Which of the following statements is CORRECT about beneficiary dispon A ОВ Ос D. By naming an revocable beneficiary, a policyowner forkerts the right to change the beneficiary A primary beneficiary may not be a minor A primary beneficiary and a contingent beneficiary each receive one hall of the proceeds In group insurance, the employer is the beneficiary for each employee www
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- Non-forfeiture provisions are included in whole life and endowment policies to assure the policyowner that certain minimum policy benefits shall remain with him even under certain changed conditions. Non-forfeiture values guarantee to the policyowner that A) No death claim will be denied for any misstatement on the application B) Any guaranteed policy values will belong to the policy owner even if premium payments are discounted The face amount of the policy will remain the same even if the insured's health becomes impaired The premium on the policy will remain the same even when another beneficiary D) is added to the policyMatthew owns an insurance policy (face amount of $1,390,000) on the life of Emily with Uma listed as the designated beneficiary. If Emily dies first and the $1,390,000 is paid to Uma, how much is included in the following gross estates? If an amount is zero, enter "0". a. Matthew's gross estate? b. Emily's gross estate?3. With respect to foreclosure, give the reason you agree or disagree with the statements below: a. A foreclosure sale eliminates the outstanding debt(s) of the individual being foreclosed. b. Proceeds of a foreclosure sale are distributed to those holding a lien on the property on the basis of the percentage of total debt each is owed. c. Foreclosure means the senior mortgage loan lender automatically takes ownership of the property.
- Your insured lives in an apartment but takes a temporary position in another city and must store some me for fur ture items in a storage ware apartment is sublet to a friend. Subsequently, the warehouse is broken into and some of your Insured's furniture is stolen. What Would a Tenant © A) The actual cash value or replacement cost of the property stolen less the policy deductible, subject to the 10% limitation on property temporanlite O B Nothing. The loss is not covered © C The actual cash value or replacement cost of all the personal property stolen, less the policy deductble, subject to the polis limit © D That proportion of the loss which the value of the property at the warehouse bears to the total value of all of his her personal property29. A sting broker is employed to find a purchaser and produces a full cash offer that meets the seller's terms. The seller refuses to accept the offer because he doesn't like the buyer. Which condition exists? (4) The broker is entitled to compensation since he produced a buyer who met the seller's terms for the sale A (b) The broker is obligated to find another buyer that the seler kes in order to be compensated (c) The troker is not entiled to compensation unit the contract is signed by all parties. The broker is only wted to compensation when the contract is consummated on the day of closing4 which of the following policies allows the insured to continue the policy at the end of the policy term with no questions insured, even the insured's death A decreasing term B non-convertible term CEndowment D renewable term
- 5 in order for a conditional receipt to be issued, the applicant must A take a medical examination B sign the application and pay the initial premium C name a beneficiary D elect a settlement optionWhich one of the following is NOT a correct pairing of a trust provision with its characteristics? A) Spendthrift provision: a clause in a trust that prevents a beneficiary from withdrawing more than the greater of $5,000 or 5% of the corpus.quizlet B) Crummey provision: a trust clause that provides the beneficiary with a limited duration right to demand payment of contributions to a trust each year up to the annual gift tax exclusion from the trustee. C) Discretionary provision: a trust clause that allows the trustee to use his or her sole judgment in determining how much of the trust income and principal will be paid to or on behalf of a beneficiary. ?7 which of the following statements is correct about an ordinary life policy A premium payment can be increased or decrease at the discretion of the premium payer B the beneficiary designation can be changed to another person only if that person a medical examination C the policy owner may borrow against the cash value of the policy D The named beneficiary must submit evidence of continuing insurable interest in the life of the insured
- 6 if an insured dies during the grace period of a life insurance policy before paying the required annual premium the beneficiary will receive 1 A the cash value of the policy, if any B the full-face amount of the policy C the face amount of the policy less an required premiums D a refund of any premiums paidThe purpose of the insuring clause in on accident and Health policy is to A) specify the schedule and method of premium payments B) specify the conditions under which benefits are payable C) indicate the responsibility of the insured alter a covered loss D) satisfy the requirements of te undorm policy provision code7. What is Insurance? Explain Indemnity and Contingency Insurance?