Podcast
Questions and Answers
What is the requirement for the Suicide clause to be justified?
What is the requirement for the Suicide clause to be justified?
- It must not discriminate insurance companies
- It must be applicable to Life and AD&D policies equally (correct)
- It must be reviewed every two years
- It must have a waiting period before applying
When does Suicide cease to be a defense against payment?
When does Suicide cease to be a defense against payment?
- After the fifth year of the policy
- After the first year of the policy
- After the second year of the policy (correct)
- After the third year of the policy
Under which provision can a father have life insurance premiums waived after his daughter's death?
Under which provision can a father have life insurance premiums waived after his daughter's death?
- Assignment provision
- Payor provision (correct)
- Accelerated Benefits provision
- Waiver of Premium provision
What is a requirement for benefits under the Waiver of Premium provision?
What is a requirement for benefits under the Waiver of Premium provision?
Which type of insurance policies is the Waiver of Premium provision available on?
Which type of insurance policies is the Waiver of Premium provision available on?
When is an insured considered qualified for benefits under the Waiver of Premium provision?
When is an insured considered qualified for benefits under the Waiver of Premium provision?
What is the main purpose of the automatic premium loan provision in an insurance policy?
What is the main purpose of the automatic premium loan provision in an insurance policy?
In the scenario where T and S are beneficiaries on a policy and S dies before their father, who will receive the death benefit after the father's death?
In the scenario where T and S are beneficiaries on a policy and S dies before their father, who will receive the death benefit after the father's death?
What is the role of the Commissioner in the insurance industry?
What is the role of the Commissioner in the insurance industry?
What is the frequency at which Disability Income benefits must be paid according to the Time Payment of Claims provision?
What is the frequency at which Disability Income benefits must be paid according to the Time Payment of Claims provision?
When an insurance policyholder requests a policy loan, what are they essentially asking for?
When an insurance policyholder requests a policy loan, what are they essentially asking for?
Under what circumstances would an insurance policy be at risk of lapsing?
Under what circumstances would an insurance policy be at risk of lapsing?
Which factor is irrelevant in determining how much paid-up additions can be purchased using dividends from a life insurance policy?
Which factor is irrelevant in determining how much paid-up additions can be purchased using dividends from a life insurance policy?
Which life insurance rider allows the policyholder to have excess coverage?
Which life insurance rider allows the policyholder to have excess coverage?
Which statement best describes the purpose of a certificate of authority in the insurance industry?
Which statement best describes the purpose of a certificate of authority in the insurance industry?
In an Accident and Health policy, which clause defines the benefit amounts that the insurer will pay?
In an Accident and Health policy, which clause defines the benefit amounts that the insurer will pay?
If an applicant wants additional life insurance coverage beyond their base policy, which rider should they consider?
If an applicant wants additional life insurance coverage beyond their base policy, which rider should they consider?
What is NOT a factor that determines how much coverage can be purchased using dividends for paid-up additions from a life insurance policy?
What is NOT a factor that determines how much coverage can be purchased using dividends for paid-up additions from a life insurance policy?
What is the primary characteristic of a short-term medical expense policy?
What is the primary characteristic of a short-term medical expense policy?
In the context of Social Security Disability benefits, what percentage of the insured's Primary Insurance Amount (PIA) can be received?
In the context of Social Security Disability benefits, what percentage of the insured's Primary Insurance Amount (PIA) can be received?
If an insured informs the insurance company about choosing a less hazardous occupation under the Change of Occupation provision, what action may the company take?
If an insured informs the insurance company about choosing a less hazardous occupation under the Change of Occupation provision, what action may the company take?
Which term describes a policy that can be terminated at the end of the term without renewal?
Which term describes a policy that can be terminated at the end of the term without renewal?
What happens to an insured's policy coverage if they switch to a more hazardous occupation?
What happens to an insured's policy coverage if they switch to a more hazardous occupation?
Which benefit amount represents the maximum Social Security Disability benefit an insured can receive?
Which benefit amount represents the maximum Social Security Disability benefit an insured can receive?
What is a characteristic of a Conditionally Renewable Health Insurance policy?
What is a characteristic of a Conditionally Renewable Health Insurance policy?
What is the role of the Insurance Commissioner when examining the records of an insurance company?
What is the role of the Insurance Commissioner when examining the records of an insurance company?
Who is eligible to purchase a plan through the Marketplace?
Who is eligible to purchase a plan through the Marketplace?
What is a feature of Optionally Renewable Health policies?
What is a feature of Optionally Renewable Health policies?
In what circumstance can premiums increase with Conditionally Renewable Health Insurance policies?
In what circumstance can premiums increase with Conditionally Renewable Health Insurance policies?
What is an essential power held by an Insurance Commissioner in relation to an insurance company?
What is an essential power held by an Insurance Commissioner in relation to an insurance company?
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