Life Insurance Policy Riders, Provisions, Options, and Exclusions
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| Which of the following protects the insured from an unintentional policy lapse due to a nonpayment of premium? | show 🗑
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| show | Guaranteed insurability option
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| show | Insuring clause
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| show | Equal to the original policy for as long as the cash values will purchase.
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| An insured has chosen joint and 2/3 survivor as the settlement option. What does this mean to the beneficiaries? | show 🗑
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| show | Reinstatement provision
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| The validity of coverage under a life insurance policy may not be contested, except for nonpayment of premium, after the policy has been in force for at least how many years? | show 🗑
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| show | Both the principal and interest will be liquidated over a selected period of time.
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| Nonforfeiture values guarantee which of the following for the policyowner? | show 🗑
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| show | Interest only
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| Which option is being utilized when the insurer accumulates dividends at interest and then uses the accumulated dividends, plus interest, and the policy cash value to pay the policy up early? | show 🗑
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| show | Fixed-period installments.
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| The policyowner wants to make sure that upon his death, the life policy will pay a portion of the proceeds annually to his spouse, but that the principal will be paid to their children when they reach a certain age. Which settlement option should the po | show 🗑
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| An insured receives an annual life insurance dividend check. What term best describes this arrangement? | show 🗑
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| show | The insured's contingent beneficiary
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| show | Level or flexible
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| All of the following are true regarding insurance policy loans EXCEPT | show 🗑
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| Under an extended term nonforfeiture option, the policy cash value is converted to | show 🗑
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| show | Automatic premium loan
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Created by:
Hayley92