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WorksheetsTRAD EXAM SET B PART 3
Total questions: 14
Worksheet time: 13mins
ACCORDING TO INSURANCE LAW, A COMMON-LAW SPOUSE CANNOT BE DESIGNATED A BENEFICIARY
since there is no benefit of marriage in the relationship
if his/her legal partner is still living and the previous marriage has not been legally dissolved
since the common-law relationship is an immoral relationship
all of the above
POLICY RESERVES ARE FUTURE OBLIGATIONS ON THE PART OF
the Insurance Commission
the Insurance Company
the beneficiary
the policyowner
WHICH ONE OF THE FOLLOWING PROVISION IN A PERMANENT LIFE INSURANCE POLICY MAY LAPSE FOR NON-PAYMENT OF PREMIUM
Guaranteed Insurability
Automatic Premium Loan
Settlement Options
Reinstatement Provision
A POLICYHOLDER MAY OBTAIN MONEY FROM THE INSURANCE COMPANY AND STILL REMAIN INSURED BY
surrendering the policy for its cash value
discontinuing payment of premium for some period
taking a policy loan
taking the extended insurance option
WHEN YOU BOUGHT AN INSURANCE POLICY ON YOUR WIFE'S LIFE YOU WERE 25 AND SHE WAS 26, BUT YOU STATED THAT YOU WERE 26 AND SHE WAS 27. FIVE YEARS LATER YOUR WIFE DIED. THE INSURANCE COMPANY WILL PAY
the face amount
the face amount adjusted for misstatement of age
the sum of the premium paid
slightly less than the face amount
IF THE POLICY DID NOT CONTAIN THE NAME OF A BENEFICIARY, THE BENEFICIARY WILL BE
the wife
the children
the insured's brothers and sisters
the insured's estate
IF A POLICYOWNER WHOSE WIFE IS THE IRREVOCABLE BENEFICIARY WISHES TO CASH IN HIS POLICY, HE MUST
tell his wife what he is going to do
first take a loan on the policy
have the check issued in the name of his wife
have the wife's consent
IF A POLICY WITH THE ACCIDENTAL DEATH RIDER BECOMES PAID UP
the accidental death rider ceases
the face amount of the policy is reduced
premiums on the basic policy stop but the rider premium continues
none of the above
AN ANNUITY PLAN
offers life insurance protection
offers the waiver of premium benefit
is the same as an endowment plan
is a purchase of income
THE PERSON WHO PURCHASES THE ANNUITY PLAN IS CALLED THE
assignor
owner
insured
annuitant
ALL OF THE FOLLOWING STATEMENTS REGARDING A LIFE INSURANCE APPLICATION ARE CORRECT EXCEPT
it must be signed by the applicant
usually it will be a part of the policy contract
misstatement of material facts could void the policy during the contestable period
statements made on the applications are warranties
PRIOR TO GRANTING A LICENSE, THE IC REQUIRES PROOF OF
a clean record of employment
a reasonable educational background
a prospective agent's character and reputation
all of the above
THE IC HAS THE POWER TO ADJUDICATE INSURANCE CLAIMS AGAINST INSURANCE COMPANIES FOR ANY SINGLE CLAIM NOT EXCEEDING
P 1,000,000
P 250,000
P 100,000
P 5,000,000
FOR LIFE INSURANCE COVERAGE TO BE VALID, INSURANCE INTEREST MUST EXIST
only at the inception of the policy
only at the time of the loan
throughout the entire lifetime of the policy
both at the time of the policy issue and at the time of the loan but not necessarily throughout the lifetime of the policy
