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Study sets matching "life insurance provisions options health"

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Study sets matching "life insurance provisions options health"

17 terms
Life Insurance Optional Provision
Policy Exclusions
Life Insurance Nonforefiture value
Nonforfeiture options- 1. Cash Surrender
Nonforfeiture options- 2. Reduced paid…
Most common exclusions are death by: war, aircraft, hazardous…
The policy owner may receive the cash value of the policy at…
You may request an immediate withdrawal of the cash value whe…
If you don't want to pay for the policy anymore, you can trad…
Policy Exclusions
Most common exclusions are death by: war, aircraft, hazardous…
Life Insurance Nonforefiture value
The policy owner may receive the cash value of the policy at…
21 terms
Health Insurance: Optional Policy Provisions
Change of Occupation
Mistatement of Age
Illegal Occupation
Relation of Earnings to Insurance
The allows for changes to be to premium rates or benefits pay…
This provision allows the insurers to adjust the benefit paya…
Liability is denied if injured while involved with an illegal…
This is concerned with over-insurance or disability income be…
Change of Occupation
The allows for changes to be to premium rates or benefits pay…
Mistatement of Age
This provision allows the insurers to adjust the benefit paya…
Life Insurance Provisions Options and Riders
If the beneficiary of a $100,000 life…
If the insured's age was overstated at…
A life insurance policy becomes incont…
All of the following are a part of a l…
$10,000
Provide the additional insurance in the amount that has been…
2 years
Conditional Receipt
If the beneficiary of a $100,000 life…
$10,000
If the insured's age was overstated at…
Provide the additional insurance in the amount that has been…
51 terms
Life Insurance Policies - Provisions, Options and Riders - 2
Which of these is NOT a characteristic…
Of the following dividend options, whi…
Which of these is considered to be a L…
What is the name of the provision whic…
The benefit can be offered as a rider at a specific extra cos…
Accumulation at interest
Accelerated death benefit
Entire Contract
Which of these is NOT a characteristic…
The benefit can be offered as a rider at a specific extra cos…
Of the following dividend options, whi…
Accumulation at interest
41 terms
PA Life and Health Insurance Policy Provisions, Options, and Riders Flashcards
What is the disadvantage of selecting…
What type of assignment is used to sec…
An insurer has discovered a representa…
What are the dividend options in life…
If the beneficiary dies shortly after the payments begin, the…
Collateral Assignment
Pay a reduced death benefit
Cash, Reduced Premium, Accumulation at Interest, Paid-up Addi…
What is the disadvantage of selecting…
If the beneficiary dies shortly after the payments begin, the…
What type of assignment is used to sec…
Collateral Assignment
52 terms
Life Insurance Policies - Provisions, Options and Riders 1
Under a Modified Endowment Contract, w…
The statement which best describes the…
Which of these riders will pay a death…
All of these are characteristics of a…
Pre-death distributions will become taxable
The shorter the payment period, the higher the premium
Family term insurance rider
Fixed surrender value
Under a Modified Endowment Contract, w…
Pre-death distributions will become taxable
The statement which best describes the…
The shorter the payment period, the higher the premium
50 terms
California Life & Health Insurance 4 - Life Insurance Policy Provisions, Options, & Riders
What type of beneficiary is next in li…
What are the dividend options in life…
What are the three non forfeiture opti…
What happens to a policy's cash value…
Contingent Beneficiary
Cash, Reduced Premium, Accumulation at Interest, Paid-Up Addi…
Cash Surrender, Reduced Paid-Up, and Extended Term
The cash value is converted the same face amount as in the wh…
What type of beneficiary is next in li…
Contingent Beneficiary
What are the dividend options in life…
Cash, Reduced Premium, Accumulation at Interest, Paid-Up Addi…
39 terms
LIFE INSURANCE POLICY PROVISIONS , OPTIONS AND RIDERS
RIGHTS OF POLICY OWNERSHIP
Standar Policy Provisions
Insuring Clause
Free- Look Provision
The Right to designate and change the beneficiary.... The Right…
The entire contract provision:... The entire contract provision,…
The insuring clause or provision sets forth the company's bas…
The Free-Look provision , required by most states , gives pol…
RIGHTS OF POLICY OWNERSHIP
The Right to designate and change the beneficiary.... The Right…
Standar Policy Provisions
The entire contract provision:... The entire contract provision,…
53 terms
Life Insurance Policies- Provisions, Options, and Riders
Provisions
Riders
Options
Individual policy
stipulate the rights and obligations of an insurance contract…
modify provisions that already exist; used to increase/decrea…
offer insurers and insureds ways to invest or distribute a su…
written on a single life; rate/coverage based on underwriting…
Provisions
stipulate the rights and obligations of an insurance contract…
Riders
modify provisions that already exist; used to increase/decrea…
15 terms
Life Insurance Policies - Provisions, Options and Riders(2)
The policy's cost basis is exempt from…
Policy exclusion
"Nonforfeiture options".
