refund all unearned premium.
A grace period allows a certain number of days by contract for the insured to submit a premium. Except for weekly and monthly premium contracts, what is the usual grace period?
7 days
15 days
31 days
Old Reliable issues a policy that may not be cancelled by the insurance company, except for non-payment of premium. The company does have the right to adjust premiums for an entire class of business. This type of policy is called which of the following?
Guaranteed level premium
Non-cancellable and renewable
Guaranteed renewable
Fred has purchased a health policy with a Waiver of Premium rider. When can Fred expect to receive benefits from this rider?
This is a promotion and the insurance company will waive the first three month’s premium as an inducement to buy now.
If Fred does not file claims within the first five years of the policy, he will not have to pay premiums for six months.
If Fred becomes totally and permanently disabled, the insurance will waive all premiums during the period of disability.
The incontestable clause will provide what protection?
After two years, the claim may not be contested by the insurance company except for fraud.
Julia purchases a disability policy that will provide $500 per month if she becomes disabled. The policy requires her to notify the insurance company if she changes occupations. When the policy was issued, Julia was a bank employee. At the time of disability, she had changed occupations to

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