Life Insurance Exam Set at Lincoln Land Community College | Flashcards & Summaries

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Lernmaterialien für Life Insurance Exam Set an der Lincoln Land Community College

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TESTE DEIN WISSEN
A warranty is defined as which of the following?
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Statement in the application that is guaranteed to be true
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Joint and survivor income option
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Payments guaranteed for the lifetime of two or more recipients, if one survivor dies money is re-distributed
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ERIS a qualified plans
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Must benefit employees and beneficiaries, may not discriminate, must be approved by the IRS, have a vesting requirement- most five years
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Accidental death and dismemberment benefit
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The writer pays 100% of the amount of the writer, known as the principle sum, upon accidental death. If the insured suffers accidental dismemberment loss, such as loss of a limb or eyesight, the writer pays 50% of the rider amount, known as the capital sum. Loss of two limbs or total eyesight or provided at 100% of the rider. benefits are only payable if the loss is accidental and occurs within 90 days of the accident.
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Principle of Indemnity
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Insurance is designed to restore an insured to the same physical or financial condition which existed prior to the loss, without a profit or gain.
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Lump sum versus annuitization
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Lump sum- cashing out/annuitization – receive payments for life or specific period 
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Each of the following is an element of a legal contract, except:
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Indemnity
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Competent parties
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Parties are competent unless:
•Minors- under the age of 16
•Mentally incompetent
• under the influence of drugs or alcohol
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Face amount
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The death benefit payable on the policy if the insured dies before the policy ends.
Referred to as "policy proceeds"
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Special features of term-renewable
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A benefit that will renew the contract on the renewal date without evidence of insurability
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Accidental death benefit (double or triple indemnity)
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The policy normally pays double or triple of the face amount if the insured‘s death was a result of an accident. The benefit is payable only if death occurs before a specific age in within 90 days of an accident.
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Stock Insurance Company
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TESTE DEIN WISSEN
Owned by stockholders/shareholders
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Q:
A warranty is defined as which of the following?
A:
Statement in the application that is guaranteed to be true
Q:
Joint and survivor income option
A:
Payments guaranteed for the lifetime of two or more recipients, if one survivor dies money is re-distributed
Q:
ERIS a qualified plans
A:
Must benefit employees and beneficiaries, may not discriminate, must be approved by the IRS, have a vesting requirement- most five years
Q:
Accidental death and dismemberment benefit
A:
The writer pays 100% of the amount of the writer, known as the principle sum, upon accidental death. If the insured suffers accidental dismemberment loss, such as loss of a limb or eyesight, the writer pays 50% of the rider amount, known as the capital sum. Loss of two limbs or total eyesight or provided at 100% of the rider. benefits are only payable if the loss is accidental and occurs within 90 days of the accident.
Q:
Principle of Indemnity
A:
Insurance is designed to restore an insured to the same physical or financial condition which existed prior to the loss, without a profit or gain.
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Q:
Lump sum versus annuitization
A:
Lump sum- cashing out/annuitization – receive payments for life or specific period 
Q:
Each of the following is an element of a legal contract, except:
A:
Indemnity
Q:
Competent parties
A:
Parties are competent unless:
•Minors- under the age of 16
•Mentally incompetent
• under the influence of drugs or alcohol
Q:
Face amount
A:
The death benefit payable on the policy if the insured dies before the policy ends.
Referred to as "policy proceeds"
Q:
Special features of term-renewable
A:
A benefit that will renew the contract on the renewal date without evidence of insurability
Q:
Accidental death benefit (double or triple indemnity)
A:
The policy normally pays double or triple of the face amount if the insured‘s death was a result of an accident. The benefit is payable only if death occurs before a specific age in within 90 days of an accident.
Q:
Stock Insurance Company
A:
Owned by stockholders/shareholders
Life Insurance Exam Set

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