Exam Fx Texas Life And Health Insurance Flashcards

What do individuals use to transfer their risk of loss to a larger group? {Ans: Insurance}What dividend option is automatically selected by the company if not chosen by the policyowner? {Ans: paid-up additions}what is the main advantage of converting from group life insurance to indiviadual coverage? {Ans: evidence of insurability is not required}according to the time limit on certain defenses provision in health insurance policies, when can an insurer contest fraudulent misstatements on a health insurance application? {Ans: anytime while the policy is in force}Who owns a group life insurance contract? {Ans: The employer (also known as the sponsor of the group)}a policy states that it will pay a specified face amount if the insured dies during the 20- year premium-paying period and nothing if death occur after the 20-year period. what type of policy is this? {Ans: 20-year level term}what is a birthday rule in a coordination of benefits provision? {Ans: the coverage of the parent whose birthday is earlier in the year is considered primary}Can a business or a corporation be an annuitant? {Ans: No, an annuitant must always be a natural person}what is the role of the gatekeeper in