Set 2 Assignment 9 - Life Insurance Policy Provisions Practice Exam
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Created by:
cgoitia on April 1, 2012
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Life Only Assignment Sample Questions
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3 terms
Terms | Definitions |
|---|---|
 When an insured sells or assigns their life insurance policy to another party in order to get money to pay for terminal expenses, it is known as a (an):A) Absolute Assignment B) Collateral assignment C) Accelerated benefit D) Viatical settlement | D) Viatical settlement |
| All of the following are true about the reinstatement of a lapsed Life Insurance Policy EXCEPT: A) Applicants must apply within certain period of time B) Applicants must pay back premiums C) Reinstatement is based upon current age D) Applicants must pass a physical exam | C) Reinstatement is based upon current age |
| Which whole life non-forfeiture option provides lifetime coverage: A) Extended term B) Reduced Paid up C) Paid up additions D) Life income | B) Reduced Paid up |
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