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Business And Finance
The Individual Life Insurance Contract Quizzes
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The Individual Life Insurance Contract Quizzes
Heidi Sanchez
16 June 2024
4.5
(214 reviews)
7 test answers
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(3)
question
Which is true about the cash surrender nonforfeiture option?
answer
Funds exceeding the premium paid are taxable as ordinary income
question
What allows the policy holder to apply policy dividends towards the next year's premium
answer
Reduction of Premium Option
question
What is true about nonforfeiture values?
answer
Required by state law to be included in the policy
question
Which of the following statements about a suicide clause in a life insurance policy is true?
answer
Suicide is excluded for a specific period of years and covered thereafter
question
Which of the following is true regarding a single life settlement option?
answer
it provides income the beneficiary cannot outlive
question
Which nonforfeiture option provides coverage for the longest period of time
answer
Reduced paid-up
question
When a whole life policy lapses or is surrendered prior to maturity, the cash value can be used to
answer
purchase a single premium policy for a reduced face amount
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