Question and answer
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
B. Conditional receipt.
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Original conversation
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.
patmarone|Points 3255|

User: The portion of the Life insurance application that questions the medical background of the applicant as well as current health is: A. Part I. B. Part II. C. Agent's report. D. Inspection report

Weegy: C. Agent's report
lycan_1005|Points 795|

User: 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.
Expert answered|Erika08|Points 60|

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 insured can contest up to A. Five years.
Expert answered|Erika08|Points 60|

User: The length of the free-look period under individual life insurance policies is: A. 0 days. B. 5 days. C. 10 days. D. 30 days

Weegy: The customary length of time for a "free look" is 30 days so D. is the answer.
Expert answered|Erika08|Points 60|

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. They need a written consent prior to change.
Expert answered|Erika08|Points 60|

User: The settlement option, under which payments are guaranteed for a specified period of time, regardless of who may receive the payments, is: A. Fixed amount. B. Life income only. C. Fixed period. D. Paid-up option

Weegy: The correct answer is C. since it will only be paid out over a certain period of time.
Expert answered|Erika08|Points 60|

User: Which of the following nonforfeiture options is also known as the automatic option? A. Extended term. B. Reduced paid-up. C. Paid-up additions. D. Fixed amount.

Weegy: The correct name for the option is referred to as the A. Extended term.
Expert answered|Erika08|Points 60|

User: Which of the following policies purchased by a 20-year-old would mature or endow prior to age 100? A. 20 pay life. B. Straight whole life. C. Single premium whole. D. None of the above

Weegy: D. is the correct answer since a single premium life policy is purchased with a large one time only payment.
Expert answered|Erika08|Points 60|

User: Straight Whole Life policies are characterized by which of the following? A. Level premiums and level face amounts. B. Level premiums and increasing face amounts. C. Increasing premiums and level face amounts. D. Increasing premiums and increasing face amounts.

Weegy: The correct answer is A.
Expert answered|Erika08|Points 60|

User: Which of the following is not a dividend option? A. Reduced paid-up option. B. Paid-up additions option. C. Paid-up option. D. One-year term additions option

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Asked 1/19/2012 2:09:29 PM
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The time period for the pursuit of legal action cannot exceed: A. 1 year. B. 2 years. C. 3 years. D. 5 years
Weegy: The time period cannot exceed D. 5 years. User: When only one party is bound to contractual obligations after the premium is paid, the contract is: A. Unilateral. B. Conditional. C. Executory. D. Invalid Weegy: The answer is A. Unilateral. User: Which of the following gives the insured the right to renew a policy at a guaranteed premium? A. Guaranteed renewable. B. Noncancellable. C. Optionally renewable. D. Conditionally renewable Weegy: Guaranteed renewable gives you the right to renew the policy with the same benefits and not have the policy canceled by the company. So A. Guaranteed renewable User: The cost of a group policy can be based upon: A. Experience rating. B. Community rating. C. Either A or B. D. Neither A nor B. Weegy: The correct answer is C. Either A or B. User: 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 policy owner 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: A noncancellable contract differs from a guaranteed renewable contract in that: A. The insurer can cancel the contract. B. The insured can cancel the policy. C. The insurer can add restrictions. D. The insurer cannot raise premiums Weegy: The difference is that D. The insurer cannot raise premiums. 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. ... (More)
Question
Expert Answered
Asked 1/19/2012 1:56:10 PM
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Which of the following policies represents a combination of Whole Life and Decreasing Term written upon the breadwinner of a household? A. Family income. B. Family maintenance. C. Family policy. D. None of the above
Weegy: a) family income 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 insurer can contest statements up to A. Five years. User: Which of the following is true of a Decreasing Term policy? A. Decreasing death benefit; level premium. B. Decreasing death benefit; decreasing premium. C. Decreasing death benefit; increasing premium. D. Level death benefit; decreasing premium Weegy: The correct answer is A. User: Which of the following nonforfeiture options is also known as the automatic option? A. Extended term. B. Reduced paid-up. C. Paid-up additions. D. Fixed amount Weegy: A. Extended term is also called the automatic option. User: Which of the following nonforfeiture options is also known as the automatic option? A. Extended term. B. Reduced paid-up. C. Paid-up additions. D. Fixed amount Weegy: The correct answer is A. (More)
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Expert Answered
Asked 1/19/2012 2:39:11 PM
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