LIFE 5

An applicant submits an application with the first premium payment. The company issues a rated policy along with a bill for the difference in premium. The company's response is an example of a/an?

Which element of contract law requires that all parties be of sound mind, sober, and the age of majority to form a contract?

A policy's coverage becomes effective when?

Mr. Z submits an application with premium to his life insurance producer. The producer gives Mr. Z a conditional receipt . Prior to the time Mr. Z takes a medical examination, he is considered to be?

An agent is asked to sell a Life Insurance policy with a minor as the insured. The agent should:

A statement of continued good health is used in which of the following situations?

The inability of an Insured to negotiate any changes in the policy language relates to the concept of?

Which of the following is required for an insurable interest to exist?

Assume that no conditional receipt is used. If the premium has been paid and the medical exam taken, a policy's coverage becomes effective when?

When must an insurable interest exist for Life and Health Insurance?

Which document is signed to initiate coverage if no conditional receipt is used?

Ms. L applies for life insurance but does not make an initial premium payment. Her actions constitute?

Mr. T applies for life insurance but does not make an initial premium payment. Coverage will be effective when?

An applicant has an insurable interest in each of what?

Exchanging something of value is known as?

Under an insurance policy, either the Insurer or the Insured may receive disproportionate payment under the concept of:

A conditional receipt accomplishes what?

Sally wants to buy Life Insurance covering Mike. Which of the following statements is true?

What happens if a Conditional Receipt is used?

The Insured died six months after a life policy was delivered. The Insurer discovered that the application was incomplete and not signed by the applicant. The Insurer will do which of the following?

An applicant submits an application with the first premium payment. This constitutes a/an?

An applicant submits an application without the first premium payment. This constitutes a/an?

Ms. Y lied about material facts on her life insurance application but the insurance company did not discover the lie until Y died 3 years later. What will the company do?

The 10-Day Free Look provision is initiated by the:

If a conditional receipt is used:

An insurance policy will lead to the payment of a claim only if the Insured pays the premium and notifies the Insurer of the loss. This relates to the contract concept of?

A business insures its key executive. This is an example of?

Unilateral means:

Which policy section specifies the amount of the premium?

An applicant submits a premium with the application. The purpose of having the producer deliver the policy to the applicant is to?

Cheap shot question: A statement on a Life or Health application that is guaranteed to be absolutely true is a/an?

A life insurance applicant gives consideration to the Insurer in return for?

Which of the following individuals will NOT need to sign an application?

Who needs to sign an application?