RM

IRM 3301: Chapter 9 Quiz

INSTRUCTIONS: Provide the # of each question with your answer directly within the body of an e-mail. Do not restate the question and - no attachments, please. You can use your book, notes, and any other study materials you developed throughout this course. This is your own work and should be completed exclusively by you.

1. In Chapter 9, the _________________ clause/provision states that the policy (including any riders)

and the application constitute the entire contract.

2. Which of the following statements concerning assignment of a life insurance policy is (are) correct?

I. The assignment provision in the policy specifies the conditions under which the policyowner

may assign the policy.

II. The policyowner may assign the policy to someone who lacks an insurable interest in the

insured’s life.

A. I only B. II only C. Both I and II D. Neither I nor II

3. What is a key requirement for applying for a life insurance policy loan?

4.T/F Misstatement of age on an insurance application voids the policy

5. Concerning the settlement options in a whole life insurance policy, is the policyowner required to

select a settlement option when applying for insurance?

6. Nonforfeiture options in a whole life insurance policy include all of the following EXCEPT

A. Accumulation at interest

B. Extended term insurance

C. Cash surrender

D. Reduced paid-up insurance

7. Every insurance contract has a set of declarations. The declarations of a typical insurance policy

include all of the following information EXCEPT

A. exclusions

B. name of the insured

C.name of the insurer

D. effective date