Question 1 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link A life insurance policy owner has paid $1,200 in premiums in six months for a $250,000 policy. The policyowner dies suddenly and the insurer pays the beneficiary $250,000. This exchange of unequal values reflects which of the following insurance contract features? A. Aleatory B. Personal C. Unilateral D. Conditional Submit Answer
Question 2 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link Which of the following beneficiary designations may limit a policyowner’s rights? A. Primary B. Contingent C. Revocable D. Irrevocable Submit Answer
Question 3 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link A producer must deliver an Outline of Coverage to a prospective insured who is eligible for Medicare at which of the following times? A. Before the application is taken B. After the application is signed C. When the policy is delivered D. When the prospect requests it Submit Answer
Question 4 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link Under a Disability policy, the Elimination period is: A. usually longer for accidents than for sickness B. predetermined by the insurance company C. similar to a deductible but expressed in terms of time rather than dollars D. the same as a Probationary period Submit Answer
Question 5 of 5 Share Facebook Twitter LinkedIn WhatsApp Email Copy Link If a life policyowner wants to take out a bank loan and the bank insists on collateral, the insured may: A. only name the bank as a beneficiary of the policy B. release the policy dividends to the bank C. assign the policy to the bank D. add a Payor provision to the policy Submit Answer