AN INSURED BOUGHT A WHOLE LIFE POLICY 15 YEARS AGO AND IT HAS
ACCUMULATED A CASH VALUE OF SEVERAL HUNDRED DOLLARS. SHE NAMED
HER SPOUSE AS THE OWNER AT THE TIME OF PURCHASE. WHO HAS THE RIGHT TO
CHANGE BENEFICIARIES AND ACCESS THE CASH VALUE?
A
THE INSURED
B
THE POLICYOWNER
C
THE INSURER
D
THE BENEFICIARY
Give this one a try later!
B
THE POLICYOWNER
,A __________ IS A CONTRACTUAL AGREEMENT THAT ALLOWS A COMPANY OR PERSON
TO BUY ONE OR MORE OF THE RIGHTS OF OWNERSHIP IN A LIFE POLICY ON THE
LIFE OF ANOTHER PERSON, SHOULD THE OWNER/INSURED BECOME TERMINALLY
ILL.
A
LIVING NEEDS RIDER
B
LEVERAGED INSURANCE AGREEMENT
C
VIATICAL SETTLEMENT
D
EMERGENCY FUND RIDER
Give this one a try later!
C
VIATICAL SETTLEMENT
RESIDUAL DISABILITY INCOME PAYS FUNDS TO THE INSURED, TO MAKE UP FOR
WHAT THE INSURED WOULD HAVE EARNED AFTER RETURNING TO WORK, AND
WHILE RECOVERING FROM ___________.
A
LONG-TERM DISABILITY
B
SHORT-TERM DISABILITY
C
PARTIAL DISABILITY
D
TOTAL DISABILITY
Give this one a try later!
, D
TOTAL DISABILITY
WHEN A PRODUCER RECEIVES AN APPLICATION FOR LIFE INSURANCE THAT IS
COMPLETED AND SIGNED, BUT WITHOUT PREMIUM PAYMENT, WHEN DOES
COVERAGE START?
A
ON THE DATE THE POLICY IS DELIVERED AND PREMIUM COLLECTED
B
ON THE DATE THE APPLICATION IS RECEIVED
C
30 DAYS AFTER THE APPLICATION IS RECEIVED
D
AT THE END OF THE FREE-LOOK PERIOD
Give this one a try later!
A
ON THE DATE THE POLICY IS DELIVERED AND PREMIUM COLLECTED
AN INSURANCE PLAN OWNED BY AN EMPLOYER, CREDITOR OR ASSOCIATION,
PROVIDING COVERAGE FOR THE EMPLOYEES, DEBTORS, OR MEMBERS, REFERS
TO WHICH OF THE FOLLOWING?
A
ORDINARY LIFE INSURANCE
B
GROUP LIFE INSURANCE
C
INDUSTRIAL LIFE INSURANCE
D
INDIVIDUAL LIFE INSURANCE
Give this one a try later!
, B
GROUP LIFE INSURANCE
INSURERS AND AGENTS MUST PROVIDE BOOKS AND RECORDS WITHIN HOW
MANY DAYS OF REQUEST?
A
15
B
30
C
10
D
5
Give this one a try later!
B
30
WHICH OF THE FOLLOWING IS TRUE REGARDING THE CALIFORNIA INSURANCE
GUARANTEE ASSOCIATION?
A
MEMBERSHIP IN THE ASSOCIATION IS VOLUNTARY ON THE PART OF PRODUCERS,
AGENTS, AND BROKERS
B
IT GIVES PRODUCERS, AGENTS, AND BROKERS AN EXCELLENT TOOL TO INDUCE
PROSPECTS TO PURCHASE INSURANCE
C
MEMBERSHIP IN THE ASSOCIATION IS VOLUNTARY ON THE PART OF INSURERS
D
THE PRIMARY PURPOSE IS TO PROTECT INSUREDS FROM INSURERS THAT
BECOME INSOLVENT
ACCUMULATED A CASH VALUE OF SEVERAL HUNDRED DOLLARS. SHE NAMED
HER SPOUSE AS THE OWNER AT THE TIME OF PURCHASE. WHO HAS THE RIGHT TO
CHANGE BENEFICIARIES AND ACCESS THE CASH VALUE?
A
THE INSURED
B
THE POLICYOWNER
C
THE INSURER
D
THE BENEFICIARY
Give this one a try later!
B
THE POLICYOWNER
,A __________ IS A CONTRACTUAL AGREEMENT THAT ALLOWS A COMPANY OR PERSON
TO BUY ONE OR MORE OF THE RIGHTS OF OWNERSHIP IN A LIFE POLICY ON THE
LIFE OF ANOTHER PERSON, SHOULD THE OWNER/INSURED BECOME TERMINALLY
ILL.
A
LIVING NEEDS RIDER
B
LEVERAGED INSURANCE AGREEMENT
C
VIATICAL SETTLEMENT
D
EMERGENCY FUND RIDER
Give this one a try later!
C
VIATICAL SETTLEMENT
RESIDUAL DISABILITY INCOME PAYS FUNDS TO THE INSURED, TO MAKE UP FOR
WHAT THE INSURED WOULD HAVE EARNED AFTER RETURNING TO WORK, AND
WHILE RECOVERING FROM ___________.
A
LONG-TERM DISABILITY
B
SHORT-TERM DISABILITY
C
PARTIAL DISABILITY
D
TOTAL DISABILITY
Give this one a try later!
, D
TOTAL DISABILITY
WHEN A PRODUCER RECEIVES AN APPLICATION FOR LIFE INSURANCE THAT IS
COMPLETED AND SIGNED, BUT WITHOUT PREMIUM PAYMENT, WHEN DOES
COVERAGE START?
A
ON THE DATE THE POLICY IS DELIVERED AND PREMIUM COLLECTED
B
ON THE DATE THE APPLICATION IS RECEIVED
C
30 DAYS AFTER THE APPLICATION IS RECEIVED
D
AT THE END OF THE FREE-LOOK PERIOD
Give this one a try later!
A
ON THE DATE THE POLICY IS DELIVERED AND PREMIUM COLLECTED
AN INSURANCE PLAN OWNED BY AN EMPLOYER, CREDITOR OR ASSOCIATION,
PROVIDING COVERAGE FOR THE EMPLOYEES, DEBTORS, OR MEMBERS, REFERS
TO WHICH OF THE FOLLOWING?
A
ORDINARY LIFE INSURANCE
B
GROUP LIFE INSURANCE
C
INDUSTRIAL LIFE INSURANCE
D
INDIVIDUAL LIFE INSURANCE
Give this one a try later!
, B
GROUP LIFE INSURANCE
INSURERS AND AGENTS MUST PROVIDE BOOKS AND RECORDS WITHIN HOW
MANY DAYS OF REQUEST?
A
15
B
30
C
10
D
5
Give this one a try later!
B
30
WHICH OF THE FOLLOWING IS TRUE REGARDING THE CALIFORNIA INSURANCE
GUARANTEE ASSOCIATION?
A
MEMBERSHIP IN THE ASSOCIATION IS VOLUNTARY ON THE PART OF PRODUCERS,
AGENTS, AND BROKERS
B
IT GIVES PRODUCERS, AGENTS, AND BROKERS AN EXCELLENT TOOL TO INDUCE
PROSPECTS TO PURCHASE INSURANCE
C
MEMBERSHIP IN THE ASSOCIATION IS VOLUNTARY ON THE PART OF INSURERS
D
THE PRIMARY PURPOSE IS TO PROTECT INSUREDS FROM INSURERS THAT
BECOME INSOLVENT
