Oklahoma Life, Health, & Accident-Policy Options

Card Set Information

Author:
hicksmix6
ID:
306108
Filename:
Oklahoma Life, Health, & Accident-Policy Options
Updated:
2015-08-06 09:52:29
Tags:
Oklahoma
Folders:
Insurance
Description:
L-89
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  1. The accelerated death benefit would be available in which of the following?
    a. insured needs additional retirement income
    b. insured is confined to a nursing home
    c. insured needs cash to pay for medical expenses due to a terminal illness
    d. insured is a death row inmate
    c. insured needs cash to pay for medical expenses due to a terminal illness
  2. All of the following are true regarding the accelerated death benefit EXCEPT?
    a. portion of the cash value is advanced in a lump sum
    b. benefit would be triggered if the insured is terminally ill
    c. insured receives the benefit income tax free
    d. benefit is paid by the insurer and not a viatical settlement company
    a. portion of the cash value is advanced in a lump sum
  3. A terminally ill insured could benefit from selling his/her life insurance policy to a  Viatical Settlement Company because of all the following EXCEPT?
    a. cash payment could be used to pay for needed medical expenses
    b. premium payments on the life insurance policy would no longer be required
    c. cash payment is tax exempt
    d. cash values in the life insurance policy can be borrowed by the insured if necessary
    d. cash values in the life insurance policy can be borrowed by the insured if necessary
  4. The benefit in a life insurance policy that allows for the payment by the insurance company of a portion of the death benefit during the lifetime of the insured is:
    a. living needs non-forfeiture option
    b. advance death benefit
    c. accelerated death benefit
    d. premature distribution priviledge
    c. accelerated death benefit

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