Which of the Following Best Describes Credit Life Insurance

Last year the couple got divorced. Click again to see term.

Insurable Interest Definition

Click card to see definition.

. The insured pays a premium for a specified number of years. The insured is covered during his or her entire lifetime. Added 942014 21154 PM.

A program that pays cash benefits to people who cannot work because of illness or an acci- dent that occurred off the job a program that pays monthly pensions to per- sons. This insurance is often written in connection with automobile loans. -has a thirty day free look.

An insured purchased a 15-level term life insurance policy with a face amount of 100000. The insured pays a premium for a specified number of years. Premiums are fixed for the first 5 years.

Which of the following is the best reason to purchase life insurance rather than annuities. If the claim is disputed in court and the insurer loses the face amount will. When a producer was reviewing a potential customers coverage written by another company the producer made several remarks that were maliciously critical of.

The insured can borrow or collect the cash value of the policy. Which of the following best describes term life insurance. All of the following statement regarding credit life insurance are true except.

When the insured renews the policy in 5 years what will happen to the premium. The insured was severely injured in an auto accident and after 10 weeks of hospitalization died from the injuries. There are many uses of life insurance in addition to survivor protection such as cash accumulation liquidity estate creation and conservation.

Log in for more information. All life insurance is issued on a participating basis. Group credit insurance must have a suicide clause and a misstatement of age clause.

The face value of a. Credit life insurance pays a policyholders debts when the policyholder dies. The insured pays a premium for a specified number of years.

-debtor is the beneficiary. Debtor pays the premium for credit life insurance. Evidence of insurability is.

An insured purchased a Life Insurance policy. At the beginning of the sixth year the premium will increase to 800 per year but will remain level thereafter. The insured can borrow or collect the cash value of the policy.

The designation will be void. To create an estate. Which of the following BEST describes a double indemnity provision in travel accident insurance.

The agent told him that depending upon the companys investments and expense factors the cash values could change from those shown in the policy at issue time. -debtor pays the premium. M purchases a 70000 Life Insurance Policy with premium payments of 550 a year for the first 5 years.

The following best describes term life insurance. Basic insurance rate plus commissions 2. What term best describes this arrangement.

Confirmed by debnjerry 942014 53851 PM Comments. The insured pays the premium until his or her death. A program that pays cash benefits to persons who are injured or disabled by a job-related accident b.

Credit life insurance is a type of life insurance policy designed to pay off a borrowers outstanding debts if the borrower dies. Unlike term or universal life insurance it doesnt pay out to the policyholders chosen beneficiariesInstead the policyholders creditors receive the value of a credit life insurance policy. An insured buys a 5-year level premium term policy with a face amount of 10000.

With respect to credit reports which of the following best describes the purpose in obtaining an inspection report on an applicant for an insurance policy. Provides information about the applicants financial stability. An insured receives an annual life insurance dividend check.

Which of the following best describes term life insurance. Benefits are doubled under certain circumstances stated in the policy b. Life insurance eliminates risk.

An advantage of owning a flexible premium life insurance policy would be. Which of the following best describes the financial approach that provides a visual representation of how a client distributes resources. The insurer can make policy charges without difficulty.

Tap card to see definition. Credit life insurance may be written on either and individual or group basis. Regarding credit life which of the following statements is true.

It will increase because the insured will be 5 years older than when the policy was originally purchased. The policy contained an accidental death rider offering a double indemnity benefit. -creditor pays the premium.

Which of the following best describes what the annuity period is. The policy is aan 1. This answer has been confirmed as correct and helpful.

The insured is covered during his or her entire lifetime. The policy also contains renewability and convertibility options. Group credit life insurance does not build cash values.

An agent tells an insured that if he replaces his current insurance policy with a newer one his dividends will be higher and his premium will be slightly lower. The insured pays the premium until his or her death. Provides information about the applicants lifestyle.

The face amount will remain at 70000 throughout the life of the policy. The policy owner can make policy changes without difficulty. To liquidate a sum of money over a lifetime 2.

Provides information about the applicants character. Which of the following best describes gross annual premium. Which of the following is true regarding the beneficiary designation of the former spouse.

2022 Guide On Difference Between Life Insurance And General Insurance

Variable Life Vs Variable Universal What S The Difference

Yeah This Definitely Describes Me Meaningful Quotes Life Quotes Verse Quotes

Variable Life Vs Variable Universal What S The Difference