If the insured dies during the grace period of an unpaid life insurance policy, the amount payable to the beneficiary is usually the

Which of the following statements is correct?

The insurance industry is under government regulations because

Which of the following statements is correct?

Which of the following statements is correct?

Persuading a policyowner, directly or indirectly, to surrender or lapse a policy in one company and replacing it with a policy from another company is

Interest is charged on policy loans

Rebating is

An insurance agent’s license can be revoked for

One example covered under the ethical practices and procedures is

The term knocking means

The following are unethical practices in the solicitation and procurement of insurance except

Twisting is

The misstatement of facts by either of the parties of insurance, whether in writing or orally, preliminary and in reference to making the insurance contract is

Selling a person more insurance than what is warranted by his sources is called

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

Inducing an insured to lapse or forfeit his insurance

The suicide clause is in effect for

The three non-forfeiture values in a permanent policy are

What are the basic settlement options?

In case of misstatement of age

Which of the following is a settlement option?

Name the provision in a permanent life insurance policy under which, if the premiums are discontinued, full insurance coverage will be maintained for a specified period

Which of the following is not derived from the non-forfeiture values?

Mr. Dela Cruz stated in his application that he was 30 years of age and a policy was issued to him on that basis. When he died twenty years later it was found out that, in fact, he was 34 years of age at the time of his application. In conformity with the Insurance Code, the company

In the event that the policyowner elects the paid-up insurance option

If a policyowner commits suicide within one year, what’s the company’s liability?

Which of the non-forfeiture option gives the largest amount of protection?

Any policy which has lapsed can be reinstated subject to normal conditions of proof of insurability within

Benefits payable under health insurance policies cover

With employer-employee groups, an employee does not fill out a personal application for insurance. Instead he merely fills out

In the event an employee leaves the company in which he is a member of its group insurance policy, his group coverage can be changed to an individual policy using the

For a contract to be legal and binding

The insurance code specifies that a contract does not take effect unless

All of the following would be practicable to become beneficiaries except

Under the law pertaining to life insurance

When the proceeds of a life insurance policy are left with the company to earn interest

A person has insurable interest on the life of

Anybody can be designated a beneficiary expect

The common practice of most life insurers is that the life insurance goes into force

According to insurance law, a common-law spouse cannot be designated a beneficiary

Policy reserves are future obligations on the part of

Which one of the following provisions in a permanent life insurance policy may lapse for nonpayment of premium?

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

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

If the policy did not contain the name of a beneficiary, the beneficiary will be

If a policyowner whose wife is the irrevocable beneficiary wishes to cash in his policy, he must

If a policy with the accidental death rider becomes paid up

An annuity plan

The person who purchases the annuity plan is called the

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

Prior to granting a license, the IC requires proof of

The IC has the power to adjudicate insurance claims against insurance companies for any single claim not exceeding

For life insurance coverage to be valid, insurable interest must exist

In the case of life insurance, a sale is considered completed if the application is signed and payment of the first premium is made by the applicant. For the sale to be considered completed

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

The typical grace period provision in a life insurance policy obliges the life insurance company to

When a policy is assigned absolutely

If policyowner does not pay a premium on the due date, the policy will immediately

If a loan is taken on a participating policy, dividends for that policy while there is a loan against the policy will be