Test #2 Flashcards
Straight Whole Life Annuity
An guaranteed income payed to the annuitant until death after which payments stop.
Who does an NC insurance broker represent?
The insured
How long does an employee have from the hire date to apply for insurance
90 days
Variable Life Insurance
Provides a guaranteed minimum death benefit although the total payout could be more as well as cash value that fluctuates with the market.
Variable Universal Life Insurance
Cash value is controlled by the insured so the insured takes on the risk all (mutual fund)
Life Settlement Contract
Allows the policy owner to sell a life insurance policy for more than its cash value
Dental care indemnity
Services are reimbursed once insurer receives invoice
Modified Whole Life
Premium is fixed the first five years then increases the sixth year to then level out and stay fixed at that leveled rate.
How long does a accident/health policyholder have to return the policy and receive a full refund?
10 days
A group health policy’s initial approved premium rate by the insurer is guaranteed for how long?
12 months
When does a probationary period provision become effective in a health insurance contract.
At the policy’s inception.
