Which of the following would be the beneficiary in a credit life insurance?
Reason: In credit life insurance, the creditor is the policyowner and the beneficiary; the debtor is the insured. Which of the following is called a “second-to-die” policy?
Which of the following would help prevent a universal life policy from lapsing quizlet?
Which of the following would help prevent a universal life policy from lapsing? The policy contains sufficient cash value to cover the cost of insurance. All other factors being equal, what would the premium be like in a survivorship life policy as compared to the premium in a joint life policy?
Which of the following is true of credit life insurance?
All of the following are true regarding credit life insurance, EXCEPT: As the debt is paid off, the face amount decreases to match the amount of the debt. At any time, the face amount of the policy cannot be greater than the amount of the debt. Credit life policies may be issued individually or through a group policy.
Which of the following types of insurance is typically used for credit life insurance?
Credit life insurance and credit disability insurance are the most commonly offered forms of coverage. They also may go by different names. For example, a credit life insurance policy might be called “credit card payment protection insurance,” “mortgage protection insurance” or “auto loan protection insurance.”
Which is not considered a rebate?
Rebating can be anything of economic value, given as an inducement to buy. B; A rebate is an illegal act which involves returning something of value to the client as an inducement to buy, such as the commission. … Insurance dividends are not considered rebates as the IRS considers it as a return of overpaid premium.
Which of the following is not a required provision in group life policies?
Which provision is NOT a requirement in a group life policy? An AD&D provision is not required in a group life policy. The correct answer is “the entire cost of the plan is paid for by the employer”. When an employer provides noncontributory group term life insurance, the employer pays the entire cost of the plan.
Which of the following would prevent a universal life policy from lapsing?
Cash Account will Cover Premiums – If for some reason you become strapped financially, the insurance company will use the funds in your cash account to pay your premium(s) thereby preventing your policy from lapsing.
Which of the following Cannot be included along with illustrations used to sell life insurance?
Which of the following CANNOT be included along with illustrations used to sell life insurance? Illustrations used to sell life insurance cannot use the term “vanishing premium” – or any similar term – that implies the policy becomes paid up.
Which of the following is not true regarding the annuitant?
Which of the following is NOT true regarding the annuitant? The annuitant cannot be the same person as the annuity owner. A deferred annuity is surrendered prior to annuitization.
What is credit insurance policy?
Credit Insurance is a type of insurance policy that is used to pay off existing debts in cases such as death, disability and in some cases, unemployment. Credit insurance protects the policyholder from the lender from the borrower’s inability to repay the loan or debt due to various reasons.
Which of the following is not a component of an insurance policy premium?
Which of the following is NOT a component of determining policy premiums? Dividends are not a component when determining policy premiums.
What is credit insurance on a loan?
Credit insurance is optional insurance that make your auto payments to your lender in certain situations, such as if you die or become disabled. … If you add credit insurance to your loan, this increases your loan amount and you will pay additional interest.