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Mathematics with Business Applications6th EditionMcGraw-Hill Education 3,760 solutions Business Math17th EditionMary Hansen 3,734 solutions Guaranteed insurability riders let the policyowner buy more life insurance of a specified amount on specified policy anniversaries. Such anniversaries are usually in three-year intervals nearest the insured's age of 25, 28, 31, 34, 37, and 40. Other guaranteed insurability riders provide purchase option dates that begin earlier than age 25 and continue until age 65. If the policyowner decides not to buy an additional life insurance policy under the rider on an option date, that option is lost and the policyowner must wait until the next option date to increase coverage. In addition to these specified option dates, the rider may provide alternative option dates to recognize special life events, including marriage and the birth (or adoption) of a child. Exercising an option on a special basis eliminates the next scheduled option date. For example, if a policyowner exercises an option at age 29 with the birth of a child, the next regularly scheduled option at age 31 would no longer be available and the insured would have to wait until the following scheduled option date (e.g., age 34) to exercise it again. Premiums for the policy bought under a guaranteed insurability rider option are based on the insured's attained age when the option is exercised. The original policy premium will remain unchanged, but the new policy's premium will be based on the insured's age when that policy is issued. What is the guaranteed insurability option?The Guaranteed Insurability Benefit Rider guarantees the policy owner the right to purchase additional permanent life insurance policies without evidence of insurability. On each option date specified in the contract, Nationwide will permit the purchase of an additional life insurance policy.
What does a guaranteed insurability rider allows the insured to buy additional coverage?A guaranteed insurability rider lets you increase the coverage on your life insurance policy without taking another medical exam. It is also known as a guaranteed purchase option rider. You will usually pay higher premiums for a policy with this type of rider.
What is the purpose of the guaranteed insurability rider in a disability income policy?The guaranteed insurability rider (GIR) allows the insured to buy additional disability income coverage without proving evidence of insurability. The insured is usually eligible to purchase additional coverages at certain ages specified in the policy, or upon life events, such as marriage or the birth of a child.
Which of the following is a benefit of the guaranteed insurability rider GIR on a policy?What is the main benefit of the guaranteed insurability rider (GIR) on a policy? The guaranteed insurability rider (GIR) on a policy allows the insured to increase the amount of life insurance at specific times in the future without providing proof of insurability.
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What does the guaranteed insurability option allows an insured to do quizlet?
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