A dividend option is selected by the i…
When a life insurance policy is surrendered, how does the cos…
How are acts of war considered under a group life insurance p…
A life insurance policy can be surrendered for its cash value…
Which statement is true regarding policy dividends?
The policy's cost basis is exempt from…
When a life insurance policy is surrendered, how does the cos…
Policy exclusion
How are acts of war considered under a group life insurance p…
50 terms
California Life & Health Insurance 4 - Life Insurance Policy Provisions, Options, & Riders
What type of beneficiary is next in li…
What are the dividend options in life…
What are the three non forfeiture opti…
What happens to a policy's cash value…
Contingent Beneficiary
Cash, Reduced Premium, Accumulation at Interest, Paid-Up Addi…
Cash Surrender, Reduced Paid-Up, and Extended Term
The cash value is converted the same face amount as in the wh…
What type of beneficiary is next in li…
Contingent Beneficiary
What are the dividend options in life…
Cash, Reduced Premium, Accumulation at Interest, Paid-Up Addi…
49 terms
Life Insurance Policy Provisions, Options, and Riders
Provisions
Riders
Options
(NAIC) National Association of Insuran…
stipulate the rights and obligations of an insurance contract…
Modify provisions that already exist and are used to increase…
offers insurers and insureds ways to invest or distribute a s…
create uniformity among life insurance policies by creating s…
Provisions
stipulate the rights and obligations of an insurance contract…
Riders
Modify provisions that already exist and are used to increase…
12 terms
Life Insurance Policy Provisions, Options & Riders
What constitutes the entire contract?
What is the free look period, and when…
Purpose of grace period?
Difference between revocable and irrev…
The policy and a copy of the application, along with any ride…
The free look period allows the policyowner a specified # of…
to prevent unintentional policy lapse for nonpayment premiums
policyowner can change revocable beneficiary at any time,... irr…
What constitutes the entire contract?
The policy and a copy of the application, along with any ride…
What is the free look period, and when…
The free look period allows the policyowner a specified # of…
12 terms
Life Insurance Policy Provisions, Options, and Riders
Terms to Know
Options
Provisions
Riders
...
ways to invest or distribute a sum of money available in a po…
the rights and obligations within the contract
modify policy provisions
Terms to Know
...
Options
ways to invest or distribute a sum of money available in a po…
31 terms
Life insurance policy provisions, options, and riders
Assignment
Free look
Reinstatement
Exclusions
1. absolute assignment: irrevocably transfer all of your righ…
1. may be canceled with entire policy refunded... 2. starts when…
1. right to apply for reinstatement of lapsed policies... 2. mus…
1. may only be added at the time the new policy is first unde…
Assignment
1. absolute assignment: irrevocably transfer all of your righ…
Free look
1. may be canceled with entire policy refunded... 2. starts when…
76 terms
Life Insurance Policy Provisions, Options and Riders
provisions
riders
options
third-party ownership
Stipulate the rights and obligations of an insurance contract…
Modify provisions that already exist and are used to increase…
Offer insurers and insureds ways to invest or distribute a su…
When the insured and the owner are not the same person.
provisions
Stipulate the rights and obligations of an insurance contract…
riders
Modify provisions that already exist and are used to increase…
62 terms
Life Insurance Policy Provisions, Options & Riders
Provisions
Riders
Options
Standard Provisions (11)
stipulate the rights and obligations of an insurance contract…
modify provisions that already exist and are used to increase…
offer insurers and insureds ways to invest or distribute a su…
1. Entire Contract... 2. Right to Examine... 3. Payment of Premiums…
Provisions
stipulate the rights and obligations of an insurance contract…
Riders
modify provisions that already exist and are used to increase…
50 terms
Life Insurance policy provisions, options and riders
what nonforfeiture option is automatic…
what type of assignment is used to sec…
what is the disadvantage of selecting…
what settlement options are available…
Extended term
collateral assignment
if the beneficiary dies shortly after the payments begin, the…
- lump-sum/cash... - fixed period... - fixed amount... - life income... -…
what nonforfeiture option is automatic…
Extended term
what type of assignment is used to sec…
collateral assignment
47 terms
Life Insurance Policy Riders, Provisions, Options, and Exclusions
Life Insurance Policy Riders
Waiver of Premium & Waiver of Premium…
Guaranteed Insurability Rider (GIR)
Payor Benefit Rider
Added to a policy to make it better.
