revoke an absolute assignment C) Reduction of Premium Which of the following is CORRECT regarding the death benefit amount? In order to convert the engine type (diesel or gasoline) to a qualitative variable, first add a variable. Evidence of insurability is not required when the option is exercised B) One year term C) Insured has had policy in force for a specified number of years Sometimes, a policy expires after a so-called grace period. How much will Ds beneficiarys receive? One life insurance policy provision permits the policyholder to pledge certain rights in the life insurance policy to secure a loan. Minn. Stat. b) Cash Surrender Nonforfeiture values give the insured the right to the cash value even if the policy lapses or is surrendered. How do life insurance companies handle cases where the insured commits suicide within the contracts stated Contestable period? What will the beneficiary receive if the insured dies during this Grace Period? A) Transfer ownership of the policy See the bus stats for the Lincolnville School District. computer. C) The entire cash value is taxable E and F are business partners. Nonforfeiture Definition & Meaning - Merriam-Webster With the extended term option, you can choose to use the cash value in a whole life insurance policy to term insurance, allowing you to stop paying premiums. A physical inventory shows that$650 of office supplies is on hand. D) Make a policy loan interest payment after the due date without any loss of coverage, B) Make a premium payment after the due date without any loss of coverage. fixed-period option. D) Nonforfeiture options. C) reduction in policy premium B) the death benefit \text { Equipment } & 625,000 & \\ a The premiums on their policy will never increase. D) Automatic premium loans, The automatic premium loan provision authorizes an insurer to withdraw from a policys cash value the amount of, A) any interest payable from an outstanding policy loan balance Which of these types of life insurance allows the policyowner to have level premiums and to also choose from a selection of investment options? C) A return of excess premium and not taxable I. Life insurance policyholders can select one of four nonforfeiture benefit options: the cash surrender value, extended term insurance, loan value, and paid-up insurance. For an individual who is NOT covered by an employer-sponsored plan, IRA contributions are 1. All of the following are standard life insurance policy nonforfeiture options EXCEPT: (A) cash surrender option(B) 1-year term insurance option(C) extended term insurance option(D) reduced paid-up (permanent) insurance option A (B) 1-year term insurance option 6 Q Which of the following statements best describes life insurance policy dividends? Which of these require an offer, acceptance, and consideration? Surrender Value: What's the Difference? If an insureds age on a life insurance policy has been misstated, what is the insurers liability if the insured dies? Insured must be totally disabled to qualify, Insured must be eligible for Social Security disability for claim to be accepted. C) the right to change a policy provision In most cases, the surrender cash value may be different from the cash value due to the policy owner. A counselor receives a fee for advice, and can maintain a dual license as an agent and counselor. B) Nonparticipating policies issue dividends C) Covered hazard A) Payment mode D) nonforfeiture provision, A whole life insurance policy accumulates cash value that becomes, A) the policy loan value which the insured may borrow against D) Premium decrease. C) The policys premiums will increase after 20 years A young, married teacher has two children and owns a Whole Life policy. C) aviation B) nonforfeiture option Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. C) automatic premium loan A) Policy has a decreased face amount The Structured Query Language (SQL) comprises several different data types that allow it to store different types of information What is Structured Query Language (SQL)? C) Cash value is surrendered to policyowner f. Six months interest at 8% on the note was paid on September 30. P will have to pay income taxes on the amount of premiums waived 90 percent of forfeiture proceeds go to law enforcement, Law enforcement required to report forfeitures to the state auditor on a monthly basis, and the auditor must then make annual reports to the state Legislature. \end{array} When assessing a client with partial-thickness burns over 60% of the body, which finding should the nurse report immediately? One life insurance policy provision specifies that the insurer cannot deny payment to the beneficiary because of concealment or misrepresentation if the life insurance policy has been in force for two years during the insured's lifetime. He forgot to pay the premium that was due last week. C) Dividends are always taxable Modify a provision in the insurance contract P died five years after purchasing a life policy. Asset Forfeiture Laws by State - FindLaw D) Entire Policy, A provision that allows a policyowner to temporarily give up ownership rights to secure a loan is called a(n), A) automatic premium loan I hope you got the correct answer to your question. C) Paid-Up Additions Option B) provide evidence of insurability, pay past due premiums D) Mandatory provision, In order to activate the reinstatement clause of a lapsed life insurance policy, the insured MUST, A) remit all past-due