Answer D is correct. This is a standard provision in almost all life and health insurance policies. The insurer always has the right to deduct overdue premiums from any benefits paid.
Answer A is correct. Under Medicare, physician’s services are covered under Part B.
Answer B is correct. Term insurance provides the most amount of protection for a given amount of premium dollars. But it is not permanent insurance and has no other features, such as cash value or nonforfeiture values.
Answer D is correct. Catastrophic exposures are generally not insurable.
Answer B is correct. A single master policy is issued to the group policyowner, such as an employer or labor union. Individual insureds or members receive certificates of insurance that summarize the benefits and rights under the contract.
Answer A is correct. Straight life policies are designed to provide coverage until age 100, and premium payments continue until that age or an earlier death or termination of coverage.
Answer C is correct. Consideration, competent parties, and offer and agreement are required to form a legal contract. Signatures of the parties are not required, because oral contracts are binding.
Answer B is correct. In such cases the insurer will pay the death benefit minus any outstanding loan amount and interest on the loan.
Answer A is correct. Receiving a full refund of all premiums paid is not a nonforfeiture option.
Answer C is correct. Common risk management methods include avoiding, retaining, reducing, or transferring a risk. Ascertaining a risk is simply a process of evaluating a risk before a decision is made about how to deal with it.
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