A type of DIABILITY INCOME INSURANCE added to a life policy.…
For YOUNGER applicants only (<35yo)... Enables insured to increa…
Added to a policy WRITTEN on the life of a CHILD.... Similar to…
Life Insurance Policy Riders
Added to a policy to make it better.
Waiver of Premium & Waiver of Premium…
A type of DIABILITY INCOME INSURANCE added to a life policy.…
13 terms
Life insurance policy provisions, options and riders
what is absolute assignment
what is collateral assignment
what makes the assignment of the polic…
cheapest mode of paying premiums?
assigning absolute control of the policy to the insured
changing the control to the bank temporarily
has to be in writing
annually - less processing fees
what is absolute assignment
assigning absolute control of the policy to the insured
what is collateral assignment
changing the control to the bank temporarily
13 terms
Life Insurance Policy Provisions, Options & Riders
What is the difference between absolut…
What is the free-look period, and when…
That constitutes the entire contract?
What is the purpose of a grace period?
absolute assignment transfers all ownership rights to a 3rd p…
a 10 day time-frame from the time a policy is received (polic…
the policy, copy of application, any riders or ammendments
to protect the policy owner against accidental lapse of the p…
What is the difference between absolut…
absolute assignment transfers all ownership rights to a 3rd p…
What is the free-look period, and when…
a 10 day time-frame from the time a policy is received (polic…
53 terms
Life Insurance Policies- Provisions, Options, and Riders
Provisions
Riders
Options
Individual policy
stipulate the rights and obligations of an insurance contract…
modify provisions that already exist; used to increase/decrea…
offer insurers and insureds ways to invest or distribute a su…
written on a single life; rate/coverage based on underwriting…
Provisions
stipulate the rights and obligations of an insurance contract…
Riders
modify provisions that already exist; used to increase/decrea…
53 terms
Life insurance policy provisions, options, and riders
irrevocable beneficiary
When the reduced paid-up nonforfeiture…
Payor benefit
Cost of living rider
1. beneficiary named by the insured that cannot be change fro…
...
provision that allows the premium of a parent paying for a ch…
rider that increases the amount of your policy to coincide wi…
irrevocable beneficiary
1. beneficiary named by the insured that cannot be change fro…
When the reduced paid-up nonforfeiture…
...
53 terms
Life Insurance Policies- Provisions, Options, and Riders
Provisions
Riders
Options
Individual policy
stipulate the rights and obligations of an insurance contract…
modify provisions that already exist; used to increase/decrea…
offer insurers and insureds ways to invest or distribute a su…
written on a single life; rate/coverage based on underwriting…
Provisions
stipulate the rights and obligations of an insurance contract…
Riders
modify provisions that already exist; used to increase/decrea…
72 terms
Life Insurance Policy Provisions, Options & Riders
Provisions
Riders
Options
Ownership
stipulate the rights and obligations of an insurance contract…
modify provisions that already exist and are used to increase…
offer insurers and insureds ways to invest or distribute a su…
the parties to the insurance contract are the insurer, the po…
Provisions
stipulate the rights and obligations of an insurance contract…
Riders
modify provisions that already exist and are used to increase…
35 terms
LIFE INSURANCE, POLICY PROVISIONS, OPTIONS AND RIDERS
ABSOLUTE ASSIGNMENT
COLLATERAL ASSIGNMENT
Premium Mode
Grace Period
involves transferring all rights of ownership to another pers…
Involves a transfer of partial rights to another person. It i…
is the manner or frequency that the policyowner pays the poli…
is the period of time after the premium due date that the pol…
ABSOLUTE ASSIGNMENT
involves transferring all rights of ownership to another pers…
COLLATERAL ASSIGNMENT
Involves a transfer of partial rights to another person. It i…
35 terms
Exam FX Life Insurance - Provisions, Riders and Options
Provisions
Riders
Options
Standard Provisions
stipulate the rights and obligations of an insurance contract
Modify provisions that alkready exist and are used to either…
offer insurers and insureds ways to invest or distribute mone…
ownership, assignment, entire contract, modifications, paymen…
Provisions
stipulate the rights and obligations of an insurance contract
Riders
Modify provisions that alkready exist and are used to either…
50 terms
Life Insurance policy provisions, options and riders
What does the term 'double indemnity'…
To meet the requirement of the entire…
Who does the common disaster clause pr…
What life insurance policy provision p…
The insurer will pay a benefit of twice the face amount
A copy of the original insurance application
The contingent beneficiary
Incontestability
What does the term 'double indemnity'…
