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| Section | Objectives |
|---|---|
| Life Insurance Taxation and Retirement Planning | - Retirement and Estate Planning Concepts
|
| Life Insurance Applications and Underwriting | - Application Process
|
| General Insurance Concepts | - Insurance Fundamentals and Risk Management
|
| Arizona Insurance Laws and Ethics | - Producer Duties and Ethical Practices
|
| Life Insurance Products and Policies | - Types of Life Insurance
|
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質問 # 71
What type of contract pays only on the death of the last insured?
正解：B
解説：
Survivorship life insurance, also called second-to-die or last-survivor life insurance, covers two insured individuals under one contract but does not pay the death benefit until the second insured dies. Therefore, it pays upon the death of the last surviving insured.
This structure distinguishes survivorship life from traditional joint life or first-to-die insurance. A first-to-die policy pays when the first insured dies and ordinarily terminates after the death benefit is paid. Survivorship insurance continues after the first death because the insured event triggering payment is the death of the second person.
The arrangement is frequently associated with estate-planning needs because estate taxes, wealth-transfer costs, or inheritance equalization needs may become significant after both spouses have died. It can also be used for certain business or legacy-planning objectives.
A family income policy is designed to provide income benefits for a stated period following the insured ' s death. A family policy generally combines coverage for family members, frequently through a base policy plus term riders. Credit life insurance is designed primarily to discharge a covered debtor ' s outstanding obligation.
Thus, the defining phrase "death of the last insured" identifies survivorship life insurance.
Study Guide Reference: Types of Life Insurance Policies - joint life; survivorship/second-to-die life; family policies; specialized uses of life insurance.
質問 # 72
A condition in a cash value life insurance policy that allows a policyowner to terminate the policy in return for a reduced paid-up policy of the same type is referred to as
正解：C
解説：
A nonforfeiture provision protects the accumulated value of a permanent life insurance policy when the policyowner stops paying premiums or elects to surrender the original contract. Once sufficient cash value has accumulated, the owner does not simply lose that equity.
One traditional nonforfeiture option is reduced paid-up insurance. Under this option, the policy ' s available cash surrender value is applied as a net single premium to purchase a fully paid permanent policy of the same general type. No further premiums are required. The resulting death benefit is lower than the original policy ' s face amount because only the accumulated value is available to fund the new paid-up coverage.
This is different from reinstatement, which restores a lapsed policy subject to policy requirements such as payment of overdue premiums and potentially evidence of insurability. A grace period keeps coverage temporarily in force after a premium due date. The incontestability provision limits the insurer ' s ability to void coverage because of certain application misstatements after the prescribed period.
Study Guide Reference: Life Insurance Policy Provisions, Options, and Riders - nonforfeiture benefits; reduced paid-up insurance; extended term; cash surrender.
質問 # 73
According to the Fair Credit Reporting Act, an insurer needs to do all of the following, EXCEPT
正解：C
解説：
The Fair Credit Reporting Act (FCRA) regulates the collection and use of consumer-report information in insurance underwriting. When an insurer obtains an investigative consumer report, the applicant must receive appropriate notice concerning the investigation and has rights concerning disclosure of the nature and scope of that investigation. When information from a consumer report contributes to an adverse underwriting decision, such as denial of coverage, an increased premium, or less favorable policy terms, the insurer must provide the applicant with an adverse-action notice.
The insurer is not, however, required to personally discuss each inconsistency appearing in the applicant ' s credit history. The consumer instead has statutory rights to obtain information from the consumer reporting agency and dispute information believed to be inaccurate or incomplete. FTC guidance confirms that adverse- action requirements include notification and information concerning the reporting agency and the consumer ' s dispute rights; they do not impose a general requirement that the insurer conduct a discussion with the applicant about individual credit discrepancies.
Therefore, D is the exception.
Study Guide Reference: Federal Laws and Regulations - Fair Credit Reporting Act; investigative consumer reports; adverse-action notices; applicant disclosure rights.
質問 # 74
An insured owns a whole life insurance policy on himself. He would also like coverage for his minor son and
/or daughter. One way the insured can accomplish this goal is to purchase a
正解：D
解説：
A child term rider adds term life insurance coverage for eligible dependent children to the primary insured ' s life insurance policy. It is an efficient mechanism for obtaining coverage on one or more minor children without purchasing a separate individual policy for each child.
The rider normally provides a stated amount of term protection on each eligible child and may automatically include children born or adopted after the rider is issued, subject to the contract ' s definition of an eligible child. Coverage generally terminates at a specified age, although the child may often have a conversion privilege allowing the term insurance to be converted to individual permanent coverage without proving insurability.
A guaranteed insurability rider applies primarily to the insured and permits additional coverage to be purchased at specified future dates without new medical evidence. A family maintenance rider is designed to provide continuing income after the insured ' s death, while a family income rider similarly provides an income benefit for a stated period following death.
Because the stated objective is specifically to insure the policyowner ' s minor son or daughter, the child term rider directly satisfies the requirement.
Study Guide Reference: Life Insurance Policy Provisions, Options, and Riders - children ' s term rider; family riders; conversion privileges; dependent coverage.
質問 # 75
An insurable interest must exist
正解：C
解説：
For life insurance, insurable interest must exist when the policy is applied for and issued, rather than necessarily continuing until the insured ' s death. Insurable interest prevents life insurance from becoming a wagering contract in which the policyowner would financially benefit from the death of someone in whom the owner has no legitimate personal or economic interest.
An individual unquestionably has an insurable interest in his or her own life. Insurable interest may also arise from close family relationships involving love and affection or from substantial economic relationships, such as between business partners, a business and a key employee, or a creditor and debtor within appropriate financial limits.
This differs importantly from property insurance, where insurable interest generally must exist at the time of loss because the claimant must suffer an actual financial loss to recover. In life insurance, a validly established insurable interest at policy inception normally remains sufficient even if the underlying relationship subsequently changes.
There is no requirement that insurable interest exist between every participant in the insurance transaction or between the applicant and the producer.
Study Guide Reference: Life Insurance Basics - insurable interest; policy ownership; personal and business uses of life insurance.
質問 # 76
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