Fundamentals of Life Insurance FINAL EXAM (IL 6000112054)

What is the earliest culture life insurance can be traced back to?

In terms of a contract, “adhesion” means _____________.

To be legally capable of making a contract, a person may not be __________.

The effective date of a policy is generally ______________.

The application is the ______________.

The human life value concept recognizes which of these as a type of loss?

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

In the suicide clause, what is the length of time from the application date that the insurer will not pay if the insured commits suicide?

Status clause and results clause are types of what exclusion?

The most common payout of death benefits is by __________.

A viatical settlement is a _____________.

Insurance premiums must always be adequate, reasonable and _________.

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

The simplest and most basic form of life insurance is:

The enhanced life policy is a participating whole life policy that uses ____ to reduce the premiums of the policy.

Burial insurance is used for:

When does group life insurance end for an employee?

Persistency is:

Variable universal life is a policy that has the premium flexibility and policy adjustment features of _____ with the investment options of variable life.

What is one of the most attractive feature of a variable universal life policy

Financial objectives are either cash objectives or ________.

_______ is an unincorporated business owned by a single person; typically the owner also manages the business.

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

Participating policies allow their policy owners the ability to ____ in the increased profits of an insurer.

Individuals who market life insurance are called:

________ starts when an applicant who is uninsurable or a greater than average risk seeks to obtain a policy from a company at a standard premium rate.

Females have a __________ mortality rates than males.

Build includes height, weight and __________.

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

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

The MIB is ___________________.

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

Anything above a table __________ is, in most situations, uninsurable.

What are the two types of reinsurance?

What governing body has the power to regulate commerce between the states and with foreign governments?

No person can act as an agent or broker, and in some cases, fee-paid counselors, without first obtaining __________.

__________ has been defined as “the creation of a demand for a company’s products, its distribution, and services for customers who purchase that product.”

What is a broker?

What is considered to be the beginning of an insurance contract?

What is a misrepresentation?

Who do aviation exclusions apply to?

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

__________ option permits the death benefit to be distributed in more than one payment of a fixed amount that is either originally specified by the policy owner or selected by the beneficiary.

What disease prompted the creation of viatical settlements?

Which rider benefits rider provides for the payment of all or a portion of the death benefit of the policy prior to the death of the insured if the death of the insured is caused by some specific medical condition?

A payor benefit __________.

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

Employees usually have a __________ 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.

Which IRS provision allows an exchange of a policy for a new one insuring the same person without paying tax on investment gains earned under the original contract?