Q. What is typically required when a policyholder requests an alteration in a life insurance policy?Which of the following policy alterations does not generally involve an increase in the risk?

View solution

Q. What is typically required when a policyholder requests an alteration in a life insurance policy?

View solution

Q. What may be required when policy alterations involve a material change in policy conditions?

View solution

Q. Which of the following alterations would not be generally allowed in life insurance policies?

View solution

Q. What is the effect of alterations that lower the premium in a life insurance policy?

View solution

Q. What details are typically required in the agent's report for a life insurance policy?

View solution

Q. Who records and mentions details pertaining to physical features like height, weight, blood pressure, and cardiac status in a life insurance application?

View solution

Q. What is "moral hazard" in the context of life insurance?

View solution

Q. When does an insurance contract commence in the context of life insurance?

View solution

Q. What is the most important document associated with an insurance policy in life insurance?

View solution

Q. What are the typical parts of a standard policy document in life insurance?

View solution

Q. What does the grace period clause in a life insurance policy provide?

View solution

Q. What is the process of putting a life insurance policy back into force after it has been terminated due to non-payment of premiums or continued under non-forfeiture provisions?

View solution

Q. How does a policy loan in life insurance differ from an ordinary commercial loan?

View solution

Q. What is the purpose of "nomination" in life insurance?

View solution

Q. What does an "assignment" of a life insurance policy involve?

View solution

Q. Under what circumstances may policy alterations be permitted in life insurance?

View solution

Q. Under what circumstances would the policyholder need to appoint an appointee?

View solution