Life And Health Insurance Exam Quiz For 2024 Updated Solutions

What type of life insurance policy covers two or more persons and pays the face amount upon the death of the first insured? {Ans: Joint Life}Which type of policy pays benefits to a policyholder covered under a Hospital Expense policy? {Ans: reimbursement}What would be a valid reason for naming a trust as the beneficiary of a life insurance policy as opposed to naming an individual? {Ans: Management of proceeds would be provided}How does the cost for a survivorship life policy compare to the cost of combining two separate life insurance policies? Survivorship life policy is lower Survivorship life policy is higher Depends on the investment performance of the underlying accounts Both have the same actuarial costs {Ans: Survivorship life policy is lower}An insured is covered under a group long-term disability policy. Under this type of policy, the definition of disability based on any occupation typically applies {Ans: after two years of disability}When replacing a life insurance policy, which of the following is advisable? {Ans: Wait until the new policy is issued and delivered before surrendering existing policy}The agents authority to bind an insurance contract may be granted in the {Ans: Agents contract and