Practice Exam 150 Questions Questions & Answers 2024

A life insurance policyowner may sell their policy to a(n) _____ in order to receive a percentage of the policy's face value. *viatical settlement provider *broker *insurer *viator agent {Ans: *viatical settlement provide (To receive a percentage of the policy face value, an owner of a life policy may sell the policy to a viatical settlement provider.)}Which statement is TRUE regarding a group accident & health policy issued to an employer? *Neither the employer or employee are policyowners *The employer is issued a certificate of coverage and each employee receives a policy *The employer is the policyowner and each employee receives a certificate of coverage *Both the employer and employee are policyowners {Ans: *The employer is the policyowner and each employee receives a certificate of coverage (With a group accident and health plan, a master policy is issued to the employer and each employee receives a certificate of insurance.)}How would a contingent beneficiary receive the policy proceeds in an Accidental Death and Dismemberment (AD&D) policy? *If the primary beneficiary is a minor at the time of the insured's death *If the primary beneficiary dies before the insured *If the insured died of accidental causes *If the insured died