The insured's estate
The insured's beneficiary
All of the above
None of the above
(I) and (II) only
(II), (III), and (IV) only
(I), (II), and (IV) only
Underwriting refers to the process of selecting, classifying, and pricing applicants for insurance
Restrictive underwriting typically results in higher overall claims made by policyholders
One of the objectives of underwriting is to generate revenue while at the same time limiting the insurance company's assumed risk
The underwriter is the individual who decides to accept or reject an application, and under what conditions the policy may be issued
Life with period certain
The HO-6 form is commonly used for condos and provides open coverage on the dwelling
The HO-2 form provides broad coverage on the dwelling and open coverage on personal property
The HO-5 form provides open coverage on the dwelling and open coverage on personal property
The HO-3 form provides broad coverage on the dwelling and broad coverage on personal property
Waiver of premium
Residual disability benefits
Waiver of premium policy
The contract meets the requirements of a life insurance contract
The contract fails to meet the guideline premium and corridor test
The contract meets the "seven-pay test"
The contract was entered into after 6/21/88
(I), (II), and (III) only
(II) and (III) only
Covered care can be provided only in a hospital or skilled nursing care facility
All of the above are correct
Coverage is usually not necessary because Medicare will provide adequate protection when an individual turns age 65
Coverage must be provided for at least twelve months
Minimum guaranteed cash value
Flexible death benefit
Umbrella insurance picks up where underlying coverages, such as life and disability insurance, leaves off.
Umbrella insurance is referred to as "excess liability coverage."
Policies often have a $1 million minimum amount of coverage.
Policies can be purchased in increments of $1 million.
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