Term
| The blank may select a settlement option if none was chosen prior to fling a claim. |
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Definition
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Term
| Neither the interest nor the principle received by a beneficiary as the result of a death claim settlement is taxable (T/F) |
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Definition
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Term
| When a settlemnt option was not selected the automatic settlement option of blank will be used at the time of claim |
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Definition
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Term
| Which settlement option guarantees that all proceeds will be paid to either the policyowner or the beneficiary? |
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Definition
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Term
| Which nonforfeiture option provides the longest period of protection |
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Definition
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Term
Which of the following is not a life insurance option
Prem op
Settlemwnt op
Dividend op |
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Definition
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Term
| There are two life insurance options: reduced paid up and paid up additions that are sometimes confused one for the other, which is the nonforfeiture option? |
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Definition
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Term
| an amount of insurance purchased by the dividend option of one year term insurance will purchase an amount equal to the blank of the policy |
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Definition
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Term
Which of the following is not an optional mode of settlement?
Fixed Amt
Paid up additions
Life Income Joint and Survivor |
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Definition
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Term
| Dividends are the guaranteed... |
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Definition
| False, (dividends are never guaranteed) |
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Term
Which of the following is considered the automatic nonforfeiture option?
Lump sum
cash surrender
reduced paid up
extended term |
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Definition
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Term
| My life insurance policy has 12489 dollars of accumulated dividends, my grandfather and i have paid in 9360 of total premiums; if so, how much is taxable, if not, why |
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Definition
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Term
| The purpose of an APL is to borrow against the cash value of the policy is to borrow upon preappoved credit |
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Definition
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Term
| Hank's policy shows a cash value of 12000, Hank borrowed 4000 at 8% 3 years ago that has generated 1000 dollars of loan interest. If hank surrendered the policy today |
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Definition
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Term
| When the policy loan and accrued interest exceed cash value, the policy is void. |
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Definition
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