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Idaho Flashcards

(17 cards)

1
Q

Settlement: Life Income Joint and Survivor

A

Income for two or more as long as they live

After first dies, reduced payment for the second person

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2
Q

Settlement: Interest Only

A

Insurance company keeps policy proceeds

Pays interest on proceeds to the recipient at regular intervals

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3
Q

Accelerated Benefit/ Living Needs Rider

A

Early payment of part of death benefits

Insured is diagnosed will terminal illness

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4
Q

How long does the insured have to live in order to qualify for accelerated benefit/ living needs rider?

A

2 years

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5
Q

How long must the insured be notified of a policy lapse for overdrawing their policy loan amount?

A

30 day notice

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6
Q

Automatic Premium Loan

A

Prevents unintentional lapse of policy due to nonpayment

Interest charged

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7
Q

Under the Automatic Premium Loan Rider, the insurer can defer payment of all loans up to six months EXCEPT

A

a loan to pay a premium which are honored immediately.

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8
Q

If both the insured and the beneficiary die in the same accident but have the Common Disaster Rider and it’s impossible to tell who died first, what is assumed?

A

Primary beneficiary died first

Proceeds go directly to contingent beneficiary or insured’s estate.

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9
Q

Within how long of an accident must the insured die to receive double indemnity for the Accidental Death Rider?

A

90 days

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10
Q

Other term for cash payment settlement option

A

Lump sum

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11
Q

Are nonforfeiture values required to be included in the policy?

A

Yes, by state laws

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12
Q

What’s the benefit of choosing extended term as a nonforfeiture option?

A

It has the highest coverage

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13
Q

What is a Modified Endowment Contract?

A

When a policy fails the 7-pay test

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14
Q

When is a new 7-pay test required?

A

When there is a material change to a policy

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15
Q

Who initials a change on a mistake on an application?

A

The prospective insured

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16
Q

Within how long of a loss must a fire insurance company inform the fire marshal?

17
Q

How much loss must be reported to the fire marshal?

A

$1,000 or more