Life Insurance Basics
Why is a copy of the application attached to the life insurance policy when it is issued?
Answer and explanation
Answer: D. The entire contract provision limits the agreement to the policy and the application attached to it, which is why no other document may be incorporated by reference. Retention duties and beneficiary rights are separate questions.Source: PSI — New York DFS Insurance Candidate Information Bulletin — Outline, application as part of the contract
More life insurance basics questions
- Which three factors determine a life insurance premium?
- Which three factors determine the premium an insurer charges for a life policy?
- Who bears the investment risk in a variable life policy?
- Who owns, pays for, and benefits from key person life insurance?
- Whose interests may a producer weigh when making a recommendation under Regulation 187?
- Why can the human life value approach and the needs approach produce different amounts for the same client?
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