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Ins > Ch 9 > Flashcards

Ch 9 Flashcards

1
Q

Interest adjusted net cost method=

A

Time value of money

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2
Q

Comparative interest rate method=

A

Rate of return

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3
Q

Free look period =

A

15 days

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4
Q

Grace period

A

One month

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5
Q

Policy loans

A

After three full years in cash value policies

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6
Q

Legal action

A

Within two years after loss

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7
Q

Payment of claims

A

Within two months of claim

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8
Q

Free look period
Grace periodPolicy loans
Legal action
Payment of claims
Examples of…

Required provisions
Nonforfeiture law
Group life

A

Required provisions

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9
Q

Guaranteed benefits that cannot be forfeited by policyowner

Nonforfeiture law
Credit life
Group life

A

Nonforfeiture law

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10
Q

Has three minimum Nonforfeiture options
Reduced paid up, extended term, shortened benefit period

A

Nonforfeiture law

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11
Q

Termination and conversion rules
Policy provisions: incontestability period of two years; grace period of 31 days; misstatement of age

A

Group life

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12
Q

All advertisements are the responsibility of the

Insurer
Soliciting agent
Advertising agency

A

Insurer

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13
Q

Which may be included on ins advertisement

Words and symbols similar to those of govt agencies
Testimonials from compensated individuals
Trade names in place of insurer’s name

A

Testimonials from compensated individuals

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14
Q

Must be included in all life ins advertisements

Names of any parent companies

Identity of actual insurer

Contact info for each local office of insurer

A

Identity of actual insurer

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15
Q

If compensated for a testimonial in advertisement which must be included

Insurer is not responsible for the contents of the testimonial

Author is the employee of the insurer

Paid endorsement

A

Paid endorsement

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16
Q

When possible what should insurers strive to eliminate from illustrations

Footnotes and caveats
Words they don’t know
References to other products

A

Footnotes and caveats

17
Q

Which cannot be included along with illustrations used to sell life ins

Name of insurer
Rating info
Vanishing premium info

A

Vanishing premium info

18
Q

Not required on an illustration used in sale of a life ins policy

Name of primary and secondary beneficiaries

Generic name of policy

Name of insurer

A

The name of the primary and secondary beneficiaries

19
Q

Which is not required on an illustration used in sale of life ins policy

Name of primary and secondary beneficiaries

Generic name of policy

Name of insurer

A

Name of the primary and secondary beneficiaries

20
Q

Upon submission of death claim under life ins policy when must insurer pay policy benefit

Within two months

Within 30 days

On next anniversary of policy

A

Within two months

21
Q

Investment return on ins premium had it been invested elsewhere aka

A

Time value of money

Ins (77 decks)

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