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Life Premiums & Benefits Terms in this set (31)Which premium schedule results in the lowest cost to the policyowner? Annual The common disaster clause provides that if both the insured and the sole named beneficiary were to die in a common accident, which of the following is true? this clause provides the payment of proceeds to the insured's estate K is the insured and P is the sole beneficiary on a life insurance policy. Both are involved in a fatal accident where K dies before P. Under the Common Disaster provision, which of these statements is true? proceeds will be payable to K's estate if P dies within a specified time a policyowner is allowed to pay premiums more than once a year under which provision? mode of premium a whole life insurance policyowner does not wish to continue making premium payments. which of the following enables the policyowner to sell the policy for more than its cash value?
life settlement contract Quarterly premium payments increase the annual cost of insurance because interest to the insurer is decreased while the administrative costs are increased T and S are named co-primary beneficiaries on a $500,000 Accidental Death and Dismemberment policy insuring their father. Their mother was named contingent beneficiary. Five years later, S dies of natural causes and the father is killed in a scuba accident shortly afterwards. How much of the death benefit will the mother receive? $0 which of these statements is INCORRECT regarding the federal income tax treatment of life insurance? entire cash surrender value is taxable P and Q are married and have three children. P is the primary beneficiary on Q's Accidental Death and Dismemberment (AD&D) policy and Q's sister R is the contingent beneficiary. P, Q, and R are involved in a car accident and Q and R are killed instantly. The Accidental Death benefits will be paid to P only a primary beneficiary has died before the insured in a life insurance policy. a contingent beneficiary is also named in the policy. which of the following will occur when the insured dies? proceeds will go to the contingent beneficiary If the insured and primary beneficiary are both killed in the same accident and it cannot be determined who died first, where are the death proceeds to be directed under the Uniform Simultaneous Death Act? insured's contingent beneficiary
A policyowner would like to change the beneficiary on a Life insurance policy and make the change permanent. Which type of designation would fulfill this need? irrevocable T is covered by an Accidental Death and Dismemberment (AD&D) policy that has an irrevocable beneficiary. What action will the insurance company take if T requests a change of beneficiary? request of the change will be refused which of the following statements is CORRECT regarding the tax treatment of a lump-sum payment paid to a life insurance policy's primary beneficiary? all proceeds are income tax free in the year they are received J would like to maintain the right to change beneficiaries. Which beneficiary designation should be used? revocable which statement regarding the change of beneficiary provision is true the policyowner can change the beneficiary a policyowner's rights are limited under which beneficiary designation irrevocable a level premium indicates
the premium is fixed for the entire duration of the contract C is trying to determine whether to convert her convertible term life policy to whole life insurance using her original age or attained age. What factor would affect her decision the most? the cost on a life insurance policy, who is qualified to change the beneficiary designation policyowner which statement is true regarding a minor beneficiary normally, a guardian is required to be appointed in the beneficiary clause of the contract K has a life insurance policy where her husband is beneficiary and her daughter is contingent beneficiary. Under the Common Disaster clause, if K and her husband are both killed in an automobile accident, where would the death proceeds be directed? daughter J chooses a monthly premium payment mode on his Whole Life insurance policy. Which of these statements is correct? the gross premium is higher on a monthly payment mode as compared to being paid annually which of the following best describes a contingent beneficiary person designated by the insured to receive policy proceeds in the event that the primary beneficiary dies before the insured Which settlement option pays a stated amount to an annuitant, but no residual value to a beneficiary? life income When can a policyowner change a revocable beneficiary? anytime what percent of personal life insurance premiums is usually deductible for federal income tax purposes? 0 A policyowner is able to choose the frequency of premium payments through what policy feature? premium mode How would a contingent beneficiary receive the policy proceeds in an Accidental Death and Dismemberment (AD&D) policy? if the primary beneficiary dies before the insured C is trying to determine whether to convert her convertible term life policy to whole life insurance using her original age or attained age. What factor would affect her decision the most? the cost A policyowner is allowed to pay premiums more than once a year under which provision? mode of premium Students also viewedChapter 4: Premiums and Proceeds30 terms christina_collins5 Chapter 5 Exam - Life Underwriting15 terms kayce_holder Chapter Exam - Group Life10 terms nelson-bailey 5 - Life Insurance Underwriting and Policy Issue31 terms mercyx21 Sets found in the same folderChapter 532 terms Stopaskingthisisdumb Chapter 619 terms Stopaskingthisisdumb Chapter 19 terms Stopaskingthisisdumb Chapter 742 terms Stopaskingthisisdumb Other sets by this creatorModule 220 terms Stopaskingthisisdumb Module 120 terms Stopaskingthisisdumb Module 520 terms Stopaskingthisisdumb Module 420 terms Stopaskingthisisdumb Other Quizlet setsWeathering And Sedimentary Rocks13 terms smo_oquendo Cardiovascular System44 terms krever Stewardship Econ Test41 terms
sarabarnettTeacher Bone and joint mid1229 terms ashiga What assumes that the primary beneficiary dies before the insured?If the primary beneficiary dies before you do, then the secondary or alternate beneficiaries receive the proceeds. And if the secondary beneficiaries are unavailable to receive the death benefit, you can name a final beneficiary, such as a charity, to receive the insurance proceeds.
What will the beneficiary receive if the insured dies during the grace period?You Can Miss a Payment Without Losing Coverage
Most policies have a 31-day grace period after your premium's due date. You can make a late payment without being charged interest and still be covered. If you die during the grace period, your beneficiary gets the death benefit minus the past due premium.
Who is the beneficiary in a life insurance policy quizlet?Terms in this set (28) The beneficiary is the person, other than the insured, to whom payment of the life insurance proceeds will be paid upon the death of the insured. proceeds are paid to the estate of the insured.
When a person dies and is insured who receives the life insurance benefits quizlet?Terms in this set (30) Who are the named individuals or entities the policyowner designates to receive life insurance policy proceeds upon the insured's death? Beneficiaries are the named individuals or entities designated by the policyowner to receive the policy proceeds upon the insured's death.
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The sole beneficiary of a life insurance policy dies before the insured Quizlet
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