What type of life policy covers two people and pays upon the death of the last insured?
Shared
Survivorship
Adjustable
Joint
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A life insurance policy that provides a policyowner with cash value along with a level face amount is called:
Whole life
Level term
Credit life
Ordinary life
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T took out a $50,000 life insurance policy with an Accidental Death and Dismemberment rider. Five years later, T commits suicide. How much will the insurer pay?
The total premiums paid minus any policy loans
Nothing
$50,000
$100,000
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Q applied for life insurance and submitted the initial premium on January 1. The policy was issued February 1, but it was not delivered by the agent until February 7. Q is dissatisfied and returns the policy February 13. How will the insurer handle this situation?
Premium will be fully refunded minus a surrender charge
Policy was not returned within the free-look period, premium will not be refunded
Policy was returned within the free-look period, premium will be fully refunded
Premium will be fully refunded minus a prorated amount for the period of February 7 – February 13
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