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Regarding a Term policy with a renewability option, the premium at renewal is based on the insured's: A. Issue age. B. Attained age. C. Either A or B. D. Neither A nor B.
Weegy: The correct answer is C. (More)
Question
Expert Answered
Updated 1/19/2012 3:17:54 PM
1 Answer/Comment
Regarding a Term policy with a renewability option, the premium at renewal is based on the insured's attained age. The benefit to the insured of a renewability is being able to renew without a medical. The draw back is the premium will be higher with each renewal based on attained age.
Added 1/19/2012 3:17:55 PM
This answer has been added to the Weegy Knowledgebase
The essential element of an insurance contract that specifies that the insurer exchange a promise, in return for the premiums paid by the insured, is known as: A. Conditional. B. Consideration. C. Commission. D. Coinsurance
Weegy: A. Conditional.A contract in which one party provides something of value to another party in exchange for a conditional promise, which is a promise that the other party will perform a stated act upon the occurrence of an uncertain event. [ Insurance contracts are aleatory because the policyowner pays premiums to the insurer, and in return the insurer promises to pay benefits if the event insured against occurs. Contrast with commutative contract. ] User: The type of conditional receipt which states that coverage is effective the date of the application or medical exam, unless declined, is an: A. Acceptance receipt. B. Conditional receipt. C. Unconditional receipt. D. All of the above Weegy: B. Conditional receipt. User: The time frame that the incontestability provision gives the insurer to contest any statements made by the insured at the time of application is _____ years. A. Five. B. Four. C. Three. D. Two Weegy: The time frame that the incontestability provision gives the insurer to contest any statements made by the insured at the time of application is years. A. Five years. User: The beneficiary who succeeds the primary beneficiary is known as the: A. Secondary. B. Successor. C. Contingent. D. Conditional Weegy: The A. Secondary beneficiary succeeds the first. User: Which of the following statements is most correct concerning irrevocable beneficiaries? A. They may be changed at any time. B. They may be changed only upon the anniversary date of the policy. C. They may be changed only upon the written consent of that beneficiary. D. They can never be changed Weegy: The correct answer is C. (More)
Question
Expert Answered
Updated 1/19/2012 4:33:25 PM
2 Answers/Comments
The essential element of an insurance contract that specifies that the insurer exchange a promise, in return for the premiums paid by the insured, is known as: B. Consideration. The beneficiary who succeeds the primary beneficiary is known as the: C. Contingent beneficiary. Which of the following statements is most correct concerning irrevocable beneficiaries? C. They may be changed only upon the written consent of that beneficiary.
Added 1/19/2012 4:32:54 PM
For all multiple choice questions, please type out full answer rather than just providing the letter.
Added 1/19/2012 4:33:25 PM
Which of the following types of substandard rating involve the classifying of a risk to the extent of impairment according to tables? A. Tabular. B. Rated-up age. C. Lien plan. D. Flat
Weegy: The correct answer is A. (More)
Question
Expert Answered
Updated 1/20/2012 8:51:46 AM
2 Answers/Comments
Please type full answers for multiple choice questions, not just the letter.
Added 1/20/2012 8:51:40 AM
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