4 - Life Insurance Premiums, Proceeds And Beneficiaries

If the insured and primary beneficiary are both killed in the same accident and it cannot be determined who died first, where are the death proceeds to be directed under the Uniform Simultaneous Death Act?

When can a policyowner change a revocable beneficiary?

Which premium schedule results in the lowest cost to the policyowner?

A level premium indicates

J chooses a monthly premium payment mode on his Whole Life insurance policy. Which of these statements is correct?

C is trying to determine whether to convert her convertible term life policy to whole life insurance using her original age or attained age. What factor would affect her decision the most?

K is the insured and P is the sole beneficiary on a life insurance policy. Both are involved in a fatal accident where K dies before P. Under the Common Disaster provision, which of these statements is true?

On a life insurance policy, who is qualified to change the beneficiary designation?

How would a contingent beneficiary receive the policy proceeds in an Accidental Death and Dismemberment (AD&D) policy?

T and S are named co-primary beneficiaries on a $500,000 Accidental Death and Dismemberment policy insuring their father. Their mother was named contingent beneficiary. Five years later, S dies of natural causes and the father is killed in a scuba accident shortly afterwards. How much of the death benefit will the mother receive?

P and Q are married and have three children. P is the primary beneficiary on Q's Accidental Death and Dismemberment (AD&D) policy and Q's sister R is the contingent beneficiary. P, Q, and R are involved in a car accident and Q and R are killed instantly. The Accidental Death benefits will be paid to

A policyowner is able to choose the frequency of premium payments through what policy feature?

Which statement is true regarding a minor beneficiary?

What kind of life insurance beneficiary requires his/her consent when a change of beneficiary is made?

What is the underlying concept regarding level premiums?

An insured covered by life insurance has just died. What will happen if the primary beneficiary had already died before the insured and contingent beneficiary?

A policyowner would like to change the beneficiary on a Life insurance policy and make the change permanent. Which type of designation would fulfill this need?

A policyowner is allowed to pay premiums more than once a year under which provision?

K has a life insurance policy where her husband is beneficiary and her daughter is contingent beneficiary. Under the Common Disaster clause, if K and her husband are both killed in an automobile accident, where would the death proceeds be directed?

J would like to maintain the right to change beneficiaries. Which beneficiary designation should be used?

M purchased an Accidental Death and Dismemberment (AD&D) policy and named his son as beneficiary. M has the right to change the beneficiary designation at anytime. What type of beneficiary is his son?

Which statement regarding the Change of Beneficiary provision is true?

Which of these statements is INCORRECT regarding the federal income tax treatment of life insurance?

A policyowner's rights are limited under which beneficiary designation?