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Questions and Answers
If the interest on a policy loan is not paid at the policy anniversary, the insurance company may
If the interest on a policy loan is not paid at the policy anniversary, the insurance company may
The extent of the medical evidence required is determined by
The extent of the medical evidence required is determined by
Indicate which of the following is not a function of an application for life insurance policy
Indicate which of the following is not a function of an application for life insurance policy
The insurance companies make use of the laws of probability in order to
The insurance companies make use of the laws of probability in order to
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Which of the following statements regarding insurance premiums is false
Which of the following statements regarding insurance premiums is false
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Endowment life insurance and term life insurance are similar in that both plans
Endowment life insurance and term life insurance are similar in that both plans
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A non-forfeiture option would ordinarily be selected at the time a policy owner
A non-forfeiture option would ordinarily be selected at the time a policy owner
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The conversation of a life insurance policy is dependent on all the following exxcept
The conversation of a life insurance policy is dependent on all the following exxcept
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Purchasing a continuous-premium, whole life policy rather than a limited-payment whole life policy, gives the policy owner the advantage of
Purchasing a continuous-premium, whole life policy rather than a limited-payment whole life policy, gives the policy owner the advantage of
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Name the provision in a permanent life insurance policy under which premiums are discontinued, full insurance will be maintained for a specified period:
Name the provision in a permanent life insurance policy under which premiums are discontinued, full insurance will be maintained for a specified period:
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The basic coverage provided by life insurance policies may be supplemented by separate provision that provide coverages for additional amounts or of a different nature. Collectively these provisions are known as
The basic coverage provided by life insurance policies may be supplemented by separate provision that provide coverages for additional amounts or of a different nature. Collectively these provisions are known as
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The insured name a primary and secondary revocable beneficiary for P20,000 policy. Which of the following is correct?
The insured name a primary and secondary revocable beneficiary for P20,000 policy. Which of the following is correct?
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An agent who determines a prospect's complete financial requirements preparatory to offering him a policy using the correct approach known as
An agent who determines a prospect's complete financial requirements preparatory to offering him a policy using the correct approach known as
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In a policy where an irrevocable beneficiary has been designated the insured, without the beneficiary's permission, can
In a policy where an irrevocable beneficiary has been designated the insured, without the beneficiary's permission, can
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Which of the following statements is false?
Which of the following statements is false?
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Which of the following does not have legitimate insurable interest
Which of the following does not have legitimate insurable interest
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Which of the following is the least important reason for requiring that insurance agents be licensed?
Which of the following is the least important reason for requiring that insurance agents be licensed?
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A yearly renewable term life insurance policy generally specifies that
A yearly renewable term life insurance policy generally specifies that
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If the interest on a policy loan is not paid at the policy anniversary the insurance company may
If the interest on a policy loan is not paid at the policy anniversary the insurance company may
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The incontestability clause
The incontestability clause
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Non-forfeiture provisions are included in whole life and endowment policies to assure the policy owner that certain minimum policy benefits shall remain with him even under certian changed conditions. Non-forfeiture values guarantee to the policy owner that
Non-forfeiture provisions are included in whole life and endowment policies to assure the policy owner that certain minimum policy benefits shall remain with him even under certian changed conditions. Non-forfeiture values guarantee to the policy owner that
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In case of renewable term insurance, the policy owner may
In case of renewable term insurance, the policy owner may
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When you bought an insurance policy on your wife's life, you were 27 and she was 26, but you stated that were 26 and she was 27. Five years later your wife died. The insurer will pay
When you bought an insurance policy on your wife's life, you were 27 and she was 26, but you stated that were 26 and she was 27. Five years later your wife died. The insurer will pay
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Both endowment and term life insurance policies provide that
Both endowment and term life insurance policies provide that
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All of the following are sources of information to an insurance company pertaining to the insurability of an applicant except
All of the following are sources of information to an insurance company pertaining to the insurability of an applicant except
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an insurance company generally has the right to rescind a life insurance policy if
an insurance company generally has the right to rescind a life insurance policy if
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In most life insurance applications, the largest amount of information requested is which
In most life insurance applications, the largest amount of information requested is which
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In the event that a policy owner elects the paid-up insurance option
In the event that a policy owner elects the paid-up insurance option
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A father has his present life insurance payable to his estate and because he has now retired he wants to pass the policy on to his son who will assume the premium payments. Which of the following will he have to appoint his son to achieve his desire and protect the son from Estate Tax Liability?
