Life Insurance Policies and Regulations
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Questions and Answers

Which of the following actions can an insured with an irrevocable beneficiary NOT do without beneficiary permission?

  • Avail of a non-forfeiture option
  • Discontinue premium payments
  • Change the policy coverage amount
  • Alter the dividend option presently in effect (correct)

    • Which of the following is NOT a function of an application for a life insurance policy?

  • To convey to the company the desire of the applicant to obtain insurance
  • To furnish information on which contact of life insurance may be written
  • To furnish initial information as to insurability
  • To give details pertaining to non-forfeiture options (correct)

    • Which of the following is true about both endowment and term life insurance policies?

  • Renewal and conversion privileges are available (correct)
  • Insurance protection will be limited to a specific period
  • No cash value is available to the policy owner during the term of the policy
  • A benefit will be paid at the end of the period of coverage if the person insured is then alive

    • In a life insurance policy, what is the purpose of an application?

    <p>To assess the applicant's insurability</p> Signup and view all the answers

    Which of the following is a requirement for a policy to have cash value available to the policy owner during the term?

    <p>The policy must be an endowment policy</p> Signup and view all the answers

    Which of the following actions can an insured with an irrevocable beneficiary NOT do without beneficiary permission?

    <p>Change the policy terms and conditions</p> Signup and view all the answers

    What is the purpose of an application for a life insurance policy?

    <p>To furnish initial information as to insurability</p> Signup and view all the answers

    Which of the following is NOT a function of an application for a life insurance policy?

    <p>To give details pertaining to non-forfeiture options</p> Signup and view all the answers

    Which of the following is true about both endowment and term life insurance policies?

    <p>Renewal and conversion privileges are available</p> Signup and view all the answers

    What is not a function of an application for a life insurance policy?

    <p>To give details pertaining to non-forfeiture options</p> Signup and view all the answers

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