Life Insurance Policies
Which elements does a continuous premium whole life policy guarantee?
Answer and explanation
Answer: C. Traditional whole life fixes the premium, the amount payable at death and the cash values shown in the contract's table. Dividends on a participating policy depend on experience and are not guaranteed.Source: PSI — New York DFS Insurance Candidate Information Bulletin — Outline, whole life guarantees
More life insurance policies questions
- Which event gives rise to the conversion right under section 3220?
- Which is the most common type of group life plan sponsor?
- Who holds the contract in a group life insurance arrangement, and what does the member receive?
- Who receives the proceeds of a credit life policy when the borrower dies?
- Why can survivorship life sometimes be issued where one of the two proposed insureds is uninsurable individually?
- Why do group plans fix the amount of each member's cover by a formula rather than by individual choice?
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