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Exam (elaborations)

Insurance Exam Practice Exam: Questions And Correct Verified Answers

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Insurance Exam Practice Exam: Questions And Correct Verified Answers

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INSURANCE EXAM PRACTICE EXAM:
QUESTIONS AND CORRECT VERIFIED
ANSWERS
PureA2orA2straightA2lifeA2-A2Ans--
WhichA2ofA2theA2followingA2annuityA2benefitA2paymentA2optionsA2wouldA2generateA2theA2hi
ghestA2monthlyA2paymentsA2toA2theA2contractA2ownerA2uponA2annuitization?

Paid-upA2additions
1-yearA2term
CashA2-A2Ans--
AllA2ofA2theA2followingA2areA2dividendA2optionsA2onA2aA2participatingA2lifeA2insuranceA2polic
y:

InsuredA2-A2Ans--
TheA2personA2uponA2whoseA2lifeA2anA2annuityA2isA2basedA2isA2knownA2asA2the:

ReducedA2paid-upA2-A2Ans--
WhenA2aA2policyownerA2usesA2theA2cashA2valueA2inA2theirA2policyA2toA2buyA2aA2lesserA2am
ountA2ofA2permanentA2lifeA2insurance,A2theyA2haveA2exercisedA2whichA2nonforfeitureA2opti
on:

InterestA2onlyA2-A2Ans--
WhichA2ofA2theA2followingA2lifeA2insuranceA2settlementA2optionsA2enablesA2theA2beneficiar
yA2toA2conserveA2theA2proceedsA2ofA2aA2lifeA2insuranceA2policy?

TheA2accountA2valueA2-A2Ans--
InA2theA2caseA2ofA2aA2variableA2annuityA2soldA2toA2aA2seniorA2citizenA2inA2thisA2stateA2forA2
whichA2theA2ownerA2hasA2directedA2thatA2theA2premiumA2beA2investedA2inA2theA2mutualA2fu
ndsA2underlyingA2theA2contractA2duringA2theA230-
dayA2cancellationA2period,A2cancellationA2duringA2thatA2periodA2entitlesA2theA2ownerA2toA2a
A2refundA2of:


TheyA2areA2purchasedA2byA2thoseA2whoA2areA2worriedA2aboutA2outlivingA2theirA2savings.

TheyA2areA2notA2suitableA2asA2shortA2termA2investments.

TheyA2mayA2beA2usedA2asA2aA2lifeA2insuranceA2settlementA2option.A2-A2Ans--
AllA2ofA2theA2followingA2areA2trueA2regardingA2annuities

GroupA2(LifeA2Insruance)A2-A2Ans--
WhichA2ofA2theA2followingA2wouldA2notA2beA2consideredA2toA2beA2ordinaryA2lifeA2insurance
?

, TheyA2areA2notA2guaranteed

TheyA2areA2legallyA2definedA2asA2aA2returnA2ofA2premiumA2andA2areA2notA2taxable

TheyA2areA2paidA2outA2ofA2theA2insurer'sA2accumulatedA2surplusA2-A2Ans--
AllA2ofA2theA2followingA2areA2trueA2regardingA2dividendsA2paidA2byA2aA2mutualA2lifeA2insura
nceA2company

RenewableA2-A2Ans--
WhichA2typeA2ofA2termA2lifeA2insuranceA2hasA2aA2levelA2faceA2amountA2butA2aA2premiumA2t
hatA2increasesA2eachA2yearA2asA2theA2insuredA2getsA2older?

TheA2amountA2andA2frequencyA2ofA2futureA2lossesA2areA2unknownA2-A2Ans--
TheA2transferA2ofA2riskA2toA2anA2insuranceA2companyA2isA2anA2effectiveA2riskA2manageme
ntA2techniqueA2when:

ChangeA2theA2beneficiary

AssignA2orA2transferA2ownershipA2inA2theA2policy

TakeA2aA2loanA2-A2Ans--
TheA2ownerA2ofA2aA2lifeA2insuranceA2policyA2mayA2doA2allA2ofA2theA2following

TheA2employerA2isA2theA2policyownerA2andA2theA2beneficiary

DeathA2benefitsA2areA2payableA2toA2theA2employerA2taxA2free

TheA2employeeA2isA2theA2insuredA2-A2Ans--
AllA2ofA2theA2followingA2areA2trueA2regardingA2keyA2personA2lifeA2insurance:

AA2buy/sellA2agreementA2-A2Ans--
IfA2aA2corporationA2andA2aA2shareholderA2enterA2intoA2anA2agreementA2thatA2requiresA2the
A2corporationA2toA2buyA2theA2shareholder'sA2sharesA2uponA2hisA2orA2herA2death,A2theyA2ha
veA2enteredA2into:

ExtendedA2term

CashA2surrender

ReducedA2paid-upA2-A2Ans--
AllA2ofA2followingA2areA2requiredA2nonforfeitureA2optionsA2orA2provisionsA2onA2aA2cashA2val
ueA2lifeA2insuranceA2policy:

LargeA2numbersA2-A2Ans--
TheA2greaterA2theA2numberA2ofA2similarA2exposureA2unitsA2insured,A2theA2easierA2itA2willA2
beA2toA2predictA2futureA2claimsA2basedA2uponA2theA2lawA2of:

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