The insurer will pay a benefit of twice the face amount
To meet the requirement of the entire…
A copy of the original insurance application
15 terms
Life Insurance Policies - Provisions, Options and Riders(14)
Second-to-die policy
a modified endowment contract
Modified premium, ordinary life, singl…
require a higher premium payable at ea…
John and Mary have a handicapped child that is financially de…
An insurance policy written after 1988 that fails to pass the…
What is the proper order of initial life insurance premiums,…
In a renewable term life insurance policy, the contract will…
Second-to-die policy
John and Mary have a handicapped child that is financially de…
a modified endowment contract
An insurance policy written after 1988 that fails to pass the…
50 terms
life insurance policy provisions, options and riders
what life insurance policy provision p…
if a settlement option is not chosen b…
what life insurance policy provision s…
what type of assignment is used to sec…
incontestability
lump sum payment
entire contract
collateral assignment
what life insurance policy provision p…
incontestability
if a settlement option is not chosen b…
lump sum payment
18 terms
6-Life Insurance Policy Provisions, Options and Riders
Insuring Clause
Consideration Clause
List 3 situations in which the Inconte…
Assignment provision
Sets forth the company's basic promise to pay benefits upon t…
Specifies the amount and frequency of premium payments that t…
Impersonation, No Insurable Interest, Intent to murder.
sets forth the procedure necessary for ownership transfer.
Insuring Clause
Sets forth the company's basic promise to pay benefits upon t…
Consideration Clause
Specifies the amount and frequency of premium payments that t…
57 terms
Life insurance Policy Provisions, Riders and Options
Insuring Provision
Temporary transfer for loan, Life insu…
Absolute
Incontestability
Insurer's promise to pay
Collateral Assignment
Permanent transfer of Life insurance
Helps the insurance company. If a policy owner dies within 2…
Insuring Provision
Insurer's promise to pay
Temporary transfer for loan, Life insu…
Collateral Assignment
72 terms
[Life/Health License] - CH 5 - Life Insurance Policy Provisions, Options and Riders
Rights of Ownership
Standard Policy Provisions
Advantages of a Reinstated Policy vs.…
Cash Loans for Life Insurance
As discussed earlier in the course, life insurance policyowne…
Entire Contract - no prior statements not written in the cont…
The new policy's provisions may be more strict.... The reinstat…
Policyowners can make a policy loan in an amount up to the cu…
Rights of Ownership
As discussed earlier in the course, life insurance policyowne…
Standard Policy Provisions
Entire Contract - no prior statements not written in the cont…
Life Insurance Policy Provisions, Options, and Riders
Provisions
Options
Riders
Standard Provisions:... Ownership
specify the rights and obligations of an insurance contract... -…
offer insurers & insureds ways to invest or distribute a sum…
modify provisions that already exist & are used to increase o…
The policyholder is the owner, all the owner's rights (naming…
Provisions
specify the rights and obligations of an insurance contract... -…
Options
offer insurers & insureds ways to invest or distribute a sum…
41 terms
Life insurance policies, Provisions, options, riders
Categories of Life insurance
Ordinary Life
Industrial Life
Group life
1) ordinary... 2) Industrial... 3) Group
Purchased by one person from one person
home services, debit and burial insurance. Low $ amounts
groups
Categories of Life insurance
1) ordinary... 2) Industrial... 3) Group
Ordinary Life
Purchased by one person from one person
69 terms
Life Insurance Policy Provisions, Options and Riders
provisions
optional provisions
riders
ownership provision
things that are built into the policy to protect the policy o…
provisions that protect the insurance company
things that you can add to the policy. adding riders to your…
owner has all owner rights
provisions
things that are built into the policy to protect the policy o…
optional provisions
provisions that protect the insurance company
295 terms
Life Insurance Policy Provisions, Options, and Riders
Provisions
Riders
policy assignment
Ownership Rights
Stipulate the rights and obligations of an insurance contract…
Modify provisions that already exists and are used to increas…
It transfers rights of ownership from the owner to another pe…
Always belongs to the policyowner
Provisions
Stipulate the rights and obligations of an insurance contract…
Riders
Modify provisions that already exists and are used to increas…
28 terms
Life Insurance Policy Provisions, Options and Riders
Absolute Assignment
Collateral Assignment
Modifications
Mode
when you purchase a life insurance policy on the life of anot…
Temporary type of assignment in which you pledge the proceeds…
once issued the policy cannot be modified in any way without…
How often you pay the premiums.
