D) war. B) unemployed g. Income taxes of$55,539 are owed but unrecorded and unpaid. A) Reinstatement clause Under the Misstatement of Age provision, the insurer will, adjust the death benefit to a reduced amount, The incontestable clause allows an insurer to, contest a claim during the contestable period. For each, decide whether the discrimination is reasonable and should be permitted or is unreasonable and should be prohibited. A) Entire contract provision Instead, there are four options that the owner can choose from in order to access the accumulated cash value. until after the adjusting entries are made? His insurance policy continues in force without payment of further premiums. A Medicare Supplement policy must provide coverage for pre-existing conditions after the policy has been in force for a) 1 year b) 2 years c) 90 days d) 6 months. Which of these would be considered a Limited-Pay Life policy? Which of the following statements is true? Which situation accurately describes a reduced paid-up nonforfeiture option? B) pilot of personal airplane D) Automatic premium loan provision, Matt is applying for life insurance and requests a double indemnity rider. Those on Social Security disability automatically qualify for this benefit A) Accidental death rider C) Reduced paid-up insurance C) The death benefit paid will be what the premium would be purchased at the correct age How do life insurance companies handle cases where the insured commits suicide within the contracts stated Contestable period? AILife.com. Which rider provides coverage for a child under a parents life insurance policy? Extended-term insurance is often thedefault non-forfeiture option. Reduced Premium. Exam Review #1 Flashcards | Chegg.com reduction of premium Which situation accurately describes a reduced paid-up nonforfeiture option? Evidence of insurability is required when the option is exercised What will the insurer pay to Ps beneficiary? A) Policy Summary What kind of rider did S include on the policy? D) Payor benefit. A) Accelerated death benefit rider This rider is called a(n), A) Guaranteed insurability rider I. All of the following are Nonforfeiture options EXCEPT: . Which situation accurately describes a reduced paid-up nonforfeiture option? Interest for the period A life insurance policy which ensures that the premium will be paid if the insured becomes disabled has what kind of rider attached? Kurt is an active duty serviceman who was recently killed in an accident while home on leave. B) Cash Surrender \text { Prepaid Rent } & 9,500 & \\ b) Within 3 years. Grace period terms are stated in the policy. Florida Laws and Rules Pertinent to Insurance, Life Insurance Policies - Provisions, Options, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus, Chapter 3 - Legal Concepts of the Insurance C. The nonforfeiture benefit is designed to ensure that if you lapse your policy (i.e., stop paying premiums) after a specified number of years, you retain some benefits from the policy. Which of these would limit a companys liability to provide insurance coverage? d) The PPO will pay reduced benefits. B) The insurer withholds the cost basis Paid-up Additions A) The face amount and policy premium are not affected by the payment When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. We also reference original research from other reputable publishers where appropriate. Which of these is NOT a valid policy dividend option? A) Reduce premium A) Long-term care rider B) One year term Policyholders can choose to access the policy's cash value through cash . ", NAIC.org. The beneficiary is Ds wife. D) beneficiary assignment, Mike and Ike are 30 year old identical twins. Your email address will not be published. B) Disability income rider C) suicide Recent Examples on the Web This relatively unknown nonforfeiture option is called a life settlement. C) $2,000 Which of the following is NOT a common life insurance policy rider? Which statement is correct regarding the premium payment schedule for whole life policies? P is the insured on a participating life policy. A Tax deductible. Evidence of insurability is not required when the option is exercised Who does the sub-agent represent? D) accidental death. C) Waivers Such an option considers the saving component of the policy. Excel shortcuts[citation CFIs free Financial Modeling Guidelines is a thorough and complete resource covering model design, model building blocks, and common tips, tricks, and What are SQL Data Types? Quickly and professionally. A nonforfeiture clause is an insurance policy clause stipulating that an insured party can receive full or partial benefits or a partial refund of premiums after a lapse due to nonpayment. B) Status C) are limited by the face amount of the policy You have the following unadjusted trial balance for Rogers Corporation at December 31, 2019: RogersCoprorationUnadjustedTrialBalanceDecember31,2019\begin{array}{c} How are policyowner dividends treated in regards to income tax? D) Grace period, All of these are standard exclusions found in a life insurance policy EXCEPT, A) hazardous occupations D) Cash dividend option. B) 1/2 of the policys face amount C) Ike will have a level premium D) hazardous jobs, A provision in a whole life policy that allows a policyowner to terminate the policy in return for a reduced paid-up policy of the same type is called a(n), A) insuring clause Past-due interest payments not paid after 3 months will void the policy \text { Wages Expense } & 137,000 & \\
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