premiums within the grace period All of the following are Nonforfeiture Options EXCEPT Cash Surrender Option Extended Term Option Reduced Paid-Up Option Automatic Premium Loan Option Related MCQs ? Which of the following is a restatement condition? \textbf{Rogers Coproration}\\ C) nonforfeiture option When is the face amount of a Whole Life policy paid? You have the following unadjusted trial balance for Rogers Corporation at December 31, 2019: RogersCoprorationUnadjustedTrialBalanceDecember31,2019\begin{array}{c} However, when the policy is terminated or the owner surrenders the policy, the death benefit ceases to exist. When a misrepresentation on a life insurance policy application is discovered, what action may an insurance company take? from October 1 to December 31 is unpaid and unrecorded. A) Long-term care rider When the term insurance expires, A) he has the option of resuming the original policy and paying the same premium B) Policy exclusion A) The face amount and policy premium are not affected by the payment During the claim process, the insurer discovers that L had understated her age on the application. Use the accumulated cash value to pay the remaining future premiums. Assignment of ownership Meanwhile, theequity you built is used to purchase a term policy that equals the number of years you paid premiums. 40% taxable, similar to a capital gain B. cash (lump sum). The restaurant hires only male wait staff. \text { Retained Earnings, 12/31/2018 } & & 37,000 \\ "What Are Life Insurance Non-Forfeiture Options? D) A return of excess premium subject to capital gains tax, C) A return of excess premium and not taxable, All of the following riders can increase the death benefit amount EXCEPT, A) Cost of Living Set the qualitative variable to 0 if the engine type is a diesel. B) Changes in the insuring clause $50,000 minus any outstanding policy loans. Which of these is NOT considered to be a nonforfeiture option in a whole life insurance policy? reduced paid-up insurance. B) dies of a stroke C) Policys cash value is not affected All of the following are true regarding a decreasing term policy EXCEPT The insured's premiums will be waived until she is 21. The rest are all possible exclusions. B) past due premiums that have not been paid by the end of the grace period All of the following are Nonforfeiture options EXCEPT A Extended term B Reduced paid-up C Interest only D Cash surrender `````C Interest only Which statement is NOT true regarding a Straight Life policy? Their purpose is to protect the insured's accumulated cash values in case the Whole Life or Endowment policy lapses. A sub-agent cannot take or sign an application. C) Dividend schedule An insured is past due on his life insurance premium, but is still within the Grace Period. D) It allows for a third party to purchase a life insurance policy at a discounted rate and immediately advance a portion of the death benefit, C) It allows for cash advances to be paid against the death benefit if the insured becomes terminally ill. A life insurance policy can be surrendered for its cash value under which policy provision? Beneficiary will be paid the Death Benefit. Insurers require policyholders to have paid at least three years of premiums before they can be eligible for paid-up insurance. Chapter 3.2 - Subjecto.com Ron has a life insurance policy with a face value of $100,000 and a cost of living rider. What action will the insurer take? Coverage will be adjusted to reflect the insureds true age if a misstatement of age is discovered. Which of the following is CORRECT regarding the death benefit amount? A) 12/15th of the policys face amount The Consideration clause in a life insurance contract contains what pertinent information? XCEL Chapter 4 Part 2 Flashcards | Quizlet The same face amount as in the whole life policy. Those on Social Security disability automatically qualify for this benefit B) The policy may be paid up early by using policy dividends A) Proof of insurability Ron joins the PPO provided by his employer. \text { Prepaid Rent } & 9,500 & \\ Which life insurance rider typically appears on a Juvenile life insurance policy? Chapter 3 - Life Policy provisions, riders, and option - Chegg Loans obtained by a policyowner against the cash value of a life insurance policy A whole life policy option where extended term insurance is selected is called a. B) Extended term insurance Are you looking for the correct answer to the question All of the following are considered to be nonforfeiture options available to a policyowner EXCEPT? D) buy additional insurance coverage, All of the following are considered to be nonforfeiture options available to a policyowner EXCEPT, A) Extended Term Insurance Insurance companies can send delinquent interest accounts to a collection agency The extended-term payout option allows the policy owner to buy an extended-term policy using the cash values from the original policy. List of Excel Shortcuts A) Entire contract period Required fields are marked *, All of the following are considered to be nonforfeiture options available to a policyowner EXCEPT. C) Rider D) Extended term rider, In a life insurance policy, the entire contract consists of, A) policy and conditional receipt When a policy is in force for a longer duration, the better the cash values and the nonforfeiture values. Pat owns a 20-pay life policy with a paid-up dividend option.

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