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12 Cards in this Set
- Front
- Back
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What constitutes the entire contract |
The policy and a copy of the application along with any riders or amendments form the entire contract |
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What is the difference between absolute and collateral assignment |
Can absolutely Schmidt permanently transfers all rights of ownership and other person or entity a collateral is a transfer a partial rights to another person |
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What is the free-look period And when does it begin |
We work. Allows the policyowner in a specific number of days from a receipt to look over the policy and just fat to satisfy for any reason return it for a full refund any premium it starts when the policy owner received the policy and not when the insurer issues the policy |
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What is the purpose of a grace period |
To prevent an intentional policy lapse for non-payment of premiums |
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What is the difference between a revocable and irrevocable beneficiary |
The policy owner may change a revocable beneficiary at any time and in revocable does Russia Nation however made not be changed without the written consent of the beneficiary |
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What happens to an unpaid policy loan at an insured death |
If there are any outstanding loans at the time of insurance death the amount will be considered a debt to the policy that death benefit will be reduced by amount of indebtedness |
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What is the purpose of the of the automatic premium loan provision |
It prevents the end attentional lapse of a policy due to a non-payment of the premium |
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Which writers increase the amount of the death benefit |
Accident death writer pays double or triple the amount of face value cost of value Rider automatically increases the amount of the increased based on the inflation and text return of Premium pays back to all the premiums and additional to the death benefit |
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What are the three nonforfeiture options in life insurance policies |
Cash surrender value reduced paid up insurance or extended premium options |
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Which is a nonforfeiture option is automatically selected if the policy owner has not made a selection |
If a policy owner has neglected to select one of the of these nonforfeiture options the insurer will automatically implement the extended term option in the event of termination of the original policy |
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Which divided option increases the death benefit |
Paid-up additions increase the death benefit of the original policy by whatever amount they divided will pay |
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What settlement options are available in life insurance policies |
Cash payment / lump sum /, life income, increased only, fix. Installments, and fixed amount installments. |
