Oklahoma Life Health & Accident-Combination Policies

Card Set Information

Author:
hicksmix6
ID:
306044
Filename:
Oklahoma Life Health & Accident-Combination Policies
Updated:
2015-08-05 09:50:11
Tags:
Oklahoma
Folders:
Insurance
Description:
L-66 to L-67
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  1. What kind of insurance policy provides permanent insurance on the head of the household and provides smaller amounts of term insurance on the spouse and children?
    a. family protection policy
    b. family combination policy
    c. family maintenance policy
    d. variable life
    a. family protection policy
  2. A family income policy differs from a whole life policy in that the family income policy:
    a. less expensive
    b. pays a monthly income for specific number of years in addition to a lump sum
    c. pays a monthly income for a specified number of years
    d. pays a lump sum settlement upon the death of the insured
    b. pays a monthly income for specific number of years in addition to a lump sum
  3. A family income policy is a combination of what types of insurance?
    a. whole life and decreasing term
    b. whole life and level term
    c. who life and increasing term
    d. whole life only
    a. whole life and decreasing term
  4. Jerry purchased a family income policy at age 25 that has a 10-year pay period.  Jerry dies at age 28.  How many years would his beneficiary receive an income from the policy?
    a. 10 
    b. 8
    c. 7
    d. 3
    c. 7
  5. Which of the following is true regarding a Joint Life policy?
    a. combination of two types of policies
    b. pays after both insureds are deceased
    c. if both insured died at the same time it would pay double the face amount
    d. pays when the first insured dies
    d. pays when the first insured dies
  6. Regarding a family policy, which of the following is true?
    a. only the spouse and children are covered
    b. both spouses are covered for the same amount
    c. all family members have permanent insurance
    d. all family memebers have life insurance
    d. all family memebers have life insurance
  7. Which is true about Survivor Life?
    a. sometimes called a "second to die" policy
    b. pays only when the beneficiary dies
    c. pays when the first person dies
    d. pays a cash value to the survivor
    a. sometimes called a "second to die" policy
  8. In a family policy, if children are born after the family policy is issued, which of the following is true?
    a. newborn child is automatically covered when proof of insurability is provided
    b. newborn child is automatically covered without proof of insurability
    c. newborn child can be added with additional premium and proof of insurability
    d. newborn child can be added with additional premium without proof of insurability
    b. newborn child is automatically covered without proof of insurability
  9. All of the following are characteristics of a joint life policy EXCEPT?
    a. provides life insurance on two lives
    b. may be converted to an individual policy without proof of insurability
    c. provides a death benefit upon the death of each insured
    d. can be either term or permanent insurance
    c. provides a death benefit upon the death of each insured
  10. A type of policy which could be used to provide life insurance on every member of the family is called a(n):
    a. industrial life policy
    b. family income policy
    c. family policy
    d. blanket life policy
    c. family policy
  11. All of the following statements are true regarding a family protection policy EXCEPT?
    a. spouse has convertible term insurance
    b. amount of term insurance on the spouse is automatically 50% of the amount on the breadwinner
    c. newborns are automatically covered without an additional premium charge
    d. children have convertible coverage
    b. amount of term insurance on the spouse is automatically 50% of the amount on the breadwinner

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