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Exam 1: Health: Health and Life Insurance

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Question 31

Multiple Choice

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Much like life insurance, annuity contracts have a variety of settlement options available. What does a life annuity - no refund offer mean to the annuitant?

A) Larger payouts, ends upon death; no beneficiary payments
B) Longer payouts, beneficiary receives payouts upon death of annuitant
C) Larger payouts, and beneficiary receives payouts upon death of annuitant
D) Longer payout, no beneficiary payments

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Question 32

Multiple Choice

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If the insured wants to break his premiums into more payments over time what will likely happen to these payments?

A) The total premium will be higher
B) The total premium will be lower
C) The total premium will fluctuate with the market
D) The total premium is not affected by this

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Question 33

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There are multiple ways a policy may be issued. Which of the following is not a one of the ways a policy can be issued?

When Sarah's mother died, Sarah elected to receive only payments of interest from her mother's life insurance policy. When Sarah dies, her children will receive the lump sum benefit of her mother's policy as well as the benefits of Sarah's personal life insurance policy. What option has Sarah selected for her children?

Life insurance can provide protection over varying time frames. Which of the following is designed to provide protection for only a limited amount of time?

If an investment performance is more than the contract guarantees, this excess money is paid to whom?

Which of the following specifies a guaranteed minimum rate of interest that will be paid on the principal amount invested into the annuity?

When the time comes for an annuity to start making payments to the annuitant, what determines the amount of each payout?

Companies selling life insurance are taxed on both the income from investments and profits from underwriting. The underwriting profit is taxed:

In a joint life and survivorship annuity, there is more than one annuitant. Both annuitants will receive payments until one dies. Upon the death of one annuitant, what happens to the survivor's payments?

What type of option would allow Erica to receive a set monthly payment of principle and interest until fully depleting her husband's policy?

The majority of insurance regulation takes place at:

A life insurance policy that would pay $500,000 if the individual dies before 65 or $250,000 if the individual dies after age 65 is most likely what type of policy?

In order for individuals to benefit from insurance they must have an insurable interest. Insurable interest is:

Annuities can be purchased in various ways. One way to pay for an annuity is in one lump sum amount. What is this type of annuity called?

Life insurance policies can have a number of exclusions and limitations written into the them. The aviation exclusion restricts payment of benefits for all of the following except when the:

Annuity payments can be arranged to last for how long?

What is the provision that can eliminate the insured from paying all future premiums if they are deemed to have a permanent and total disability?

Under the fixed amount option, there are three factors that determine how long a payee will receive payments. The factors assist in establishing the periodic installments ahead of time. Which of the following is not one of these factors?

Fred and Wilma each have life insurance naming the other as the primary beneficiary. On returning from a football game, they are hit head on by a drunk driver and killed. There is no evidence of either one surviving longer than the other. What law determines how their policies are to be paid?