State insurance exam | 202 Questions and Answers(A+ Solution guide)

Which of these is true regarding the exchange of consideration among parties involved in an insurance contract - Can be unequal Who typically makes the purchase payments in an individual annuity? - owner Death benefits from a life insurance policy are normally considered to be - exempt from federal income tax A consumer who has been recently denied insurance, credit, or employment based on an unforgivable consumer report MUST be advised as such. Which of the following does this statute originate from - Fair credit reporting act A life insurance policy contains an accelerated (living) benefit rider will provide funds if the - Insured is confined in a nursing home for life In a qualified retirement plan, the yearly contributions to an employees account - are restricted to maximum levels set by the IRS An intermediary is meeting with a client to determine whether an annuity will be suitable for purchase. Which of these following topics needs to be discussed with a client - Financial status of client What kind of life policy offers mortgage protection - Decreasing term An annuity which starts paying monthly benefits within a month after issuance is called a(n) - Immediate annuity What is the guaranteed cash value of a whole life insurance policy when the insured turns 65 years old? - Less than the policy's face amountPurchasing insurance is an example of risk - transference An intermediary must hold which of the following licenses to sell variable life insurance policies - Life, variable, and securities Someone who is licensed to negotiate a life settlement contract is called a(n) - Life settlement broker When does the owner's contractual rights begin under an individual annuity contract? - Time of purchase