University:
California State University, Northridge
Course:
FIN 302 | Personal Finance
Academic year:

2022
Views:

306

Pages:

1
Author:

Carissa Thomas

Privisions Question What benefit does the payor clause on a juvenile life policy have? A _____ rider may be used to include coverage for children under their childrens life insurance policy Which provision states who may select policy options designate and name a beneficiary M has an insurance policy that also has an outstanding policy loan at the time of M's death. The insurer will deduct the outstanding loan balance from the Which non-forfeiture option continue a build up of cash value Which type of life insurance allow the policyowner to have level premiums and also choose from a selection of investment options? S buys a 10k whole life policy in 2003 and pays an annyal premium of 100 dollars. S dies 5 years later in 2008 and the insurer pays the beneficiary 10,500. Whay kind of rider did S include in the policy? A policy loan is made possible by which provision? A return of premium life insurance policy is This type of of rider appears on a juvenile life insurance policy Daryan owns a whole life policy that was purchased 10 years ago. If the premium payments suddenly stop and Daryan takes no action, which Nonforfeiture option will the insurer likely proceed with? An insured inability to perform two or more activities of daily living may trigger which type of policy rider? Dividends paid from a life insurance policy are The agreement in a life insurance contract that states a specific sum of money will be paid to a designated person upon an insureds death is called.. An insurer may normally delay payment of a cash value loan or surrender value for up to A life insurance may only be assigned as collateral by The option that provides an additional death benefit for a limited amount of time at the lowest possible cost is called.. How are policy owner dividend treated in regards to tax The accelerated death benefit provision is also know in a life insurance policy is also know as? A provision in life insurance policy that pays the policy owner an amount that does not surpass the guaranteed cash value is called The consideration clause in a life insurance contract contains what pertinent information? Which life insurance rider allows an applicant to have access to coverage? additional coverage could be added to a policy by adding genuinelly added to a life insurance policy to cover a juvenile on i life insurance policy cost of living rider gives the insured Answer Premiums are waved if the juvenile becomes disabled Term Owners rights Policy proceeds Reduced Paid up Variable Life Return of premium rider Cash value provision Whole life and increasing term Payor benefit rider Extended Term Long Term Care issued by the insurer Insuring Agreement which sets for the company's basic promise to pay benefits upon the insureds death 6 months The policy owner Accidental Death and Dismemberment Interest on accumulations is taxed Living Benefit Policy Loan Provision Amount of premium payments and when they are due Term rider a decreasing term rider payor clause benefit clause additional death benefits

Life Insurance Provisions, Clauses, and Riders

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