A father has his present life insurance payable to his estate and because he has now retired he wants to pass the policy on to his son who will assume the premium payments. Which of the following will he have to appoint his son to achieve his desire and protect the son from Estate Tax Liability?
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What are the basic settlement options?
What are the basic settlement options?
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Not with standing possible legal impediments, if the owner of an endowment at age 65 policy tells you that at the maturity of the policy he wants to provide his church with a monthly donation for as long as the church exists. which option do you recommend?
Not with standing possible legal impediments, if the owner of an endowment at age 65 policy tells you that at the maturity of the policy he wants to provide his church with a monthly donation for as long as the church exists. which option do you recommend?
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A policy which permits the policy holder to very the level of premium or the sum insured, and has its cash values dependent upon the investment performance and the level of premium paid is known as ________ policy
A policy which permits the policy holder to very the level of premium or the sum insured, and has its cash values dependent upon the investment performance and the level of premium paid is known as ________ policy
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Which of the following statements about "Disability Waiver of Premium Rider" is false?
Which of the following statements about "Disability Waiver of Premium Rider" is false?
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If the applicant for life insurance fails to disclose or misrepresents a material fact, the contract is
If the applicant for life insurance fails to disclose or misrepresents a material fact, the contract is
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A man applied for a P20,000 whole life policy and paid the full initial premium to the soliciting agent. The agent issued a binding receipt. Under such a receipt, the insurance company
A man applied for a P20,000 whole life policy and paid the full initial premium to the soliciting agent. The agent issued a binding receipt. Under such a receipt, the insurance company
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Paid-up additions:
Paid-up additions:
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The company will allow a policy change from a higher premium to a lower premium provided the insured
The company will allow a policy change from a higher premium to a lower premium provided the insured
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The total life coverage of a permanent basic policy can be greatly increased through the use of
The total life coverage of a permanent basic policy can be greatly increased through the use of
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The settlement options provisions may provide all of the following except:
The settlement options provisions may provide all of the following except:
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In certain situations a company may file interpleader actions with a court of Law. This remedy is used to
In certain situations a company may file interpleader actions with a court of Law. This remedy is used to
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An endowment at age 65 policy premium payable for a limited period of 20 years pays the full amount after 2 years
An endowment at age 65 policy premium payable for a limited period of 20 years pays the full amount after 2 years
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A policy is not rendered void by reason of misstatement of the assured's death
A policy is not rendered void by reason of misstatement of the assured's death
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According to the law of large numbers, events which happen seemingly by chance will actually be bound to follow a predictable pattern, if enough such happenings are observed
According to the law of large numbers, events which happen seemingly by chance will actually be bound to follow a predictable pattern, if enough such happenings are observed
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A policy is still in force for the full face amount and will remain in force for a further period of four years and 118 days, without the payment of any premiums has availed of paid up insurance option
A policy is still in force for the full face amount and will remain in force for a further period of four years and 118 days, without the payment of any premiums has availed of paid up insurance option
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A policy that provided guaranteed cash values plus extra annual distributions and pays the insured after a specified time is known as a participating endowment
A policy that provided guaranteed cash values plus extra annual distributions and pays the insured after a specified time is known as a participating endowment
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In most life insurance applications, the largest amount of information requested is data which identifies the applicant
In most life insurance applications, the largest amount of information requested is data which identifies the applicant
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In a case where the premium has not been paid and the cash values have been exhausted, the policy can still avail of the grace period
In a case where the premium has not been paid and the cash values have been exhausted, the policy can still avail of the grace period
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Anti-selection occurs when person in poor health wish to buy insurance
Anti-selection occurs when person in poor health wish to buy insurance
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In the case of misstatement of age, the amount of insurance is adjusted to the amount which the premium paid at the correct age would have purchased
In the case of misstatement of age, the amount of insurance is adjusted to the amount which the premium paid at the correct age would have purchased
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In a group insurance it is assumed that every member of the group is insurable, provided that every member of the group is working a minimum number of (usually 50 hours) each week.
In a group insurance it is assumed that every member of the group is insurable, provided that every member of the group is working a minimum number of (usually 50 hours) each week.
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