Final Exam - Minnesota Life Only Xcel
Questions & Answers16
K purchased a $10,000 Life Policy that will pay the face amount to her if she lives to age 65, or
to her beneficiary if she dies before age 65. K purchased which of the following types of
policies? - ANSWERS-endowment at age 65
If its employees share in the cost of insurance, what type of group life insurance plan would a
corporation have? - ANSWERS-contributory
An example of an unfair claims practice would be - ANSWERS-failing to effectuate prompt, fair
and equitable settlements of a claim
T the producer is replacing a client's existing insurance policy with a new one. Prior to policy
delivery, which form must the client be provided with? - ANSWERS-notice regarding
replacement
When an employee is terminated, which statement about a group term life conversion is true? -
ANSWERS-policy proceeds will be paid if the employee dies during the conversion period
the consideration clause in a life insurance policy indicates that a policyowner's consideration
consists of a completed application and - ANSWERS-the initial premium
the underwriting process involves all of these, EXCEPT for: - ANSWERS-policy loan
p died five years after purchasing a life policy. while investigating the claim, the insurer
discovered material misrepresentations made by P during the application process. which of
these actions will the insurer take? - ANSWERS-beneficiary will be paid the death benefit
, when an insurance application is taken by a producer, which of these statements is true? -
ANSWERS-any changes made on the application require the applicant's initial
an individual who purchases a Life annuity is given protection against: - ANSWERS-the risk of
living longer than expected
a domestic insurance company in Minnesota MUST - ANSWERS-be organized under Minnesota
insurance laws
when does a guaranteed insurability rider allow the insured to buy additional coverage? -
ANSWERS-at future dates specified in the contract with no evidence of insurability required
the automatic premium loan provision is designed to - ANSWERS-avoid a policy lapse
which statement regarding a key employee life policy is NOT true - ANSWERS-the beneficiary is
named by the key employee
the universal life policy is called an unbundled life policy because the policyholder can see the
expense charges, the interest earned, and the: - ANSWERS-cost of insurance
What action can a policyowner take if an application for a bank loan requires collateral? -
ANSWERS-assign policy ownership to the bank
a retirement plan that sets aside part of the company's net income for distributions to qualified
employees is called a: - ANSWERS-profit sharing plan
Questions & Answers16
K purchased a $10,000 Life Policy that will pay the face amount to her if she lives to age 65, or
to her beneficiary if she dies before age 65. K purchased which of the following types of
policies? - ANSWERS-endowment at age 65
If its employees share in the cost of insurance, what type of group life insurance plan would a
corporation have? - ANSWERS-contributory
An example of an unfair claims practice would be - ANSWERS-failing to effectuate prompt, fair
and equitable settlements of a claim
T the producer is replacing a client's existing insurance policy with a new one. Prior to policy
delivery, which form must the client be provided with? - ANSWERS-notice regarding
replacement
When an employee is terminated, which statement about a group term life conversion is true? -
ANSWERS-policy proceeds will be paid if the employee dies during the conversion period
the consideration clause in a life insurance policy indicates that a policyowner's consideration
consists of a completed application and - ANSWERS-the initial premium
the underwriting process involves all of these, EXCEPT for: - ANSWERS-policy loan
p died five years after purchasing a life policy. while investigating the claim, the insurer
discovered material misrepresentations made by P during the application process. which of
these actions will the insurer take? - ANSWERS-beneficiary will be paid the death benefit
, when an insurance application is taken by a producer, which of these statements is true? -
ANSWERS-any changes made on the application require the applicant's initial
an individual who purchases a Life annuity is given protection against: - ANSWERS-the risk of
living longer than expected
a domestic insurance company in Minnesota MUST - ANSWERS-be organized under Minnesota
insurance laws
when does a guaranteed insurability rider allow the insured to buy additional coverage? -
ANSWERS-at future dates specified in the contract with no evidence of insurability required
the automatic premium loan provision is designed to - ANSWERS-avoid a policy lapse
which statement regarding a key employee life policy is NOT true - ANSWERS-the beneficiary is
named by the key employee
the universal life policy is called an unbundled life policy because the policyholder can see the
expense charges, the interest earned, and the: - ANSWERS-cost of insurance
What action can a policyowner take if an application for a bank loan requires collateral? -
ANSWERS-assign policy ownership to the bank
a retirement plan that sets aside part of the company's net income for distributions to qualified
employees is called a: - ANSWERS-profit sharing plan
