Life Insurance Policy Provisions, Options, and Riders
What is the role of a tertiary beneficiary in the succession of beneficiaries?
Answer and explanation
Answer: B. The tertiary beneficiary stands third in the order, taking only if no primary and no contingent beneficiary survives the insured. The designation does not create a concurrent share and does not depend on who owns the policy or on irrevocability.Source: PSI — New York DFS Insurance Candidate Information Bulletin — Outline, succession of beneficiaries
More life insurance policy provisions, options, and riders questions
- How does the reduction of premium dividend option work?
- How does waiver of cost of insurance differ in effect from waiver of premium on a fixed whole life policy?
- How is a children's term rider ordinarily priced and applied?
- How is the amount of cover under a family term rider usually expressed?
- How is the interest credited under the accumulation at interest dividend option treated for tax?
- How is the interest paid under the interest only settlement option treated for tax?
621 New York questions like this one.
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