Examfx chapter 2 Study guides, Class notes & Summaries

Alabama Life & Health Insurance Exam (ExamFX Chapter 2 Life Insurance Policies) Updated 2024

ExamFX Chapter 2 Questions and answers latest update 2024

Term Insurance - Correct Answer Temporary protection because it only provides coverage for a specific period of time. Also known as pure life insurance Term insurance provides what is known as _________________ - Correct Answer pure death protection Term insurance provides the greatest amount of coverage for the _______________ - Correct Answer lowest premium Term insurance has no ____________ - Correct Answer cash value Three basic types of term coverage available, based on how the ...

ExamFX Chapter 2 Exam with complete solutions latest update

What type of life insurance policy provides permanent protection? correct answer: Whole life What type of annuity requires an agent to have a securities license? correct answer: Variable annuity Whole life insurance policies mature when the insured reaches the age of 100. If the owner of a whole life policy (the insured) dies at age 80, and there are no outstanding loans on the policy, what portion of the death benefit will be paid to the beneficiary? correct answer: The full death bene...

In insurance transactions, what does fiduciary responsibility mean? correct answer: Handling insurer funds in a trust capacity. What type of agent authority is also called "perceived authority"? correct answer: Apparent After issuing a policy, an insurance company discovers that the policy concealed information on the application. The insurance company wants to cancel the policy and give back the money the policyholder has paid. What is this an example of? correct answer: Rescission ...

Alabama Life & Health Insurance Exam (ExamFX Chapter 2 Life Insurance Policies) Updated 2024.

Alabama Life & Health Insurance Exam [ExamFX Chapter 2 Life Insurance Policies] 2023