Podcast
Questions and Answers
What is the maximum timeline for reinstating a lapsed policy subject to normal conditions of proof of insurability?
What is the maximum timeline for reinstating a lapsed policy subject to normal conditions of proof of insurability?
- Two years
- One year
- Six months
- Three years (correct)
Who is responsible for making the necessary assumptions and calculations in order to determine the premium rates for life insurance policies?
Who is responsible for making the necessary assumptions and calculations in order to determine the premium rates for life insurance policies?
- Senior statistician
- Insurance commissioner
- Life agent
- Actuary (correct)
What is the fundamental advantage of using insurance as a means of meeting economic losses?
What is the fundamental advantage of using insurance as a means of meeting economic losses?
- Deferred for a specified period of time
- Spread over a large number of people (correct)
- Only available to the rich
- Limited to specific groups
What must an individual meet when purchasing life insurance?
What must an individual meet when purchasing life insurance?
What does insurance provide protection against?
What does insurance provide protection against?
When is a life insurance contract treated primarily as an indemnity agreement?
When is a life insurance contract treated primarily as an indemnity agreement?
What does the convertible feature of a term insurance policy allow?
What does the convertible feature of a term insurance policy allow?
What is an advantage of choosing a straight-premium whole life policy over a limited payment whole life policy?
What is an advantage of choosing a straight-premium whole life policy over a limited payment whole life policy?
What is the maximum amount that a life insurance policy loan can be limited to?
What is the maximum amount that a life insurance policy loan can be limited to?
When an irrevocable beneficiary has been designated and the policy owner needs to loan against the policy, what is required for any transactions or changes in the policy?
When an irrevocable beneficiary has been designated and the policy owner needs to loan against the policy, what is required for any transactions or changes in the policy?
What is one fundamental advantage of using life insurance as a means of meeting economic losses?
What is one fundamental advantage of using life insurance as a means of meeting economic losses?
Which statement is FALSE regarding an agent's role in selling life insurance?
Which statement is FALSE regarding an agent's role in selling life insurance?
