Life Insurance Concepts Exit Questionnaire (UT 41865 )

The concepts of life insurance are first evident in ancient _____ culture.

The Human Life Value concept recognizes which of the following as a type of loss?

Which of these is NOT a standard provision in a life insurance contract?

“Valued contract” means that _____.

Insurance policies are contracts of adhesion, meaning that _____.

The insurer’s obligation to pay claims is conditional upon certain factors, such as _____.

To be legally capable of making a contract, a person cannot _____.

Mutual assent is _____.

The effective date of a policy is generally ______.

Insurable interest _____.

Which of the following best describes an insurance application?

Which of the following statements best describes concealment?

What is the difference between life insurance and other types of insurance?

A representation is a statement given to an insurance company concerning _____.

What is the length of time a person must be gone to be presumed dead?

A suicide clause typically states that the insurer will not pay if the insured commits suicide within _____ of the application date.

The war exclusion expanded to include “war and terrorism” after which event?

The policy beneficiary is defined as ____.

The most common payout of death benefits occurs in the form of _____.

The _____ settlement option permits the death benefit to be distributed in more than one payment of a fixed amount.

The two types of assignments are _____.

A viatical settlement is a _____.

The ______ allows the policy owner to reinstate a lapsed under certain requirements.

Insurance relies on _____ to reduce the speculative element of insurance.

A ______ rider allows the policy to continue without further premium payments if the insured becomes disabled and cannot work.

The accidental death rider mandates that the death occur within _____ days after the accident.

The most basic form of life insurance is _____.

______ pays a death benefit at whichever of two events occurs first — the end of the designated accumulation period or upon the policy owner’s death.

The purpose of endowment insurance is to _____.

The _____ method of tying investments to portfolio returns uses returns above the target to purchase a single-premium addition to the policy’s face amount.

Whole life insurance is defined as any type of life insurance that can be maintained _____.

What is the principal purpose of juvenile insurance?

Final expense insurance is used for ______.

Which employees generally are eligible for group coverage?

Insurance premiums must always be adequate, reasonable, and _____.

Which of the following statements about group life insurance is FALSE?

Variable universal life combines the premium flexibility and policy adjustment features of _____ with the investment options of _____ .

Which IRS provision allows the exchange of a policy for a new one (insuring the same person) without taxing earned investment gains?

Which of the following features is VUL most known for?

Which test determines life insurance from MECs?

In order for a VUL policy to meet the definition of an insurance contract and obtain favorable tax treatment, it _____.

Financial objectives are either cash objectives or _____.

Which of these categories is NOT a business use of life insurance?

A(n) ____ is an unincorporated business owned by a single person.

A(n) _____ is a voluntary association of two or more individuals for the purpose of co-owning a for-profit business.

What considerations are made when calculating net rates?

An individual who possesses a unique ability essential to the continued success of a business is called _____.

What is the purpose of key employee insurance?

Those in the insurance field who select and classify applications according to risk are known as _____.

The process of underwriting consists of which two functions?

____ occurs when an applicant who is uninsurable or of greater-than-average risk applies for a policy at a standard premium rate.

The ____ a person, the ____ mortality risk.

Females have a ____ mortality rates than males.

What is the most important factor in underwriting?

Build includes height, weight, and ____.

Tobacco use _____.

The gross premium is _____.

Which of the following is not a source of information for underwriters?

Part one of the application includes what information?

The MIB is:

The numerical rating system starts with the standard rating of _____.

_____ reflect the extra mortality expected for individuals with the same ratings.

When is the flat extra premium used?

While most anything rated above a Table 16 is uninsurable, most companies will not retain risks rater higher than _____.

____ is the transfer of all or a portion of an insurer’s risk to another insurance company.

What are the two types of reinsurance?

What is facultative reinsurance?

Mortality tables _____.

Which of the following roles does the NAIC perform?

No person can act as an agent or broker without first obtaining _____.

What is considered the beginning of an insurance contract?

What is a misrepresentation?

Who do aviation exclusions apply to?

A tertiary beneficiary is _____.

The _____ assumes that the primary beneficiary died before the insured.

The _________ option permits the death benefit to be distributed in more than one payment of a fixed amount as originally specified by the policy owner or the beneficiary.

Life income is a benefit that _____.

Which benefits rider provides payment of some or all of the death benefit if the insured dies from a specific medical condition?

Participating policies grant policy owners the ability to ____ the increased profits of an insurer.

A payor benefit rider ____.

A limited payment whole life policy remains in full force for the “whole of life,” but premiums are paid for _____.

Employees usually have a(n) _____ period during which they are not eligible for coverage.

Under US law, the first _____ of employer-provided group term life insurance is non-taxable to the employee.

At the onset of a universal life policy, the policy owner chooses from ___ death benefit options.

Are premiums tax deductible?

Under _____ and _____ options, every payment is considered to be comprised of principal and interest.

Who may receive tax deductions when paying interest on a policy loan?

What is the purpose of coinsurance?

______ refers to the amount of insurance that an insurance company is willing to accept in its own account.

An insurance policy is a ______ contract.