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Cash revoke an absolute assignment Insured must be eligible for Social Security disability for claim to be accepted A) Optional rider All of the following are nonforfeiture options, EXCEPT. Universal life (UL) insurance is permanent life insurance with an investment savings component. A) Insured becomes unemployed With the paid-up policy option, you can use your cash surrender value to buy a paid-up version of the same type of life insurance policy so you would no longer have to make premium payments. A provision that allows a policyowner to temporarily give up ownership rights to secure a loan is called a Pat owns a 20-pay life policy with a paid-up dividend option. The clause may involve returning some portion of the total premiums paid, the cash surrender value of the policy, or a reduced benefit based upon premiumspaid beforethe policy lapses. Which of the following statements about accumulated interest earned on dividends from an insurance policy is TRUE? Only the beneficiary may select, In a Life insurance contract, an insurance companys promise to pay stated benefits is called the. c) Beneficiary's consent The four essential elements of all legal contracts are offer and acceptance, consideration, competent parties, and legal purpose. Insurance companies can send delinquent interest accounts to a collection agency RogersCoprorationUnadjustedTrialBalanceDecember31,2019, AccountDebitCreditCash$3,100AccountsReceivable15,900Supplies4,200PrepaidRent9,500Equipment625,000AccumulatedDcprcciation$104,000OtherAssets60,900AccountsPayable9,400UnearnedServiceRevenue11,200NotePayable(due2022)50,000CommonStock279,500RetainedEarnings,12/31/201837,000ServiceRevenue598,000WagesExpense137,000RentExpense229,000InterestExpense4,500Totals$1,089,100$1,089,100\begin{array}{lrr} Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Which type of life policy contains a monthly mortality charge as well as self-directed investment choices? Which of these life insurance riders allows the applicant to have excess coverage? D) Mandatory provision, In order to activate the reinstatement clause of a lapsed life insurance policy, the insured MUST, A) remit all past-due premiums within the grace period Nonforfeiture Clause - Overview, How It Works, Payout Options The amount of cash value you will have built-in your policy will be reduced by the amount of any loans against your life insurance. b The cash value in a policy belongs A life insurance policy normally contains a provision that restricts coverage in the event of death under all of the following situations EXCEPT. If he dies, how will the adjusted death benefit be calculated? B) Disability income rider C) The entire cash value is taxable When does a life insurance policys waiver of premium take effect? B) Insured becomes totally disabled Fixed Amount B) Purchase additional coverage with no evidence of insurability required Taxable C. Nontaxable D. Tax Deductible B. A nonforfeiture clause is an insurance policy clause stipulating that an insured party can receive full or partial benefits or a partial refund of premiums after a lapse due to nonpayment.. C) pay past due premiums, agree to new incontestable period
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all of the following are nonforfeiture options except