which is a correct statement about life insurance (course hero)

What are the requirements to sell variable life insurance policies?

To sell variable life insurance policies, an agent must receive all of the following EXCEPT A) A securities license. B) A life insurance license. C) A SEC registration. D) A FINRA registration The death benefit can be increased by providing evidence of insurability The policyowner of an adjustable life policy wants to increase the death benefit.

How long do you have to return a life insurance policy?

All life insurance policies and annuity contracts must allow the policyowner to return the policy within how many days to receive a full refund of premiums? A) 10 days. B) 45 days.

How many terms are in a life insurance policy?

LIFE INSURANCE POLICIES 32 terms etanghal__ Life Insurance Policies 108 terms ajcovington Other sets by this creator Real Estate Contracts 107 terms Daniel_Tapia5 Real Estate Agency Law Test 14 terms Daniel_Tapia5 Real Estate Agency Law 109 terms Daniel_Tapia5 Quiz #1 14 terms Daniel_Tapia5 Other Quizlet sets OT4 Abraham & Isaac 27 terms timkat11

What is the conversion option in term life insurance?

A) conversion will be contingent upon her evidence of insurability. Under term life insurance, the option to convert offers the insured the right to change the term policy to permanent insurance without evidence of insurability.

What is whole life insurance?

Whole life insurance allows a policyowner to tap cash values only through a policy loan or a complete cash surrender of the policy's cash values, in which case the policy terminates. The party to whom the life insurance policy cash values belong is the: A) policyowner. B) insured.

When does a whole life policy endow?

By design, a whole life policy endows for its face amount at age 100. That means that when the policyowner is 100 years old, the cash value of the policy equals the face amount of the policy. At that point, the insurance is canceled, and the insured receives the face amount as an endowment.

How long does a limited pay life policy last?

With a limited pay life policy, the insured pays premiums for a specified amount of time, with two stipulations: (1) premium payment period must last at least ten years; and (2) premiums must be paid up by the age of 65. Universal life is distinguished from whole life insurance in that:

What is single premium whole life?

Single premium whole life. An insurance policy that only requires a payment of premium at its inception, provides insurance protection for the life of the insured, and matures at the insured's age 100 is called. A) Single premium whole life. B) Modified Endowment Contract (MEC).

Why does the premium increase on a 5 year policy?

It will increase because the insured will be 5 years older than when the policy was originally purchased. An insured buys a 5-year level premium term policy with a face amount of $10,000. The policy also contains renewability and convertibility options.

What is juvenile life insurance?

Juvenile Life is classified as any life insurance purchased by a minor. Concerning Juvenile Life insurance, which of the following statements is INCORRECT. A) Usually a parent or guardian is the applicant for insurance on the life of a minor. B) It can be a limited premium payment policy.