Absolute Assignment
when you purchase a life insurance policy on the life of anot…
Collateral Assignment
Temporary type of assignment in which you pledge the proceeds…
52 terms
Life Insurance Policy Provisions, Options and Riders
If the insured names an individual as…
When the reduced paid-up non-forfeitur…
If a parent is paying the premium on a…
If a client purchased a life insurance…
Irrevocable Beneficiary
Reduced
Payor Benefit
$6,000 (200,000 X .03)
If the insured names an individual as…
Irrevocable Beneficiary
When the reduced paid-up non-forfeitur…
Reduced
15 terms
Life insurance Policy, Provision, Options and Riders
Entire Contract Clause
Right to Examine (Free Look)
Reinstatement
Reinstatement advantages
Once a policy is issued, any change or modification can not b…
Free Look period starts when the policy is delivered.... It is a…
Reinstatement is the right to reapply for your own policy tha…
If you bought a new policy, the premiums may be higher becaus…
Entire Contract Clause
Once a policy is issued, any change or modification can not b…
Right to Examine (Free Look)
Free Look period starts when the policy is delivered.... It is a…
35 terms
LIFE INSURANCE, POLICY PROVISIONS, OPTIONS AND RIDERS
ABSOLUTE ASSIGNMENT
COLLATERAL ASSIGNMENT
Premium Mode
Grace Period
involves transferring all rights of ownership to another pers…
Involves a transfer of partial rights to another person. It i…
is the manner or frequency that the policyowner pays the poli…
is the period of time after the premium due date that the pol…
ABSOLUTE ASSIGNMENT
involves transferring all rights of ownership to another pers…
COLLATERAL ASSIGNMENT
Involves a transfer of partial rights to another person. It i…
11 terms
Life Insurance Policy Provisions, Options and Riders
LIFE INSURANCE POLICY PROVISIONS, ... OPT…
Payment of premiums - refers to the am…
BENEFICIARIES Designation options - th…
SETTLEMENT OPTIONS - when in lieu of a…
...
...
...
...
LIFE INSURANCE POLICY PROVISIONS, ... OPT…
...
Payment of premiums - refers to the am…
...
18 terms
life insurance policy provisions,options and riders
Where are the standard policy provisio…
When the owner and the policy owner ar…
The policy owner in life insurance has…
Entire contract.
Naic
Third party ownerships
Absolute assignment. Or Collateral assignment.
Constitutes the policy and a copy of the application
Where are the standard policy provisio…
Naic
When the owner and the policy owner ar…
Third party ownerships
35 terms
Exam FX Life Insurance - Provisions, Riders and Options
Provisions
Riders
Options
Standard Provisions
stipulate the rights and obligations of an insurance contract
Modify provisions that alkready exist and are used to either…
offer insurers and insureds ways to invest or distribute mone…
ownership, assignment, entire contract, modifications, paymen…
Provisions
stipulate the rights and obligations of an insurance contract
Riders
Modify provisions that alkready exist and are used to either…
9 terms
Life Insurance Policy , Provisions , Options and Riders
Option
Entire Contract
Incontestability Time
Misstatment of age
Ways to investor distribute a sum of money avaible
The policy includes riders amendment, and copy of the applica…
After 2 years
Death benefit is adjusted according to insured correct age.
Option
Ways to investor distribute a sum of money avaible
Entire Contract
The policy includes riders amendment, and copy of the applica…
53 terms
Life Insurance Policy Provisions, Options and Riders
Cost Of Living Rider
Policy owner
Interest Only Option
Paid-Up option
Adjusts the face amount of a policy to maintain the relations…
Can request changes in Premium payments, face value, loans, a…
Insurer retains policy proceeds and pays interest on the proc…
Insurer can accumulate dividends at interest and then use the…
Cost Of Living Rider
Adjusts the face amount of a policy to maintain the relations…
Policy owner
Can request changes in Premium payments, face value, loans, a…
50 terms
Life Insurance policy provisions, options and riders
What does the term 'double indemnity'…
To meet the requirement of the entire…
Who does the common disaster clause pr…
What life insurance policy provision p…
The insurer will pay a benefit of twice the face amount
A copy of the original insurance application
The contingent beneficiary
Incontestability
What does the term 'double indemnity'…
The insurer will pay a benefit of twice the face amount
To meet the requirement of the entire…
A copy of the original insurance application
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