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Life Insurance Exam Questions With Complete Solutions (Answers Verified)

LIFE INSURANCE PRACTICE EXAM QUESTIONS WITH 100% CORRECT ANSWERS

Pure or straight life Which of the following annuity benefit payment options would generate the highest monthly payments to the contract owner upon annuitization? Paid-up additions 1-year term Cash All of the following are dividend options on a participating life insurance policy: Insured The person upon whose life an annuity is based is known as the: Reduced paid-up When a policyowner uses the cash value in their policy to buy a lesser amount of permanent life insurance, they have ex...

The major function of insurance is: a. To reduce the cost of the losses b. To share the losses of the few among the many c. The safeguard the interest of mortgages d. To serve as a basis of existing credit system b. To share the losses of the few among the many A peril if best defined as: a. The chance of a loss b. The occurrence of a loss c. The cause of a loss d. The result of a loss c. The cause of a loss Indemnify means: a. Returning the premium of the insured b. Restor...

Insurable Receipt The reciept given to a life insurance applicant when the application is completed and the initial premium is received is called a(n) Representations Statements in the application for insurance that are believed to be true to the best of the applicants knowledge are Provide the annuitant with an interest rate that is lesser of the guaranteed or current rate An annuity is considered fixed when it does all of the following EXCEPT Continuous Premium (straight) life The mos...

The ownership provision entities the policy owner to do all of the following EXCEPT a) Assign the policy. b) Designate a beneficiary. c) Set premium rates. d) Receive a policy loan. c) Set premium rates. The insurer sets premium rates based upon underwriting considerations. Which of the following protects consumers against the circulation of inaccurate or obsolete personal or financial information? a) The Guaranty Association b) Consumer Privacy Act c) The Fair Credit Report...

An annuity that is purchased with a lump sum premium and whose benefits begin after 12 months is called a Single premium deferred annuity A technique used to determine the amount of life insurance needed by focusing on the project earning potential of an insured is called the Human life value approach When replacing a policy the producer must present the applicant with a notice regarding replacement of life insurance At the time of taking the application The possibility of a financial l...

Alabama state life insurance exam 2024 if lousie allows her whole life policy to lapse which nonforfeiture option shoild she elect to obtain the most life insurance protection? - correct answerExtended term option If administrative action is taken against you, or you are criminally prosecuted in another jurisdiction, you have how long to submit a notice to the Alabama commissioner? - correct answer 30 day