Often asked: In A Life Insurance Policy, Which Feature States That The Policy Will Not Cover Certain Risks?

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When an insurer issues a policy that refuses to cover certain risks this is referred to as a n?

When an insurer issues a policy that refuses to cover certain risks, this is referred to as a(n ) Exclusion.

Which of these provision is not required in life insurance policies?

Which provision is NOT a requirement in a group life policy? Accidental”. An AD&D provision is not required in a group life policy.

Which of these types of policies may not have the automatic?

The answer is decreasing term policy. It is a kind of yearly sustainable term life insurance that gives a demise advantage that abatements at a foreordained rate over the life of the approach.

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What are the key provisions in a life insurance policy states that the application is considered part of the contract?

There are 2 major contract provisions that prevent the insurer from canceling the insurance unilaterally: the entire contract clause and the incontestable clause. The entire contract clause states that the contract and the application for life insurance constitutes the entire contract.

What benefit does the payer clause?

The Payor clause of an insurance policy on a juvenile provides which of the following benefits? Answer: “A waiver of premiums if the payor becomes disabled”. The Payor clause of a juvenile life policy provides a waiver of premiums if the payor becomes disabled.

Which of the following is characteristic of term life insurance?

All of the following are characteristics of term insurance, EXCEPT: Premiums increase as the policy is renewed, and the death benefit is only paid out if the insured dies during the policy term. The correct answer is: Cash value. Kara is interested in purchasing a life insurance policy that has steady premiums.

Can I have 2 life insurance policies?

It’s totally possible — and legal — to have multiple life insurance policies. Many people have life insurance coverage through their employer in addition to their own term life policy or permanent life insurance policy. But there are also benefits to having more than two life insurance policies.

What are the 3 types of life insurance?

There are three major types of whole life or permanent life insurance —traditional whole life, universal life, and variable universal life, and there are variations within each type.

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What is a provision found in life insurance policies?

Policy reinstatement: period of time in which the insured can pay past due premiums and resume the same policy. Policy loan provision: the amount the insured can borrow against a policy’s cash value.

Which Nonforfeiture option is the highest amount protection?

Which nonforfeiture option has the highest amount of insurance protection? The Extended Term nonforfeiture option has the same face amount as the original policy, but for a shorter period of time.

What is the advantage of reinstating a policy instead of applying for a new one?

What is the advantage of reinstating a life insurance policy as opposed to applying for a new one? Policy premium in a reinstated policy will be set according to the insured’s original age.

What happens when a policyowner borrows against the cash value of his life insurance policy?

A policyowner is permitted to take out a policy loan on a whole life policy at what point? What happens when a policyowner borrows against the cash value of his life insurance policy? The policy proceeds would be reduced by the outstanding loan balance. Which of these is NOT a common life insurance nonforfeiture option

Do life insurance companies contact beneficiaries?

Do life insurance companies contact beneficiaries after a death? A policyholder’s insurer may eventually reach out if you’re named on an unclaimed policy, but it’s much faster if you file a claim yourself.

Who has the cheapest life insurance for seniors?

Cheapest Life Insurance for Seniors

Company/Age 65 75
Banner Life $342.65 $1,157.93
Protective $342.65 $1,157.93
Pacific Life $346.80 $1,167.39
Principal $350.79 $1,181.12
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What is the primary purpose of the entire contract provision in a life insurance policy?

What is the primary purpose of the entire contract provision in a life insurance policy? The primary purpose of the entire contract clause is to make sure that the policyholder has all documents pertaining to the policy in their possession.

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