PRIMERICA Test Questions with Correct
Answers
Who is responsible for giving the Notice to the replacing insurer in a replacement life
transaction?
producer
The producer must obtain the applicant's signature on the Notice and submit it to the
replacing insurer along with the Statement and an application.
Which of the following statements is correct regarding the replacement of an existing
life insurance policy?
A replacement notice must be given out before taking the application.
A replacement notice must be given prior to the application. This is the only true statement
listed. The free-look period on a replacement policy is 30 days and records must be kept for 5
years. Replacement regulation does not apply to group life insurance or group annuities.
If the consumer refuses to provide relevant information requested by the insurer or
producer, or fails to provide complete or accurate information,
Who has the right to assign incidents of ownership under a group life insurance policy?
The individual insured
A person insured under a group life insurance policy has the right to assign all or any part of
incidents of ownership under such policy, including, but not limited to, the privilege to have
issued to the insured an individual life insurance policy and the right to name a beneficiary.
, An individual with a legal interest in the continued life of the insured defines the
principle known as
insurable interest
Insurable interest is having an interest in the continuation of the life of the insured.
Which of the following terms will be permissible in describing a life insurance policy in
company advertisements?
Variable plan
Any terms that imply that life insurance is an investment plan, or the terms that may lead a
consumer to believe that it offers benefits not actually available are prohibited in
advertisements.
An insured decides to replace his life insurance policy with one offered by a new
insurer. After receiving the policy, he is unsatisfied with the provisions and decides to
return it. Within how many days must he return the policy to receive a full premium
refund?
30 days
The replacing insurer must provide a 30-day free-look period that gives the policyowner the
right to return the policy and receive an unconditional full refund of all premiums.
The maximum time period for suicide exclusion in life insurance policies issued in this
state is
Answers
Who is responsible for giving the Notice to the replacing insurer in a replacement life
transaction?
producer
The producer must obtain the applicant's signature on the Notice and submit it to the
replacing insurer along with the Statement and an application.
Which of the following statements is correct regarding the replacement of an existing
life insurance policy?
A replacement notice must be given out before taking the application.
A replacement notice must be given prior to the application. This is the only true statement
listed. The free-look period on a replacement policy is 30 days and records must be kept for 5
years. Replacement regulation does not apply to group life insurance or group annuities.
If the consumer refuses to provide relevant information requested by the insurer or
producer, or fails to provide complete or accurate information,
Who has the right to assign incidents of ownership under a group life insurance policy?
The individual insured
A person insured under a group life insurance policy has the right to assign all or any part of
incidents of ownership under such policy, including, but not limited to, the privilege to have
issued to the insured an individual life insurance policy and the right to name a beneficiary.
, An individual with a legal interest in the continued life of the insured defines the
principle known as
insurable interest
Insurable interest is having an interest in the continuation of the life of the insured.
Which of the following terms will be permissible in describing a life insurance policy in
company advertisements?
Variable plan
Any terms that imply that life insurance is an investment plan, or the terms that may lead a
consumer to believe that it offers benefits not actually available are prohibited in
advertisements.
An insured decides to replace his life insurance policy with one offered by a new
insurer. After receiving the policy, he is unsatisfied with the provisions and decides to
return it. Within how many days must he return the policy to receive a full premium
refund?
30 days
The replacing insurer must provide a 30-day free-look period that gives the policyowner the
right to return the policy and receive an unconditional full refund of all premiums.
The maximum time period for suicide exclusion in life insurance policies issued in this
state is
