California Life Psi Site - Life, Accident And Health Agent Examination (Life Agent) Questions And Answers (2022/2023) (Verified Answers)

Family Policies {Ans: To this base life insurance policy, a term insurance rider is attached that is designed to provide a monthly income to the survivor if the insured dies during the specified term.}4 elements of a valid contract {Ans: 1) Competent Parties 2) Legal Purpose 3) Agreement (offer and acceptance) 4) Consideration}Whose benefits are affected by the blackout period ? A. The surviving children B. The surviving spouse C. The disabled worker D. The fully insured worker {Ans: B}Waiver of Premium {Ans: Life Insurance Disability Rider If the insured becomes totally disabled, the insurer will waive premiums for the duration of the disability or the end of the policy, whichever occurs first. To qualify for the waiver, the insured must be disabled for a waiting period of 3-6 months. The policyowner must continue to pay premiums during the waiting period, but once eligible, the waiver is retroactive to the start of the disability and the premiums will be refunded. During the disability, the insured will credit the premiums to the policy and all benefits, such as cash value accumulation and dividend payments, will continue.}Uniform Simultaneous Death Act {Ans: Provides that when the insured and