In order for a statement to be true, all parts of the statement must be true and if any part of the statement is false, the answer is false. 23) A life insurance policy is a “chose in po

In order for a statement to be true, all parts of the statement must be true and if any part of the statement is false, the answer is false.
23) A life insurance policy is a “chose in possession”.
24) A debtor who assigns a life contract to a bank as loan security transfers certain rights held under the policy including the right to change the policy beneficiary.
25) Community property includes any property acquired by spouses during their marriage but excludes property acquired through gift, will or inheritance.
26) Insurance policies applied for and issued before a marriage are considered separate property under the law of community property.
27) If a beneficiary kills an insured in self-defense, it may still be possible for the beneficiary to collect the proceeds from the policy.
28) A policyowner of a life contract must have an identifiable insurable interest in the life of an insured otherwise the policy may not be valid.
29) An irrevocable beneficiary has a vested right in a life insurance contract.
34) Which of the following statements about the nonforfeiture option is correct? A) If the policyholder does not make a selection, the company automatically issues a reduced paid up policy. B) When a policyowner submits paperwork for a cash surrender and subsequently dies, the company is only bound to pay the surrender value even if it had not yet processed the cash surrender. C) Under extended term insurance the death benefit is a reduced face amount payable based on a cash value to age ratio. D) The consent of an irrevocable beneficiary is unnecessary if the policyholder wishes to surrender the policy.
35) For policy loan purposes, the cash value in a life insurance contract owned by A) the insurance company B) the policyowner C) the irrevocable beneficiary D) the revocable beneficiary
36) When a life insurance contract must be interpreted in a court of equity, the possible remedy includes all of the following EXCEPT: A) Rescission B) Interpleader suit C) Binding arbitration D) Reformation
37) Under the terms of the incontestability clause of a life insurance contract, a contract can be contested and voided when A) a material misrepresentation is uncovered at any time in the future. B) a person other than the insured takes a medical exam, so long as this fact is uncovered in the first two years from the policy issue date. C) it is discovered at any time in the future that someone other than the insured took the medical exam. D) an undisclosed health problem is discovered four years after the policy was issued.
38) Proceeds will be paid to a beneficiary under which of the following conditions? A) If the beneficiary is insane at the time the insured dies. B) If the beneficiary is a minor C) If the beneficiary murders the insured D) None of the above
39) All of the following must be shown to presume the death of an insured who has mysteriously disappeared, EXCEPT: A) the insured has been seen by friends after the disappearance. B) there must be an unexplained absence C) the beneficiary must diligently search for the insured. D) the person must be missing for a prescribed period of time, usually 7 years
In order for a statement to be true, all parts of the statement must be true and if any part of the statement is false, the answer is false.
40) Under the 1917NAIC model law for group life contracts, in a contributory plan, the employer paid some ofthe cost.
41) The vast majority of group life contracts are the employer-employee type.
42) Under the NAIC Model Group Life Act of 1986 there are 12 standard policy provisions. According to the Grace Period provision, the insured has 31 days to make payment from the due date
43) Under the NAIC Model Group Life Act of 1986 there are 12 standard policy provisions. According to the Extension of Death Benefit Provision, if an insured has left a group but dies within 31 days of leaving the group, no death benefit will be paid.
44) In a group life contract legal problems are more likely to occur when the plan is contributory.
45) If an insured has more than one expense based medical insurance policy, the insurance companies involved will proportionally pay the claim on a reduced basis such that the claim is paid fully only one time.
46) There is no coverage for the first 10 days for illness even though the policy is otherwise in force.
47) This provision outlines whether or not, and the manner in which, a policy might be terminated by either the insured or the insurance company.
48) The disadvantage isthe applicant does not have the ability to discuss the terms of the agreement with an agent.
49) A broadcaster’s license could be revoked for knowingly airing fraudulent advertising.
50) Trade practices specifically prohibited include rebating, discrimination, unfair claims settlement procedures and false advertising

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