All of the following are examples of pure risk EXCEPT. I hope you got the correct answer to your question. D) Conditional, Which of the following is NOT a requirement of a contract? Policyowner may increase or decrease the premium payments Policyowner may increase or decrease the face amount Policyowner can contribute large sums of money Policyowner has the right to select the investment which will provide the greatest return, All of the following riders can increase the death benefit amount EXCEPT Cost of Living Waiver of Premium Accidental Death Rider Guaranteed Insurability, Which of these is NOT considered to be a common life insurance nonforfeiture option? Julie has a $100,000 30-year mortgage on her new home. A life insurance contract guarantees to the beneficiary not only a death benefit, but a payment of a sum of money in perpetuity, called a death benefit for that purpose of insurance coverage. A minimum of 12 months after date of purchase, Insurance premium is determined by each of the following factors EXCEPT. a) a conditional acceptance allows the parties to negotiate the definite terms of the contract upon the completion of the contract. Sister and brother Parent and children Business partners Business owner and business client, The deeds and actions of a producer indicate what kind of authority? Who is responsible for assembling the policy forms for insureds? D) A contract where only one party makes any kind of enforceable contract, Answer:A) A contract that requires certain conditions or acts by the insured individual. A) there is the potential for an unequal exchange of value 1 pt. A) Contract may be accepted or rejected by the insured, The term which describes the fact that both parties of a contract may NOT receive the same value is referred to as. the contract must be aleatory promises made Please check below to know the answer. GENERAL LAW OF CONTRACTS A contract is an agreement enforceable by law. Policy loans are disallowed The premium payments will be tax deductible Pre-death distributions are typically taxable Withdrawals will be prohibited, When a whole life policy is surrendered, income taxes may be owed, All of these statements concerning whole life insurance are false EXCEPT Policyowner can take out a policy loan up to the face amount When a whole life policy is surrendered, income taxes may be owed Coverage is normally temporary The death benefit is not affected by outstanding loans, A life insurance policy which contains cash values that vary according to its investment performance of stocks is called Increasing Term Life Modified Whole Life Variable Whole Life Adjustable Whole Life, Which of these riders will pay a death benefit if the insured's spouse dies? To see this page as it is meant to appear, please enable your Javascript! Which of the following statements is true? Expert answered| selymi |Points 23307|. C) the authority to represent the insurer If thats the case, you dont have to worry anymore. The policy may be paid up early by using accumulated cash values The policy may be paid up early by using policy dividends The policy's premiums will increase after 20 years The policy's cash values steadily decrease after 20 years, the policy would be payable, minus the premium amount, If an insured dies during the grace period with no premiums paid the policy would be payable, minus the premium amount the policy would be payable only after the beneficiary makes past due premium payment all past premiums will be refunded with interest the claim would be denied, In what part of an insurance policy are policy benefits found? Multiple-choice. there must be an offer and acceptance Sister and brother An applicants character and personal habits can be obtained for underwriting purposes from which source? A Dalhousie University student training for distance running finds that, after running for x hours, her distance traveled, in kilometers, is given by, y=f(x)={10xif0x35x+15if3 Craigslist South Bend Garage Sales,
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