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Life Insurance Policy Operations: Beneficiaries, Premium Options & Settlement Provisions

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Business - Insurance

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georgepetenjk Created by 10 mon ago

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Cards in this deck(14)
Naming a contingent beneficiary in a life insurance policy ensures that _____ receives policy benefits if the primary beneficiary is deceased.
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The automatic premium loan provision is activated at the end of the _____ period.
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The life income joint and survivor settlement option guarantees income for _____ more recipients until they die.
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The payor benefit rider on a life insurance policy will waive the payment of premium if the father is disabled for more than _____ months.
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Methods used to pay the death benefits to a beneficiary upon the insured's death are called _____ options.
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A _____ son of the insured would NOT be able to receive the death benefit directly from the insurer in the event of the insured's death.
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If an insured is discovered to be older than stated on the application, the company will _____ a reduced death benefit.
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The policyowner's right to change beneficiaries, choose options, and receive proceeds of a policy is known as the _____ right.
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With a Disability income benefit rider, an insured disabled for a year will receive a monthly premium waiver and _____ income.
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If an insured cancels a $50,000 whole life policy and exercises the extended term option, the face amount of the new term policy would be _____.
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The _____ clause in a policy contains the company's promise to pay.
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The premium on the children's rider in a life insurance policy remains the same no matter how many _____ are added to the policy.
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Under an extended term nonforfeiture option, the policy cash value is converted to the same face amount as in the _____ life policy.
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According to the Entire contract provision, a policy must contain a copy of the original _____ for insurance.
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