Homework Answers
ANSWER :
Option : both I and II
Any person named as beneficiary should also have interest in the continuation of life of the insured. Beneficiary is to be incorporated at the time of purchase of policy.
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Which of the following statements about an insurable interest in life insurance is (are) true? I....
20) Which of the following statements about life insurance policy loans is (are) true? Interest is...
20) Which of the following statements about life insurance policy loans is (are) true? Interest is not required on a life insurance policy loan, as the policyholder is borrowing his or I. her own money. II. Policy loans must be repaid within 3 years or the policy will lapse. A) I only B) II only C) both I and II D) neither I nor II o annuities?.
14) Which of the following statements about life income settlement options is (are) true? I. Under...
14) Which of the following statements about life income settlement options is (are) true? I. Under a joint-and-survivor life income option, payments cease at the death of the first annuitant. II. Under a life income with guaranteed period, a contingent beneficiary is guaranteed a minimum number of payments regardless of when the primary beneficiary dies. A) I only B) II only C) both I and II D) neither I nor II
D) 20-paymen whole me 7) Which of the following statements about the ownership of a life...
D) 20-paymen whole me 7) Which of the following statements about the ownership of a life insurance policy is (are) true? I. Under the ownership clause, the policyholder and beneficiary equally share all contractual rights in the policy while the insured is living II. The owner of the policy may assign certain rights, such as the right to designate the beneficiary, to another person. A) I only B) II only C) both I and II D) neither I nor II...
14) Which of the following statements about life income settlement options is (are) true 1. Under...
14) Which of the following statements about life income settlement options is (are) true?I. Under a joint-and-survivor life income option, payments cease at the death of the second (last) surviving) annuitant,II. Under a life income with guaranteed period, a contingent beneficiary is guaranteed a minimum number of payments regardless of when the primary beneficiary dies.A) I onlyB) II onlyC) both I and II]D) neither I nor II15) Bruce left a question about heart disease blank on his life insurance application...
11) Which of the following statements about dividend options is (are) true! ! The interest on...
11) Which of the following statements about dividend options is (are) true! ! The interest on dividends left to accumulate with the insurer is not considered to be taxable income. II. Dividends paid on life insurance policies are not taxable for federal income tax purposes A) I only B) II only C) both I and II D) neither I nor II
5. With respect to life insurance, the insurable interest must exist at some future time. O...
5. With respect to life insurance, the insurable interest must exist at some future time. O a. True O b. False 6. For property insurance, the insurable interest must exist at the time of the loss but need not exist when the policy is purchased. O a. True O b. False 7. When the parties to an insurance application agree that the policy will be issued and delivered at a later date, the contract is not effective until the policy...
+) Which of the following statements about wearly renewable tem insurance is are) true. 1. It...
+) Which of the following statements about wearly renewable tem insurance is are) true. 1. It does not require evidence of insurability for renewal. 11. The rate paid by the insured will increase on each renewal, but the rate schedule is known. A) I only B) II only C) both I and II D) neither I nor II
1. Which of the following statements concerning insurance underwriting is (are) correct? I. Underwriting is the...
1. Which of the following statements concerning insurance underwriting is (are) correct? I. Underwriting is the selection and pricing of insurance applications that are offered to an insurer. II. Underwriting attempts to avoid adverse selection by individuals who purchase insurance. A I only B. II only C. Both I and II D. Neither I nor II 2. Which of the following statements concerning modified endowment contracts (MECs) is (are) correct? I. Any policy that is paid up prior to age...
Which of the following statements about life insurance policy loans is false?
Which of the following statements about life insurance policy loans is false?A) Loans are only permitted for specific reasons listed in the policy.B) Policy loans may be used to cover premiums using the automatic policy loan provision.C) The policyholder is required to pay interest on a life insurance policy loan.D) Any loan balance remaining at the time of the insured death is deducted from the life insurance proceeds paid to the beneficiary.
21) Which of the following statements is (are) true with respect to annuities? 1. The fundamental...
21) Which of the following statements is (are) true with respect to annuities? 1. The fundamental purpose of annuities is to replace lost income in case of premature death. II. Annuity payments will be higher if the annuity is funded with life insurance cash value rather than outside funds. A) I only B) II only C) both I and II D) neither I nor II een for a fixed annuity when he was 50 years old. At
20) Which of the following statements about life insurance policy loans is (are) true? Interest is not required on a life insurance policy loan, as the policyholder is borrowing his or I. her own money. II. Policy loans must be repaid within 3 years or the policy will lapse. A) I only B) II only C) both I and II D) neither I nor II o annuities?.
14) Which of the following statements about life income settlement options is (are) true? I. Under a joint-and-survivor life income option, payments cease at the death of the first annuitant. II. Under a life income with guaranteed period, a contingent beneficiary is guaranteed a minimum number of payments regardless of when the primary beneficiary dies. A) I only B) II only C) both I and II D) neither I nor II
D) 20-paymen whole me 7) Which of the following statements about the ownership of a life insurance policy is (are) true? I. Under the ownership clause, the policyholder and beneficiary equally share all contractual rights in the policy while the insured is living II. The owner of the policy may assign certain rights, such as the right to designate the beneficiary, to another person. A) I only B) II only C) both I and II D) neither I nor II...
11) Which of the following statements about dividend options is (are) true! ! The interest on dividends left to accumulate with the insurer is not considered to be taxable income. II. Dividends paid on life insurance policies are not taxable for federal income tax purposes A) I only B) II only C) both I and II D) neither I nor II
5. With respect to life insurance, the insurable interest must exist at some future time. O a. True O b. False 6. For property insurance, the insurable interest must exist at the time of the loss but need not exist when the policy is purchased. O a. True O b. False 7. When the parties to an insurance application agree that the policy will be issued and delivered at a later date, the contract is not effective until the policy...
+) Which of the following statements about wearly renewable tem insurance is are) true. 1. It does not require evidence of insurability for renewal. 11. The rate paid by the insured will increase on each renewal, but the rate schedule is known. A) I only B) II only C) both I and II D) neither I nor II
21) Which of the following statements is (are) true with respect to annuities? 1. The fundamental purpose of annuities is to replace lost income in case of premature death. II. Annuity payments will be higher if the annuity is funded with life insurance cash value rather than outside funds. A) I only B) II only C) both I and II D) neither I nor II een for a fixed annuity when he was 50 years old. At
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