Life insurance contributes directly to the welfare and progress of the country by

One supplementary benefit offered is a payor’s benefit which is intended to

A whole life policy with an initial premium rate that applies to the first 5 years of the policy and a higher premium rate that applies to the remainder of the premium-payment period is known as

A risk is considered substandard based on any or all of the following criteria

The only instance when a life insurance contract is treated primarily as an indemnity agreement is when a

Which of the following describes the convertible feature of a term insurance policy?

A policy which permits the policyholder to vary the level of premium or the sum insured, and has its cash values dependent upon investment performance and the level of premiums paid is known as a (an) __________ policy.

A policy which affords coverage for two or more persons simultaneously with the face amount of the policy payable when any of the insured dies at which time the policy terminates automatically is known as a

The savings element of permanent plans allows for the build up of

Mr. Alvarez bought a P150,000 policy with a 20-year reducing term rider. He died 5 years after the policy issue date. After his death, his wife received P150,000 and a monthly income thereafter for 15 years. This definitely has a

Disability benefits are not paid

A person wanting a greater coverage for the least amount of premium has an option of attaching what rider in his permanent life policy?

A hazardous occupation could be defined as

An agent fills out the Agent’s Confidential Report. What information must he put in his report?

Most life insurance agents are expressly authorized to perform the following functions:

An agent is prohibited from doing all of the following except:

If a policyholder wants to get the maximum immediate value from his non-participating policy by surrendering it, which of the following would he get?

The convertible feature of a term insurance policy provides that the policy may be

If an insured is disabled and his life insurance policy is being continued in force through the waiver of premium, the dividends of the policy would

All of the following statements regarding a life insurance application are correct except:

Life insurance is

The guaranteed cash value is

In a child insurance policy, the Parent Waiver Clause provides that:

Which of the following is the least important reason for requiring that insurance agents be licensed?

The basic purpose of a conditional premium receipt is to acknowledge payment of the initial payment of the premium for life insurance and to

The legal consideration for the promise made by the insurance company in a life insurance contract is the

The Insurance Code specifies that a contract does not take effect unless

A living benefit in an insurance policy is

Under the law pertaining to life insurance

Insurable interest is necessary when a person insures another

A policyholder may obtain money from the insurance company and still remain insured by

An automatic premium loan differs from the other policy loans in that an automatic premium loan

When you bought an insurance policy on your wife’s life you were 27 and she was 26, but you stated that you were 26 and she was 27. Five years later your wife died. The insurance company will pay

Mr. Lorenzo and his primary beneficiary die in a common accident. It is established that the primary beneficiary died ahead of Mr. Lorenzo and there are no contingent beneficiaries named. The proceeds of Mr. Lorenzo’s life insurance policy will be paid to

Which of the following are requirements in reinstating a policy after it has lapsed for non-payment of premiums?

Which of the following statements regarding insurance premiums is false?

An insured misstated his age by 3 years in the application indicating that he was younger than his actual age. If he dies 10 months later, the insurance company will

The grace period provision in life insurance policies is designed to

In most cases, policy loan which has not been repaid at the time of the insured’s death will be

Mr. Jesus Gonzales carried a P500,000 whole life policy for 25 years, never borrowed from it, but forgot to pay premiums before leaving for a four-month vacation to the USA. On his return trip, he was killed in a plane crash. As his estate executor, you saw the lapse notice received from the insurance company for this whole life policy. What action should you take?

In personal accident and/or sickness contracts, “blanket policies” refer to

A man is about to retire. He has P100,000 which he wishes to use to provide income for himself as long as he lives and which would continue to his wife as long as she lives after his death. You would sell him a

All of the following statements about group insurance are true except:

A client tells you that his bank wants him to use his life insurance policy so that his bank loan will be paid off if he dies. You recommend that he

A policy that is in force for less than the original sum assured with no indebtedness has availed of

Anne Santos is designated as the irrevocable beneficiary of a policy owned by her father on his life. Therefore, unless Anne consents, her father is not permitted to

A policyholder tells you that if he dies before his son reaches the age of majority he wants the life insurance company to hold the sum insured until the son has reached the age of majority. Which of the following would you recommend?

Instead of taking a lump sum settlement under a policy, the insured or the beneficiary can elect to take a

When a policyholder has to pay his premium and interest which of the following has he availed of?

All of the following are standard provisions of a life insurance policy except