Question: 1 Distinguish among the owner the insured the beneficiary and

1. Distinguish among the owner, the insured, the beneficiary, and the contingent beneficiary of a life insurance policy.
2. Briefly describe each of the five components of all insurance policies.
3. Identify the five settlement options for the payment of the proceeds of a life insurance policy to its beneficiary.
4. Besides taking the cash value as a lump sum, what are some additional ways a cash-value policyholder may take the proceeds of the policy at cancellation?
5. Distinguish between an automatic premium loan and a waiver-of-premium option in a life insurance policy.
6. Explain how guaranteed renewability for term life insurance and guaranteed insurability for cash-value insurance protect insured people who develop serious health conditions.

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  • CreatedNovember 26, 2014
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