Life Insurance Policies
What characterises a creditor group life plan?
Answer and explanation
Answer: B. In creditor group the lending institution holds the master contract on the lives of its borrowers, and the death benefit, limited to the outstanding balance, pays off the loan. The borrower cannot direct the benefit elsewhere.Source: PSI — New York DFS Insurance Candidate Information Bulletin — Outline, creditor group
More life insurance policies questions
- What happens to a survivorship life policy when the first of the two insured lives ends?
- What happens to the cost of an increasing term benefit as the insured ages and the coverage amount rises?
- What happens under a whole life policy if the insured lives to the contract's maturity age?
- What is distinctive about the cash value of a single premium whole life policy in its first year?
- What is experience rating in a group life plan?
- What is limited about a limited payment whole life policy?
621 New York questions like this one.
Every answer explained, the ones you miss come back on a spaced schedule, and a plan built from your exam date.