Life Insurance Policy Provisions, Options, and Riders
What does the straight life income settlement option guarantee to the payee?
Answer and explanation
Answer: D. A straight life income pays for the payee's lifetime and stops at death, with nothing to a successor, which is why it produces the largest instalment of the life income forms. Guaranteed periods, refunds and joint continuations each trade income away for that protection.Source: PSI — New York DFS Insurance Candidate Information Bulletin — Outline, life income option
More life insurance policy provisions, options, and riders questions
- What may an insurer promise about the dividends on a participating policy?
- What need does a children's term rider chiefly meet?
- What notice does section 3230 require in the application for a policy providing accelerated death benefits?
- What problem does the entire contract provision address?
- What problem is the common disaster clause written to solve?
- What restriction applies to an owner who names an irrevocable beneficiary?
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.