Primerica life insurance state exam solution

Primerica life insurance state exam solution Deferred Annuity - 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 valu es approach - 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 - 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 - Is the uncertainty or chance of a loss occurring. MIB (medical in formation bureau - MIB is a non profit trade organization which receives adverse medical information from insurance companies and maintains confidential medical impairment information on individuals Perjury - If a person signs a fraudulent claim form,that person may be found guilty Universal life - 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 - The right of recission for a full refund must last for at least 30 days The premium modes - Is the frequency of premium payment. Concealment - Is the withholding of information by the applicant that will result in an imprecise underwriting decision. may void the policy Tax sheltered annuity (tsa) - Is a qualified plan available to employees of certain nonprofit organizations of the internal revenue code for example employees of public school systems. Intent of replacement reg ulations - Are written to protect the consumers of California,not the insurance company or its producers.