A provision that allows a policyowner to temporarily give up ownership rights to secure a loan is called a(n)

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A provision that allows a policyowner to temporarily give up ownership rights to secure a loan is called a(n)

a) automatic premium loan
b) nonforfeiture option
c) collateral assignment
d) irrevocable assignment

Answer: c) collateral assignment

WA Life Insurance

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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?

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A domestic insurer issuing variable contracts must establish one or more
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A beneficiary change can occur
No existing agent's license will be revoked until
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Under an extended term nonforfeiture option, the policy cash value is converted to
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What rule is used to determine the importance of a representation?
Which of the following is NOT the purpose of HIPAA?
The pro rata liability clause is designed to protect the principle of
The two major actions required for a policyholder to comply with the Reinstatement Clause are
Life insurance policies will normally pay for losses arising from
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In an insurance contract, the applicant's "consideration" is the
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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
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Agents who persuade insureds to cancel a policy in favor of another one when it might not be in the insured's best interest are guilty of:
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?
All of the following statements are correct regarding Credit Life Insurace EXCEPT:
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Purchasing a life insurance policy in order to avoid the forced sale of assets upon death is called
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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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When the principal gives the agent authority in writing, it's referred to as
What is the benefit of choosing extended term as a nonforfeiture option?
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All of the following statements concerning dividends are true EXCEPT:
All of the following are true regarding rebates EXCEPT
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Life income joint and survivor settlement option guarantees
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Which of the following is NOT an example of utilization review?
The requirement that agents not commingle insurance monies with their own funds is known as
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What is the purpose of establishing the target premium for a universal life policy?
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Circulating deceptive sales material to the public is what type of Unfair Trade Practice?
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What documentation grants express authority to an agent?

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