Various types of permanent life insurance policies

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Reference no: EM131716112

1. All the following statements concerning insurance regulation are correct EXCEPT:

A. Insurance regulation is designed to protect the public against insolvency and unfair treatment by insurers.

B. Application and enforcement of insurance laws are carried out by the National Association of Insurance Commissioners.

C. The insurance business is among the types of private enterprise subject to much government regulation because it is generally considered to be affected with a public interest.

D. The federal and state governments both play a role in the regulation of insurance.

2. Briefly describe the various types of permanent life insurance policies (one sentence for each type)

3. How do policy loans in a life insurance policy work?

4. List the essential elements of a legally enforceable insurance contract.

5. Describe some key elements concerning insurance company investments (types of investment and risk)

6. All the following are potential disadvantages of a viatical settlement EXCEPT:

A. The prior policy owner must still continue to pay the policy premiums.

B. The settlement proceeds may be subject to creditors' claims.

C. Personal and medical information may be passed on to the viatical settlement provider without any guarantee of privacy protection.

D. The settlement proceeds may result in the viator's ineligibility for government assistance for which he or she would have otherwise been eligible.

7. Common features of both life insurance and annuities include all the following EXCEPT

A. basing rates on the same mortality table

B. basing premiums on probabilities of death and survival

C. utilizing the pooling technique

D. protecting against loss of income

Reference no: EM131716112

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