21-30
Insurance Knowledge Challenge
Test your knowledge on life insurance with our engaging quiz designed for enthusiasts and professionals alike! From understanding non-forfeiture provisions to policy settlement options, this quiz covers essential topics in the insurance world.
Here's what you can expect:
- 11 thought-provoking questions
- Multiple choice format
- Immediate feedback on your answers
21. Non-forfeiture provisions are included in whole life and endowment policies to assure the policy owner that certain minimum policy benefits shall remain with him even under certain changed conditions. Non-forfeiture values guarantee to the policy owner that
No death claim Will be denied for any misstatement On the application
Any guaranteed policy values will belong to the policy owner even of premium payments are discontinued
He face amount Of the policy Will remain the same even if the insured's health becomes impaired
The premium on the policy will remain the same even when another beneficiary is added to the policy
22. In the case Of renewable term insurance, the policy owner may
Renew the coverage based on a higher premium
Change the life insured at a later date
Renew providing the insurance company agrees to continue coverage
Renew at the same premium fora further period of years
23. When you bought an insurance policy on your wife's life, you were 27 and she was 26, but you stated that you were 26 and she was 27. Five years later your wife died. The insurer will pay
Slightly less than the face amount
The face amount
The face amount adjusted for misstatement of age
The sum of the premiums paid
24. Both endowment and term life insurance policies provide that
No cash values are available to the policy owner during the term of the policy
Renewable and conversion privileges are available
A benefit will be paid at the end Of the period Of coverage if the person insured is then alive
Insurance protection will be limited to a specified period
25. All of the following are sources of information to an insurance company pertaining to the insurability of an applicant except
The applicant's personal appearance
Medical examination report
Agent's inspection report
Government tax records
26. An insurance company generally has the right to rescind a life insurance policy if
Company discovers at any time that the policy owner was actually a minor at the time of application
Insured person intentionally kills himself during the suicide exclusion period specified in the policy
Insured person is killed in military action during the contestable period of the policy
Company discovers during the contestable period that the application contains a material statement
27. In most life insurance applications. the largest amount of information requested is data which
Identifies the applicant
Describes the type of insurance applied for
Relates to the insurability of the applicant
Describes the desired benefits and mode Of payment
28. In the event that a policy owner elects that paid-up insurance option
The premiums stop and the policy continues for the full face amount until age 65
The insurance continues at a reduced amount and With a reduced premium
The policy Will automatically terminate
The premiums cease and protection continues with a reduced amount of coverage
29. A father has his present life insurance payable to his estate and because he has now retired he wants to pass the policy on to his son who'll assume the premium payments. Which of the following will he have to appoint his son to achieve his desire and protect the son from Estate Tax Liability?
Irrevocable primary beneficiary
Absolute assignee
Irrecovable secondary beneficiary
Revocable primary beneficiary
30. What are the basic settlement options?
Policy loans guaranteed insurability
Ash surrender values, automatic premium loans
Filled amount, fixed period, life income, interest on deposit
Double indemnity, total and permanent disability waiver
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