Exam 38: Personal Insurance

Life insurance in which the premiums increase as the insured's income increases is known as

The right to the proceeds of an insurance policy

To collect the proceeds of a life insurance policy, the purchaser must have an insurable interest in the life of the insured when the

A policy issued to members of an organization is known as ____________________ insurance.

Group insurance expires when the person leaves the group.

Emergency room costs would be covered by

While skiing, Carey fell and broke his leg and was unable to work for two months. What type of insurance would cover Carey's medical bills and loss of income?

Life insurance usually has a deductible feature.

An assignment of the proceeds of a life insurance policy must be in writing.

Wilkes, a wealthy man, took out a life insurance policy and named his doctor, Byron, as the beneficiary. At Wilkes's death, may Byron collect the proceeds?

Because partnership may be temporary, one partner has no insurable interest in the life of another.

Burgess had a $50,000 life insurance policy with a double indemnity clause. Burgess had not yet paid the annual premium of $200 when he was killed in an automobile accident. How much will his beneficiary receive?

If a policy has been in effect for more than two years, the insurance company cannot cancel the policy for any reason.

The clause in a life insurance policy that permits an insured to pay the premium after the due date is the

____________________ insurance protects the insured and the insured's family against a loss of income because of illness or accident.

Upon cashing in a life insurance policy, an insured would receive the

Hospital, surgical, and medical insurance are often combined into one basic health insurance policy.

Most life insurance policies have a clause that allows the insured to put the policy back into effect if it lapses because of unpaid premiums.

Term insurance is less expensive than whole life or endowment insurance.

What term insurance and whole life insurance have in common is