Credit Life – Test

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1.  A demand for payment under the insurance policy is called a Claim.

Question 1 of 21

2.  Laws in Georgia covering life insurance is referred to as Code. 

Question 2 of 21

3.  Assignment of part or all of the proceeds of a life insurance policy for loan collateral to settle the loan balance that may exist at the insured's death is a Contract. 

Question 3 of 21

4. Head of state insurance department is the Commissioner. 

Question 4 of 21

5. Cash Surrender Value is the agent's payment for selling insurance. 

Question 5 of 21

6. Cash Surrender Value is the agent's payment for selling insurance. 

Question 6 of 21

7. Collateral Assignment is a legal agreement between two parties for consideration. 

Question 7 of 21

8. A term policy which can be converted to a permanent type of coverage without proof of insurability is Convertible Term Insurance. 

Question 8 of 21

9. Coverage is the guarantee against specific loss named in a policy. 

Question 9 of 21

10. Insurance issued on the life of borrowers to cover payments of loans in case of death is called Credit Insurance. 

Question 10 of 21

11. Death Benefit is the policy proceeds to be paid upon the death of the insured. 

Question 11 of 21

12. Death Claim is a formal request for payment by the insurer occasioned by the death of the insured. 

Question 12 of 21

13. In industrial life insurance, a group of policy-owners from whom an agent of the company collects premiums regularly is Debit. 

Question 13 of 21

14. Term insurance whose amount of coverage starts out at the full amount, then gradually decreases until the expiration date of the policy is Decreasing Term Insurance. 

Question 14 of 21

15. Disability Income Provision, when included, provides a regular monthly income from the insurer should the insured become totally and permanently disabled. 

Question 15 of 21

16. An Accidental Death Benefit whereby the insurer pays twice the face amount of the policy if the insured is killed accidentally is Dismemberment Benefits. 

Question 16 of 21

17. Double Indemnity is benefits paid for the loss of eyesight or limbs. 

Question 17 of 21

18. Eligibility Period is that date on which the life insurance policy is said to be in force. 

Question 18 of 21

19. The time following the probationary period during which the employee is eligible to obtain non-medical coverage under the group life plan is the Effective Date. 

Question 19 of 21

20. Estate is a form attached to an insurance contract changing parts of the contract. 

Question 20 of 21

21. Endowment Policy is a permanent life policy for which premiums are paid for a limited number of years. If the insured is alive at the end of those years, he takes the face amount of the policy then or at a later date. 

Question 21 of 21


 

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