In calculating the amount of life insurance needed, what is the needs approach based on? The predicted needs of a family after the premature death of the insured. If an applicant for a life insurance policy and the potential insured are two different people, what would be the underwriter's ...
When must insurable interest exist in a life insurance policy? At the time of application. When would a misrepresentation be considered material? When it may alter the underwriting decision. What is the name of the process that insurance companies use to determine whether or not an applicant is...
What are the death benefit options in universal life policies? Option A - level death benefit, and Option B - increasing death benefit. When would a 20-pay whole life policy endow? When the insured reaches age 100. What happens to the cash value when a whole life insurance policy matures...