision in a health insurance policy?
What is the purpose of a dismemberment provision in a health insurance policy?
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?
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?
What is the purpose of the insuring clause in an accident and health policy?
What is the purpose of the insuring clause in an accident and health policy?
Which annuity pays benefits based on units rather than specific dollar amounts?
Which annuity pays benefits based on units rather than specific dollar amounts?
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?
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?
Which type of annuity provides the highest monthly payout?
Which type of annuity provides the highest monthly payout?
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