Policy provisions and options

Question 1

is the entire, final, complete, and fully integrated agreement between the Parties with respect to the subject matter hereof and supersedes any prior agreements or communications between the Parties, whether written, oral, electronic or otherwise.”

Answer 1

Entire Contract

Question 2

he insurer is required to pay a certain amount to the listed beneficiary upon the death of the policyholder.

Answer 2

Insuring Clause

Question 3

15 days

Answer 3

Free Look

Question 4

Zoe’s disability policy could state that she must pay $50 each month with premiums due on the 15th of each month

Answer 4

Consideration

Question 5

the person who has control of the policy during the insured’s lifetime

Answer 5

Owner Rights

Question 6

Individual

Answer 6

Beneficiary designation

Question 7

beneficiaries are the people or entities you intend to receive your life insurance death benefit

beneficiaries are the backup.

Answer 7

Primary and contingent

Question 8

beneficiaries can be changed easily,

beneficiaries cannot.

Answer 8

Revocable and irrevocable

Question 9

wildfires, hail, floods, tornadoes and windstorms, severe thunderstorms and extremes of heat and cold

Answer 9

Common Disaster

Question 10

the court will likely need to appoint an adult custodian to manage the funds until the child becomes an adult

Answer 10

Minor beneficiaries

Question 11

Instead of naming each child as a beneficiary in a life insurance policy one can say “all children of the insured,”

Answer 11

Designation by class

Question 12

the amount that a policyholder will pay either in a lump sum or regularly to purchase the insurance policy

Answer 12

Premium of Payment

Question 13

annual, semi-annual, quarterly, or monthly

Answer 13

Modes

Question 14

You don’t make your premium payment

Answer 14

Grace Period

Question 15

Suppose that you forgot to make a premium payment on the scheduled date.

Answer 15

Automatic Premium Loan

Question 16

you can adjust the coverage period, face value and premium payments.

where the amount you pay and your cover stay the same during a policy term unless any changes are made to the policy.

Answer 16

Level and flexible

Question 17

process of putting the insurance policy back after a lapse

Answer 17

Reinstatement

Question 18

Cash Value Withdrawal

Answer 18

Policy loans, withdrawals, partial surrenders

Question 19

cash surrender value, extended term insurance, loan value, and paid-up insurance.

Answer 19

Non-forfeiture options

Question 20

policies don’t pay dividends, even if the insurance company makes a profit

Answer 20

Dividends and dividend options

Question 21

prevents the provider from voiding coverage due to a misstatement by the insured after a specific amount of time has passed.

Answer 21

. Incontestability

Question 22

an agreement that transfers the insurance claims rights or benefits of the policy to a third party.

Answer 22

Assignments

Question 23

will not be covered within most life insurance policies

Answer 23

Suicide

Question 24

life insurance policy that adjusts the amount of insurance when the insured’s age

Answer 24

Misstatement of age and gender

Question 25

life insurance policy proceeds are paid out to beneficiaries upon the insured’s death or when the policy endows.

Answer 25

Settlement Options

Question 26

a 40-year-old named Fred, a preferred non-tobacco user with a $1 million life insurance policy. Fred contracted terminal brain cancer and decided he wanted to accelerate half the face value of his policy

Answer 26

Accelerated death benefits