Life Insurance Flashcards
Group Life Insurance policies must provide policy owners with a grace period for payment of premium of at least?
[Hint some months are 30, others are?]
31 days.
When a replacement Life Insurance Policy is issued, the insurer must inform the policy owner that the policy may be returned within how many days for a full refund? [ Hint…what’s 10+10?]
20 days.
Life insurance advertisements must include? [Hint…the same word for something you sit at to eat+ guaranteed💰💰..]
A table that includes the policies guaranteed dividends.
Life Insurance replacement regulations do NOT apply to which of the following types of insurance? [ Hint..think of the first word for a 💳 card that affects your___score..]
Credit life.
The maximum interest rate that can be charged for a policy loan on a Life Insurance Policy after 1976 is ?
8%
How long must a Life Insurance Policy be in effect before the policy owner may use the NONFORFEITURE provision? [Hint…how many years make 36 months?]
3 years.
How can an insured access all or a portion of a life insurance benefit to pay for a long term illness or life threatening disease? [Hint..Think accelerator, and another word for perks & a horseback ____🏇]
Purchase an accelerated benefits rider.
An individual who loses his group Life Insurance due to termination may purchase an additional policy as long as he does all of the following except?
Undergo a new medical examination.
Credit Life Insurance is?
[Hint…think of paying something off if ☠⚰.]
Insurance that covers debtors a.k.a., A person that owes money…
of a creditor in connection with a specific loan or other credit transaction.Pays off all or some of your loan if you die during the term of your coverage.
Life Insurance policies with accelerated benefit riders will pay the death benefit before the insured dies for all of the following reasons EXCEPT?
That the insured first becomes eligible for long-term care benefits.
