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| Section | Weight | Objectives |
|---|---|---|
| Insurance Regulation | 5% | - Licensing
|
| Life Insurance Basics | - Life insurance policy provisions, options, and riders
| |
| General Insurance | - Insurance contracts
|
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NEW QUESTION # 88
Backdating on a life insurance policy is the practice of
Answer: C
Explanation:
Backdating means assigning a life insurance policy an effective date that precedes the date on which the policy is actually issued or delivered. It is most commonly associated with saving age, where an earlier policy date permits the insured to be treated as a younger insurance age and thereby qualify for a more favorable premium.
Backdating does not mean allowing a premium to be paid after expiration of a grace period. That situation concerns policy lapse and potentially reinstatement. Reinstatement is itself a separate process through which a lapsed policy may be restored after the policyowner satisfies specified conditions. Preexisting-condition exclusions are also unrelated to backdating.
Where lawful and permitted by the insurer, the applicant generally must pay the premiums attributable to the backdated period. Consequently, backdating should be evaluated economically: the premium savings associated with the younger insurance age must justify paying premiums for a period before the policy ' s actual issuance.
The essential examination definition does not depend on why backdating is used. The defining feature is simply that the contract is assigned an effective date earlier than the present issuance date.
Study Guide Reference: Life Insurance Basics - policy effective dates; backdating; saving age; premium calculation.
NEW QUESTION # 89
What is the purpose of the disability income benefit rider in life insurance policies?
Answer: D
Explanation:
A disability income benefit rider provides periodic income-commonly a monthly benefit-when the insured becomes disabled as defined by the rider and satisfies the applicable elimination period and other contractual requirements. Its purpose is to replace part of the income that the insured may lose because disability prevents or materially limits work.
The benefit is distinct from a waiver of premium rider. Waiver of premium keeps the life insurance policy in force by relieving the insured of the obligation to pay premiums during qualifying disability; it does not ordinarily provide spendable monthly income. Therefore, C describes a different rider.
Likewise, a guaranteed insurability rider allows the insured to purchase additional life insurance at specified times or events without new evidence of insurability, making D incorrect. A disability income rider is normally structured to provide recurring benefits rather than the single lump-sum payment described in A.
The amount and duration of benefits, definition of disability, waiting period, and maximum benefit period depend on the rider ' s specific language. The essential examination distinction is nevertheless straightforward: disability income = periodic income replacement; waiver of premium = premiums waived.
Study Guide Reference: Life Insurance Policy Provisions, Options, and Riders - disability income rider; waiver of premium; disability definitions and benefit periods.
NEW QUESTION # 90
The insured and the primary beneficiary of a life insurance policy were in a car together when they were involved in an accident. The insured was killed instantly and the beneficiary died 10 days later. Which policy provision will protect the rights of the contingent beneficiary to receive the policy benefits?
Answer: D
Explanation:
The common disaster clause addresses situations in which the insured and primary beneficiary die as a result of the same accident or disaster within a relatively short period. Its purpose is to establish how the insurer should treat the order of deaths for purposes of determining who receives the life insurance proceeds.
Without such a provision, if the primary beneficiary legally survives the insured-even only briefly-the death benefit could become payable to that beneficiary or the beneficiary ' s estate. That result could frustrate the policyowner ' s intention to have the proceeds pass to a contingent beneficiary when both the insured and primary beneficiary die in essentially the same event.
A common disaster provision may require the primary beneficiary to survive the insured for a stated period. If that survival requirement is not met, the primary beneficiary is treated for policy-payment purposes as having predeceased the insured, allowing the contingent beneficiary to receive the proceeds.
An accidental death rider increases benefits for qualifying accidental death. A spendthrift clause protects proceeds from certain creditor or beneficiary actions. A facility-of-payment provision permits payment to specified persons under limited circumstances.
Study Guide Reference: Life Insurance Policy Provisions, Options, and Riders - beneficiary designations; contingent beneficiaries; common-disaster provisions; simultaneous-death considerations.
NEW QUESTION # 91
What type of insurer is owned by policyowners?
Answer: C
Explanation:
A mutual insurer is owned by its policyowners. Policyholders who purchase participating policies may possess membership rights in the company and may be eligible to receive policy dividends when declared by the insurer ' s board, although dividends are not guaranteed.
This ownership structure differs fundamentally from a stock insurer, which is owned by shareholders who purchase shares of corporate stock. A stock insurer ' s policyholders purchase insurance contracts but ordinarily do not acquire corporate ownership merely because they hold a policy.
The terms foreign and alien classify an insurer according to the jurisdiction in which it is organized rather than according to ownership. From Arizona ' s perspective, an insurer organized under the laws of another U.
S. state is generally classified as foreign, while an insurer organized under the laws of another country is classified as alien. Either a stock company or a mutual company may also be foreign or alien.
Therefore, the one classification among the alternatives that specifically describes an insurer owned by its policyowners is a mutual insurer.
The examination distinction to retain is: stock insurer = stockholder ownership; mutual insurer = policyowner ownership.
Study Guide Reference: General Insurance Concepts - insurer organization; mutual and stock insurers; participating policies; insurer classifications.
NEW QUESTION # 92
When trying on wedding rings at a jewelry store, a woman left her engagement ring on the countertop only to return later and find it missing. The woman experienced a
Answer: D
Explanation:
A loss is an unintended reduction, disappearance, destruction, or deprivation of something of economic value.
In this scenario, the woman ' s engagement ring is no longer in her possession when she returns to the countertop. She has therefore experienced an actual loss of property.
A peril is the direct cause of a loss. Examples include fire, theft, collision, windstorm, or another event that directly produces damage or deprivation. If evidence established that the ring had been stolen, theft would be the peril, while the disappearance of the ring and resulting financial deprivation would constitute the loss.
A hazard is a condition that increases the probability or severity of a loss. Leaving valuable jewelry unattended on a counter could increase the chance that the ring will disappear and might therefore contribute to the circumstances of loss, but the condition itself is not the resulting economic loss.
A transfer of risk occurs when the financial consequences of a risk are shifted to another party, as through an insurance contract. No such transfer is described in the scenario.
Because the question asks what the woman actually experienced, the appropriate term is loss.
Study Guide Reference: General Insurance Concepts - risk; peril; hazard; loss; risk-transfer methods.
NEW QUESTION # 93
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