When the breadwinner that is insured by a Family Policy dies, what rights are provided to other family members that are covered under the policy?

Chapter 1 Review Part 2

Quiz
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Professional Development
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Professional Development
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Hard
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14 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
They can surrender the coverage for its cash value.
They can convert their coverage to permanent life insurance without evidence of insurability
They can convert their coverage to permanent life insurance with evidence of insurability.
Family members are not provided any rights.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following policies would be classified as a traditional level premium contract?
Variable Universal Life
Straight Life
Adjustable Life
Universal Life
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In Modified Life policies, what happens to the premium?
It varies at the beginning, but levels out by the end of the third year.
It is level at the beginning and increases after the first few years
It always remains level
It is higher during the first policy years
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of life insurance policy allows the policyowner to pay more or less than the planned premium?
Straight whole life
Universal Life
Variable life
Increasing Term
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which statement is NOT true regarding a Straight Life policy?
It has the lowest annual premium of the three types of Whole Life policies.
Its premium steadily decreases over time, in response to its growing cash value.
The face value of the policy is paid to the insured at age 100.
It usually develops cash value by the end of the third policy year.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Graded-Premium Whole Life policy premiums are typically lower initially, but gradually increase for a period of 5 to 10 years. After the period of increase the premiums will
Be level thereafter
Continue to increase
Return to the initial premium amount
Decrease again
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is TRUE regarding an indeterminate premium whole life policy?
The premium can be raised up to a guaranteed maximum rate
The premium is lower in the first year of the policy; then it is gradually raised every year.
The premium is level throughout the life of the policy.
The premium is usually higher in the first few years of the policy.
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