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 (A)</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 (B)</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 (A)</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 (C)</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 (A)</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 (D)</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 (C)</p> Signup and view all the answers

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