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FX LIFE INSURANCE FINAL EXAM
QUESTIONS WITH VERIFIED
SOLUTIONS
A buyer's guide - correct-answer - The entire contract includes all of the following
EXCEPT...
The death benefit is not increased - correct-answer - All of the following
statements about indexed whole life insurance EXCEPT...
A Warranty - correct-answer - What guarantees that the information explained in
the insurance contract is true?
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(1) the policy, (2) a copy of the application, and (3) any riders or amendments. -
correct-answer - The entire contract includes:
guaranteed - correct-answer - Under an indexed whole life policy, the premium is
fixed, but the death benefit is...
Warranties - correct-answer - ... are considered statements of fact or something
guaranteed to be true.
voiding - correct-answer - A breach of warranty can be considered grounds for
________________ the policy.
Whole life - correct-answer - A graded premium life insurance policy is a modified
form of...
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Graded Premium - correct-answer - ... a whole life policy with premiums that
increase annually over the first 5 to 10 years.
Grace period - correct-answer - An insured bought an insurance policy that
requires him to pay $150 in premiums on the 15th of each month. He then takes
an extended vacation and forgets to pay the premium. Ten days later, his policy is
still in effect and has not lapsed. What policy provision allowed for this?
premium - correct-answer - Grace period is a mandatory provision found in all life
insurance policies that provides coverage for a period of time after the
_____________________ becomes past due.
The Annuitant - correct-answer - Which of the following indicates the person
upon whose life the annuity income amount is determined?
FX LIFE INSURANCE FINAL EXAM
QUESTIONS WITH VERIFIED
SOLUTIONS
A buyer's guide - correct-answer - The entire contract includes all of the following
EXCEPT...
The death benefit is not increased - correct-answer - All of the following
statements about indexed whole life insurance EXCEPT...
A Warranty - correct-answer - What guarantees that the information explained in
the insurance contract is true?
,2|Page
(1) the policy, (2) a copy of the application, and (3) any riders or amendments. -
correct-answer - The entire contract includes:
guaranteed - correct-answer - Under an indexed whole life policy, the premium is
fixed, but the death benefit is...
Warranties - correct-answer - ... are considered statements of fact or something
guaranteed to be true.
voiding - correct-answer - A breach of warranty can be considered grounds for
________________ the policy.
Whole life - correct-answer - A graded premium life insurance policy is a modified
form of...
, 3|Page
Graded Premium - correct-answer - ... a whole life policy with premiums that
increase annually over the first 5 to 10 years.
Grace period - correct-answer - An insured bought an insurance policy that
requires him to pay $150 in premiums on the 15th of each month. He then takes
an extended vacation and forgets to pay the premium. Ten days later, his policy is
still in effect and has not lapsed. What policy provision allowed for this?
premium - correct-answer - Grace period is a mandatory provision found in all life
insurance policies that provides coverage for a period of time after the
_____________________ becomes past due.
The Annuitant - correct-answer - Which of the following indicates the person
upon whose life the annuity income amount is determined?
