Life Insurance Policies
A renewable level term policy reaches the end of its term and the insured is now in poor health. What does renewability provide?
Answer and explanation
Answer: B. A renewable term policy guarantees continuation without new evidence of insurability, with the premium recalculated at the insured's attained age. That guarantee is what makes it valuable precisely when health has deteriorated.Source: PSI — New York DFS Insurance Candidate Information Bulletin — Outline, level term renewability
More life insurance policies questions
- What is the function of a probationary period in a group life plan?
- What is the purpose of credit life insurance?
- What is the tax classification of a single premium whole life policy?
- What licence does the sale of a fixed indexed life policy require?
- What must an association satisfy before it may sponsor a group life plan?
- What purpose does a multiple employer trust serve as a group sponsor?
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