Psi Insurance Exam (Oh Life, Accident, And Health) 100% Verified.

Which type of assignment occurs when a person transfers ownership of a life insurance policy to another person, such as a son when turning 18? {Ans: permanent}A group conversion option may be used in all the following instances EXCEPT {Ans: a life-changing event, such as marriage, divorce, or childbirth.}Group Life Policies typically include which of the following provisions? {Ans: conversion privilege}How are term riders used? {Ans: to purchase insurance on a family member of the originally insured}According to the time of payment of claims provision, the insurer must make the payment immediately after receiving proof of loss EXCEPT {Ans: for claims involving periodic payments.}At which point are contractual death benefit settlement options determined and by whom? {Ans: at the time the policy is purchased by the owner of the policy}