A policy owner is prohibited from making any changes to the policy without the beneficiary's written consent under which beneficiary designation?

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A policy owner is prohibited from making any changes to the policy without the beneficiary's written consent under which beneficiary designation?

Contingent beneficiary
Tertiary beneficiary
Revocable beneficiary
Irrevocable beneficiary

Answer: Irrevocable beneficiary

Life Insurance Premiums Proceeds and Beneficiaries

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An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay?

An insured's building has an actual cash value of $200,000, and he has insured the property for $120,000 with an 80% coinsurance clause. A $40,000 loss occurs. How much will the policy pay? a) $0 b) $30,000 c) $32,000 d) $40,000 Answer: B

In insurance,

In insurance, A) contracts made by the agent are considered to be contracts of the producer B) contracts made by the principal are considered to be contracts of the agent C) the insurer is the principal and the producer is the agent D) the producer is the principal and the insurer is the agent Answer: the insurer is the principal and the producer is the agent

Which is generally true regarding insureds who have been classified as preferred risks

Which is generally true regarding insureds who have been classified as preferred risks A) They can borrow higher amounts off of their policies. B) They can decide when to pay their monthly premiums. C) They keep a higher percentage of any interest earned on their policies. D) Their premiums are lower. Answer: Their premiums are lower

All of the following are general requirements of a qualified plan EXCEPT
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All of the following are considered limited lines of authority EXCEPT
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What does the Group Life underwriting risk selection process help protect insurance companies from?
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Ambiguities in an insurance policy are always resolved in favor of the
In an insurance contract, the applicant's "consideration" is the
Agents may be found guilty of defamation if they make a false statement that is intended to?
How many pair of glasses in a 12-month period will a vision expense insurance plan cover?
The voluntary relinquishment of a legal right is called
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All of the following statements are true regarding installments for a fixed amount EXCEPT
Fraternal Benefit Society has each of the following characteristics EXCEPT
Which contract element is insurable interest a component of?
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A securities license is required for a life insurance producer to sell
Which of the following statements about accumulated interest earned on dividends from an insurance policy is TRUE?
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All of the following are true regarding a decreasing term policy EXCEPT
Purchasing a life insurance policy in order to avoid the forced sale of assets upon death is called
Health insurance will typically cover which of the following perils?
Simon has purchased a fixed immediate annuity. His payment amount will be dependent upon principal, interest, and the contract's
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Which of these is a method of determining the level of funds required for ongoing support in the event of the breadwinner's death?
The authority granted to a licensed producer is provided via the
All of the following are examples of a Business Continuation Plan EXCEPT
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What is the benefit of choosing extended term as a nonforfeiture option?
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All of the following are elements of an insurance policy EXCEPT
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Which of the following is true regarding a market value adjusted annuity?
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Items stipulated in the contract that the insurer will not provide coverage for are found in the
All of the following would be different between qualified and nonqualified retirement plans EXCEPT
The paid-up addition option uses the dividend
A Universal Life insurance policy has two types of interest rates that are called
Which of the following statements about group life is correct?
The paid-up addition option uses the dividend
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Circulating deceptive sales material to the public is what type of Unfair Trade Practice?
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Insurance represents the process of risk
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What is the purpose of establishing the target premium for a universal life policy?
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