Life Insurance 18. Beneficiary

Question 1

1. Page 8 of Insurance Contract. The BENEFICIARY will receive:

Answer 1

the Death Benefit

Question 2

2. The rights of the Beneficiary under this policy are:

Answer 2

The beneficiary has no rights under this policy until the death of the insured.

Question 3

3. There are Two Types of Beneficiary Classess:

Answer 3

a. Primary Beneficiary

b. Contingent Beneficiary

Question 4

4. If there is more than one PRIMARY BENEFICIARY, each will receive:

Answer 4

they will share equally unless otherwise specified by the insured.

Question 5

5. If no PRIMARY BENEFICIARY survives the Insured, the Death Benefit will be paid to:

Answer 5

the CONTINGENT BENEFICIARY

Question 6

6. The share of any beneficiary who dies before the Insured, or within 15 days after, will pass equally to any surviving Beneficiaries in THAT CLASS, unless otherwise stated by the Insured.

Answer 6

If no Beneficiary survives the Insured, the Death Benefit will be PAID TO THE ONWER OR THE OWNER’S ESTATE.

Question 7

7. If the Beneficiary has not presented a claim within 30 days after the death of the Insured, the Carrier may:

Answer 7

pay a Death Benefit up to 10K to any relative of the Insured by blood, legal adoption or marriage, or any person they consider justly entitled because he/she is a named beneficiary or has incurred expenses for the maintenance, medical attention or burial of the Insured, if:

a. the Beneficiary is not competent to give a valid release
b. the Beneficiary is a minor
c. the benefit is payable to the Owner’s estate.