According to the cancellation condition in the Common Policy Conditions form, if the insurance company is cancelling a Commercial Package policy for nonpayment of premium, the insured must be given at least how many days notice of cancellation?

a. 30

b. 60

c. 14

d. 10

Answer: d. 10

Insurance

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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
All of the following statements concerning the use of life insurance as an Executive Bonus are correct EXCEPT
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Which of the following best defines target premium in a universal life policy?
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A beneficiary change can occur
No existing agent's license will be revoked until
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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
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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
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
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Which nonforfeiture option provides coverage for the longest period of time?
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:
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Which of the following statements about accumulated interest earned on dividends from an insurance policy is TRUE?
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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 pro rata liability clause is designed to protect the principle of
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All of the following are elements of an insurance policy EXCEPT
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All of the following are true of key person insurance EXCEPT
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Life income joint and survivor settlement option guarantees
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Which of the following is NOT true regarding the accumulation period of an annuity?
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The requirement that agents not commingle insurance monies with their own funds is known as
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What documentation grants express authority to an agent?

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