Which of the following statements is (are) true regarding life insurance policyowner dividends? B) accumulate without interest C) dies instantly from a car accident C) Settlement options An analysis indicates that prepaid rent on December 31 should be $2,300. Home Flashcards Chapter 4- Policy Provisions, Options and Riders (Exam 2), A waiver of premium rider allows an insured to waive premium payments if the insured is, A) temporarily disabled Feel free to get in touch with us via email. D) It allows for a third party to purchase a life insurance policy at a discounted rate and immediately advance a portion of the death benefit, C) It allows for cash advances to be paid against the death benefit if the insured becomes terminally ill. A life insurance policy can be surrendered for its cash value under which policy provision? Which of the following statements is true? B) The insurer withholds the cost basis b) Within 3 years. C) Reinstatement period C) The death benefit paid will be what the premium would be purchased at the correct age His insurance policy continues in force without payment of further premiums. Mississippi. C) minus indebtedness and without interest A) Bank loans If Ron goes to a doctor who is not a PPO provider, what will happen? Cash surrender value applies to the savings element of whole life insurance policies payable before death. In most cases, the surrender cash value may be different from the cash value due to the policy owner. She died January 10 without making the premium payment. Surrender Value: What's the Difference? However, surrendering a portion of the cash value reduces thedeath benefit. XCEL Chapter 4 Part 2 Flashcards | Quizlet Eric purchased a cash value life insurance policy six years ago. A) The agents obligation to provide the proper amount of coverage Which policy provision is responsible for this? Quickly and professionally. Required fields are marked *, All of the following are considered to be nonforfeiture options available to a policyowner EXCEPT. Paid-up additional insurance is whole life insurance that a policyholder purchases using the policys dividends. 2003-2023 Chegg Inc. All rights reserved. Why would you not want to prepare financial statements Flashcards - life policy provisions Life Insurance Policies - Provisions, Options and Riders - 2 D) Payor benefit. In a life insurance policy, which provision states who may select policy options, designate and name a beneficiary, and be the recipient of any financial benefits from the policy? How to use nonforfeiture in a sentence. Some companies offer an annuity option in the nonforfeiture clause. a) Extended Term Insurance D) Period of time after the premium is due but the policy remains in force, D) Period of time after the premium is due but the policy remains in force, All of these are common exclusions to a life insurance policy EXCEPT, A) accidental death Change the beneficiary, if revocable, Modify a provision in the insurance contract. D was actively serving in the Marines when he was killed in an automobile accident while on leave. cash (lump sum). C) reduction in policy premium How many first time home buyers did you work with last year? \text { Other Assets } & 60,900 & \\ Paid-up Additions 350 Flashcards | Chegg.com Forfeiture (law) - Wikipedia C) all remaining cash values are paid to the policyowner D) hazardous occupations.
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