Primerica life insurance state exam questions with correct answers

Deferred Annuity CORRECT ANSWER An annuity in which the income payments begin sometime after one year from the date of purchase. Deferred annuities can be funded with a single lump sum payment so it is referred to as a single premium differed annuities. Human life values approach CORRECT ANSWER Calculates an individual's life value by looking at the insureds future wages, inflation, the number of years to retirement, and the time value of money. What time must the producer present the applicant with a notice regarding replacement of life insurance CORRECT ANSWER Producers must present to the applicant a notice regarding replacement that is signed by both the applicant and the producer. A copy must be left with the applicant. Risk CORRECT ANSWER Is the uncertainty or chance of a loss occurring. MIB (medical information bureau CORRECT ANSWER MIB is a nonprofit trade organization which receives adverse medical information from insurance companies and maintains confidential medical impairment information on individuals Perjury CORRECT ANSWER If a person signs a fraudulent claim form, that person may be found guilty Universal life CORRECT ANSWER policy has two components: an insurance component and a cash account. The insurance component of a universal life policy is always annually renewable term insurance. The right to a full refund of premiums for insureds age 60 or older CORRECT ANSWER The right of recission for a full refund must last for at least 30 days The premium modes CORRECT ANSWER Is the frequency of premium payment.