Question

34 If an insured commits suicide after the suicide clause in the insured's life insurance policy has expired, the insurer will take which of the following actions? a) Refuse to pay the death benefit or refund any premiums b) Refund only the premiums paid c) Refund the premiums paid plus interest d) Pay the Death benefit 35 An insured intentionally understates her age on her application for a life policy. At death, the insurer will take which of the following actions? a) Refuse to pay the claim based on material misrepresentation on the application b) Pay the face amount of the policy if the death occurred after the end of the incontestable period c) Pay a reduced death benefit based on the insured's actual age d) Pay the stated death benefit less the unpaid premium owned to the company as a result of the understated age 36 Which of the following policies is an interest sensitive form of permanent protection? a) Universal Life b) Limited Pay Life c) Graded Premium Whole Life d) Modified Whole Life 37 Which of the following statements is CORRECT about group life conversion privileges? a) Under the COBRA law, a departing employee may elect to remain a member of the group life plan for a limited period of time b) Death during the conversion period is covered even if the departing employee chose not to convert the policy c) A departing employee must individually pay the premium if the employee elects to be covered during the conversion period

Question 37 remaining letter.

D) If a departing employee elects to convert a lofe insurance policy, the insurer must offer term insurance as one of the choices.

Answer 1

We will answer question no 36, since the exact question to be answered is not specified:

The correct option is (a).

Universal life (UL) insurance is permanent life insurance with an investment savings element and low premiums that are similar to those of term life insurance.