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- How must a replacing respond to an applicant wishing to replace existing life insurance?
- What is the best way to define life insurance replacement quizlet?
- What type of insurance would be used for a return of premium rider?
- Which of the following terms best describes the applicant's statements on an insurance application?
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How must a replacing respond to an applicant wishing to replace existing life insurance?
notify the existing insurer of the replacement. provide the existing insurer with a Notice Regarding Replacement of Life Insurance. An agent involved in a replacement transaction must submit to the replacing insurer a statement signed by the applicant regarding any existing life insurance.
What is the best way to define life insurance replacement quizlet?
replacement: transaction in which new life insurance or annuity is purchased out.
What type of insurance would be used for a return of premium rider?
A return of premium rider allows term life insurance policyholders to recover the premiums they've paid over the life of their policy if they don't die while the policy is in effect. Policies with this provision are also referred to as return of premium life insurance.
Which of the following terms best describes the applicant's statements on an insurance application?
Which of the following terms best describes the applicant's statements on an insurance application? The applicant's statements on the application are representations, not warranties. All of the following are part of the consideration element of an insurance contract, EXCEPT: Insurance contracts are unilateral.