Which of the following is the primary source of information that an insurer uses to evaluate an insured risk for life insurance?

Which of the following is the primary source of information that an insurer used to evaluate an insured's risk for life insurance? Insurance application is the data-gathering tool utilized in evaluating an individual risk.

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And another question, which of the following is not a change that a policyowner can make to an adjustable life policy?

The correct answer is: The death benefit is the policy face amount or policy cash value, but not both. An adjustable life policy allows the policyowner to make all of the following changes, EXCEPT: Only variable life policies allow policyowner's to invest premiums in the insurer's separate account. Accordingly, when a whole life policy is surrendered for its nonforfeiture value what is automatic option? Terms in this set (43) When a whole life policy is surrendered for its nonforfeiture value, what is the automatic option? An applicant gives her agent a completed application and the initial premium.

One may also ask what is true regarding a decreasing term policy?

A decreasing term life insurance policy is a specific policy type with a level of coverage (or death benefit) that decreases over time, usually every year. When a decreasing term policy is purchased, the death benefit decreases periodically until the end of the term. Keeping this in consideration, which type of policy will provide permanent protection? Permanent insurance provides lifelong protection, and the ability to accumulate cash value on a tax-deferred basis. Unlike term insurance, a permanent insurance policy will remain in force for as long as you continue to pay your premiums.

What is the purpose of settlement options?

The primary objective of settlement option is to generate regular streams of income for the insured. Description: Under settlement option, the insured receives a regular flow of income from the insurer post the maturity of the policy. Which of the following is true concerning the conversion of group life insurance coverage to an individual policy? All of the following are true regarding the conversion option for group life insurance, EXCEPT: The converted coverage must be whole life. The correct answer is: The converted coverage may be term or whole life.

Thereof, which of the following are generally not considered when underwriting group insurance?

Which of the following are generally NOT considered when underwriting group insurance? The insureds' medical history (Group life insurance is written on a group, not individual basis. Also, which life insurance policy is good until the policy holder passes away?

The second type of life insurance, whole life insurance, is valid until the end of your life. If you continue to pay the premiums, your beneficiaries will receive the face value of the policy upon your death.

What is group underwriting in health insurance?

Group insurance underwriting is the assessment of financial risk for the purpose of pricing group insurance. Financial risk is the likelihood that a claim will be submitted (and therefore a cost incurred to the Insurer). As a basic example: there are Smoker and Non-Smoker rates for Extended Health Care (EHC).