For what reason may a life insurance producer backdate a life insurance policy?

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What is involved when a life insurance policy is backdated?
What is the main purpose of backdating a policy quizlet?
For what purpose is a life insurance application backdated quizlet?
What is the maximum amount of time that an application may be backdated?

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Question	Answer
Which of the following methods of calculating the amount of life insurance needed takes into account the insured's wages, years until retirement, and inflation?	Human life value approach
Chapter: Life Insurance Basics Which of the following is NOT an example of insurable interest? ABusiness partners in each other BEmployer in employee CChild in parent DDebtor in creditor	DDebtor in creditor
The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. When does the policy coverage become effective?	f the application date
A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. This is a personal use of life insurance known as	ASurvivor protection
An insurer invests the money it receives from premiums paid by its insureds. Which of the following is TRUE regarding the interest earned on these investments?	CIt is used to lower premiums.
A corporation is the owner and beneficiary of the key person life policy. If the corporation collects the policy benefit, then	The benefit is received tax free.
The mode of premium payment	Is defined as the frequency and the amount of the premium payment.
Insurance producers must ensure that contracts they recommend are in the best interest of the insured. This is called	ASuitability
An applicant who receives a preferred risk classification qualifies for	ALower premiums than a person who receives a standard risk.
For what reason may a life insurance producer backdate a life insurance policy?	To avoid an increase in premium rate for the insured
Why should the producer personally deliver the policy when the first premium has already been paid? A	To help the insured understand all aspects of the contract C
A producer agent must do all of the following when delivering a new policy to the insured EXCEPT	Disclose commissions earned from the sale of the policy.
An agent and an applicant for a life insurance policy fill out and sign the application. However, the applicant does not wish to give the agent the initial premium, and no conditional receipt is issued. When will coverage begin?	When the agent delivers the policy, collects the initial premium, and the applicant completes an acceptable Statement of Good Health
The insurer discovered that one of the applicants for life insurance missed a couple of questions on the application. What should the insurer do with the application?	Return to the applicant for completion
Which of the following statements is NOT true concerning insurable interest as it applies to life insurance?	A debtor has an insurable interest in the life of a lender.
Types of Life Policies Which of the following policies would have an IRS required corridor or gap between the cash value and the death benefit?	Universal Life – Option A
All other factors being equal, what would the premium be like in a survivorship life policy as compared to the premium in a joint life policy?	Lower
An insured buys a 5-year level premium term policy with a face amount of $10,000. The policy also contains renewability and convertibility options. When the insured renews the policy in 5 years, what will happen to the premium?	It will increase because the insured will be 5 years older than when the policy was originally purchased.
When would a 20-pay whole life policy endow?	AWhen the insured reaches age 100
An employee is insured under her employer's group life plan. If she terminates her group coverage, which of the following statements is INCORRECT?	The insured may choose to convert to term or permanent individual coverage.
Which of the following is called a "second-to-die" policy?	Survivorship life
All of the following are true about variable products EXCEPT	The premiums are invested in the insurer’s general account.
In which of the following cases will the insured be able to receive the full face amount from a whole life policy?	If the insured lives to age 100
A Universal Life insurance policy has two types of interest rate that are called	Guaranteed and Current
Which of the following is NOT allowed in credit life insurance? A	Creditor requiring that a debtor buys insurance from a certain insurer
A policy will pay the death benefit if the insured dies during the 20-year premium-paying period, and nothing if death occurs after the 20-year period. What type of policy is this?	DLevel term
If an agent wishes to sell variable life policies, what license must the agent obtain?	Securities
Which of the following types of insurance policies is most commonly used in credit life insurance?	Decreasing term
Both Universal Life and Variable Universal Life have a	AFlexible premium.
Which of the following would be the beneficiary in credit life insurance?	Creditor
A key person insurance policy can pay for which of the following? A	Costs of training a replacement
When must insurable interest exist in a life insurance policy?	At the time of application
Which of the following is the best reason to purchase life insurance rather than annuities?	To create an estate
Which of the following individuals must have insurable interest in the insured?	Policyowner
All of the following are true of key person insurance	The key employee is the insured. CThere is no limitation on the number of key employee plans in force at any one time. DThe employer is the owner, payor and beneficiary of the policy.
Upon policy delivery, the producer may be required to obtain any of the following	APayment of premium. BDelivery receipt. DStatement of good health.
Which of the following information about the applicant is NOT included on Part 1 of the application for insurance?	Medical background
A prospective insured receives a conditional receipt but dies before the policy is issued. The insurer will	BPay the policy proceeds only if it would have issued the policy.
If an applicant for a life insurance policy and person to be insured by the policy are two different people, the underwriter would be concerned about	Whether an insurable interest exists between the individuals.
Which term describes a situation in which people who are the most likely to have claims are also the most likely to seek insurance?	Adverse selection

What is involved when a life insurance policy is backdated?

What happens when an insurance policy is backdated? Backdating your life insurance policy gets you cheaper premiums based on your actual age rather than your nearest physical age or your insurance age. You'll pay additional premiums upfront to account for the policy's backdate.

What is the main purpose of backdating a policy quizlet?

The purpose of backdating a life insurance policy is to use premiums based on an earlier age.

For what purpose is a life insurance application backdated quizlet?

The purpose for backdating an application is to qualify for a better underwriting classification. B. Backdating has no impact on the policy's premium, but it does result in the policy being issued with a cash value.

What is the maximum amount of time that an application may be backdated?

What is the maximum amount of time that an application may be backdated? 6 months. Which nonforfeiture option provides coverage for the longest period of time? Reduced paid-up.

For what reason may a life insurance producer backdate a life insurance policy?

What is involved when a life insurance policy is backdated?

What is the main purpose of backdating a policy quizlet?

For what purpose is a life insurance application backdated quizlet?

What is the maximum amount of time that an application may be backdated?

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