Limited payment whole life insurance is a contract written for a given number of years after which the face value is automatically paid to the insured. True, False
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Limited payment whole life insurance is a contract written for a given number of years after which the face value is automatically paid to the insured. True, False
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- Insurance that is for a limited time period, with no cash value accrued. a) Universal Life b) Term Life c) Whole Life d) Variable LifeWith regards to group life insurance, which of the following statements are true? 1. An individual employee does not typically have the freedom to select a specific amount of insurance coverage, but rather the amount of coverage is typically a fixed dollar amount, or a variable amount in relationship to the employee's annual income.2. There is typically a change in the premium rate each year.3. Group insurance is normally a permanent type of insurance policy that provides long-term insurance protection for a significant number of Canadians.4. An employee who participates in a group life insurance plan normally has the opportunity to designate a beneficiary.5. Group life insurance plans typically do not apply age restrictions for participation in the plan.With regard to group life insurance, which of the following statements are true? 1. An individual employee does not have the freedom to select a specific amount of insurance coverage, but rather the amount of coverage is typically a fixed dollar amount, or a variable amount in relationship to the employee's annual income. 2. There is typically a change in the premium rate each year. 3. Group insurance is normally a permanent type of insurance policy that provides long- term insurance protection for a significant number of Canadians. 4. An employee who participates in a group life insurance plan is unable to designate a beneficiary. Question 27 options: 1 and 2 1 and 4 2 and 3 3 and 4
- 12. Below are the features of the insurance policy under what types of life insurance? * Low initial premium due to the fact that coverage is temporary Premium increase with each new term O A. Term Life Insurance O B. Whole Life Insurance O C. Endowment Life Insurance D. Investment-Linked InsuranceA "waiver-of-premium” clause: Select one: a. allows the person to purchase additional insurance at no extra cost means the insured will receive the cash value immediately allows an insurance agent to pay your premiums b. C. O d. waives the suicide clause e. pays premiums in the event of illness or disability Clear my choiceS1: Life insurance policies purchased many years ago are cheaper than current policies because the insured is older. S2: The cause or consideration of the contract is called the premium. a.) S1 and S2 are true b.) S1 and S2 are false c.) Only S1 is true d.) Only S2 is true
- If the interest on a policy loan is not paid at the policy anniversary the insurance company may A) Increase the present loan by the interest B) Terminate the contract C) Refuse to grant future additional loan D) Demand full settlement of the loanWhich of the following is NOT true about a temporary insurance agreement? Select one: a. It can only cover life insurance and living benefits b. It expires the date the policy becomes effective c. The applicant will submit the premium with the application d. It can be provided if the agent believes the policy will be issuedBriefly explain the following characteristics of long-term care insurance. Type of long-term care policies Triggers to become eligible for benefits Exclusions Protection against inflation
- Which type of life insurance allows for flexible premium payments? Term life insurance Universal life insurance Variable life insurance Second to die insuranceWhat does the insurer agree to pay for in addition to covering losses in an insurance policy? Services such as investigating claims and defending the insured The entire policy limit Premium costs for the policy period Only losses below the deductibleWhich of the following is not a requirement of a "qualified" long-term care insurance policy? The benefit of the policy must offer inflation protection. The contract must offer to cover pre-existing conditions. The contract must be guaranteed renewable. The contract must offer to pay a nonforfeiture benefit.