Life And Health Ad Banker Comprehensive Exam Questions And Answers 100% Correct

An added benefit attached to a policy that modifies existing coverage. It is typically added at the time of application and requires an increase in premium. {Ans: Rider}Where the insurer monitors the length of a hospital stay. {Ans: Concurrent Review}Primary is the first in line Contingent is the secondary beneficiary (If primary predeceased) Tertiary is the third in line (If primary and contingent predeceased) {Ans: Beneficiary Succession}A provision that allows the insured to suspend paying premiums during the period of disability or LTC confinement. {Ans: Waiver of Premium}Mutual Insurance Company {Ans: Mutual Insurance Company}Pays directly to the insured a specified dollar amount per day during hospitalization. Payment is based solely on the number of days the insured is hospitalized. It pays the daily amount stated in the policy. {Ans: Hospital Income or Indemnity}A specified time period after the premium due date and before a policy lapses. {Ans: Grace Period}The death benefit decreases, but premiums remain level for the policy term. The premiums paid for decreasing term are lower than the premiums payable for level term since the benefit decreases throughout the term of the policy. {Ans: Decreasing (Policy Type)}A disability income provision