Which is generally true regarding insureds who have been classified as preferred risks?
AThey can borrow higher amounts off of their policies. BThey can decide when to pay their monthly premiums. CThey keep a higher percentage of any interest earned on their policies.
Which of the following is NOT consideration on the part of an insured?
Which of the following is NOT consideration on the part of an insured?
Objectionable provision on policy but not allowed to negotiate
.
Which is not true regarding an insured who is considered to be a standard risk?
Which is NOT true regarding an insured who is considered to be a standard risk?
The insured may have to pay slightly higher premiums
. If a deferred annuity is surrendered prematurely, a surrender charge is imposed.
Which of the following would not be covered under an health insurance policy?
Health insurance typically covers most doctor and hospital visits, prescription drugs, wellness care, and medical devices. Most health insurance will not cover
elective or cosmetic procedures, beauty treatments, off-label drug use
, or brand-new technologies.
Which of the following would be least likely to be considered a legitimate need that would be paid by insurance proceeds?
Which of the following would LEAST likely be considered a legitimate need that would be paid by insurance proceeds?
Vacation travel expenses
.
What is not an allowable 1035 exchange?
What Is Not Allowable in a 1035 Exchange? … Essentially,
the client should not receive the cash value of the original contract and use that value to independently purchase a new contract
—he could run the risk of losing 1035 qualification.
Which is not an example of insurable interest?
Which of the following is NOT an example of insurable interest?
Premium receipt
.
What are the 5 parts of an insurance policy?
Every insurance policy has five parts:
declarations, insuring agreements, definitions, exclusions and conditions
. Many policies contain a sixth part: endorsements. Use these sections as guideposts in reviewing the policies. Examine each part to identify its key provisions and requirements.
What are the 4 types of insurance?
- Home Insurance. As the home is a valuable possession, it is important to secure your home with a proper home insurance policy. …
- Motor Insurance. Motor insurance provides coverage for your vehicle against damage, accidents, vandalism, theft, etc. …
- Travel Insurance. …
- Health Insurance.
What are the 4 elements of an insurance contract?
In general, an insurance contract must meet four conditions in order to be legally valid:
it must be for a legal purpose; the parties must have a legal capacity to contract; there must be evidence of a meeting of minds between the insurer and the insured; and there must be a payment or consideration.
What is considered major medical?
Major medical insurance covers more than
doctor visits and surgical procedures
. Most plans cover some or all of your prescription drug costs as well as services related to health care like rehab, physical therapy, mental health and nursing home care.
What types of insurance are not recommended?
- Mortgage Life Insurance. There are some insurance agents that will try to convince you that you need mortgage life insurance. …
- Identity Theft Insurance. …
- Cancer Insurance. …
- Payment protection on your credit card. …
- Collision coverage on older cars.
Which diseases are not covered in health insurance?
- Congenital Diseases/Genetic Disordered. …
- Cosmetic Surgery. …
- Health issues due to consumption of drugs, alcohol, and smoking. …
- IVF and Infertility Treatments. …
- Pregnancy Treatment. …
- Voluntary Abortion. …
- Pre-existing Illnesses. …
- Self-Inflicted injury.
Which of the following applies to the 10 day free-look privilege?
which of the following applies to the 10-day free-look privilege?
it permits the insured to return the policy for a full refund of premiums paid.
Which of the following is best reason to purchase life insurance rather than annuities?
Based on those very simplistic explanations, the best reason for purchasing life insurance rather than annuities would be
to provide for your loved ones if you do not have much saved up
. … With life insurance, you gain an instant legacy. After that first premium is paid, should you die, your heirs have an instant estate.
What is the advantage of reinstating a policy instead of applying for a new one?
The benefit of reinstating an existing policy rather than applying for a new policy is
that you'll likely pay less
. If your health hasn't changed, your insurer will honor the original pricing on your policy, Ardleigh says. If your health has changed, that could affect your rate (or your insurability).
