Which of the following options is designed to protect the policyowner should the policy be in danger of lapsing for nonpayment of premium?

A) automatic premium loan.

B) premium exclusion.

C) guaranteed insurability.

D) waiver of premium.

Answer: A) automatic premium loan.

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? a) $0 b) $30,000 c) $32,000 d) $40,000 Answer: B

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All of the following are considered limited lines of authority EXCEPT
What is the other term for the cash payment settlement option?
The pro rata liability clause is designed to protect the principle of
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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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A type of group that has a constitution and bylaws and has been organized for purposes other than obtaining insurance is called a(n)
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Under an extended term nonforfeiture option, the policy cash value is converted to
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The two major actions required for a policyholder to comply with the Reinstatement Clause are
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In an insurance contract, the applicant's "consideration" is the
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The voluntary relinquishment of a legal right is called
What documentation grants express authority to an agent?
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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?
Which nonforfeiture option provides coverage for the longest period of time?
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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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The requirement that agents not commingle insurance monies with their own funds is known as
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