Life Insurance Policy Provisions, Options, and Riders Flashcards
1
Q
Whose responsibility is it to explain the policy provisions, riders, and exclusions to
the applicant?
A
The producer
2
Q
Although producers must sign the application, they…
A
are not a party to the contract.
3
Q
This section of a life policy states who has the right to change the beneficiary, who
can take a loan, and who can take cash surrender
A
The owner’s rights
4
Q
Owners of life insurance policies may temporarily assign their life insurance policy to a bank as
collateral for a loan, which is known as
A
collateral assignment
