Which statement is not true regarding a straight life policy
Which is not true regarding a straight life policy?
Which statement is NOT true regarding a Straight Life policy? Its premium steadily decreases over time, in response to its growing cash value. Which Universal Life option has a gradually increasing cash value and a level death benefit? Which of the following best defines target premium in a universal life policy?
What is true regarding a straight life policy?
– Straight Life policies charge a level annual premium throughout insured’s life time & provide a level, guaranteed death benefit. … – Purest form of term insurance, death benefit remains level, but premium increases each year with insured’s attained age.
What type of premium does straight life policy have?
What type of premium does a straight life policy have? Straight refers to the premium structure of the whole life insurance policy. This terminology denotes that premiums for the plan will be level, meaning they will not increase or decrease during the life of the policy.
Which of the following statement is correct regarding a whole life policy?
Which of the following statements is correct regarding a whole life policy? … A policy will pay the death benefit if the insured dies during the 20-year premium-paying period, and nothing if death occurs after the 20-year period.
Which of the following is not true regarding the annuitant?
Which of the following is NOT true regarding the annuitant? The annuitant cannot be the same person as the annuity owner. A deferred annuity is surrendered prior to annuitization.
Which of the following is true about Nonforfeiture values quizlet?
Terms in this set (125) Which of the following is TRUE about nonforfeiture values? … Nonforfeiture values are required by state law to be included in the policy, and cannot be altered by the policyowner. A table showing the nonforfeiture values for the next 20 years must be included in the policy.
Which of the following is not a characteristic of whole life insurance policies?
All of the following is NOT a characteristics of whole life insurance: The cash value in a permanent life insurance policy is not a nonforfeiture benefit. … Cash value may be used as a policy loan, without affecting the death benefit.
Which of the following is not a true characteristic of permanent protection whole life?
Which of the following is not a true characteristic of permanent protection Whole Life? Flexible premiums are not a characteristic of a Whole Life Insurance Policy. A decreasing term policy has a death benefit that reduces over a defined number of years, but the premium remains the same in all years.
Which of the following settlement options in life insurance is known as straight life?
Which of the following settlement options in life insurance is known as straight life? Correct! The life-income option, also known as straight life, provides the recipient with an income that he or she cannot outlive.
What are the characteristics of whole life insurance?
Compared to other forms of permanent coverage, a whole life policy has three defining characteristics:
- The level premium remains the same for life.
- The death benefit is guaranteed as long as the guaranteed premiums are paid. …
- The policy includes guaranteed cash values that grow at a guaranteed rate.
Which of the following is false regarding life insurance policy illustrations?
Which of the following is false regarding life insurance policy illustrations? Policy illustrations are the nonguaranteed elements of a policy and are not part of the policy summary.
Which of the following is a life insurance policy that does not require a physical exam?
Which of the following is a life insurance policy that does NOT require a physical exam? … Modified premium, Ordinary life & Single premium.
Which statement is correct regarding the premium payment schedule for whole life policies quizlet?
Which statement is correct regarding the premium payment schedule for whole life policies? Premiums are payable throughout the insured’s lifetime/ coverage last until death of the insured.
What factors determine your life insurance policy?
8 Factors That Affect Life Insurance Premiums
- Age. Your date of birth is the top factor affecting your life insurance premium. …
- Gender. Women tend to live longer than men. …
- Health History. …
- Family Health History. …
- Smoking. …
- Hobbies. …
- Occupation. …
- The Policy.
Which of the following is not a life insurance plans?
Answer: Indemnity contract is not applicable in life insurance contract. Among the given options option (c) Indemnity contract is the correct answer.
Which principle is not applicable to life insurance?
principle of indemnity
In the case of life insurance policies, the principle of indemnity does not apply. The indemnity principle means that the policy payout should restore the insured to the same financial position in which he was before the loss happened.
Which of the following is not a product of life insurance?
Solution(By Examveda Team)
Car Insurance is not a product of life insurance. Car insurance is compulsory by law. It is a way we protect ourselves financially in case of damages caused by accidents or a theft.