LLQP Practice Exam 150 Questions and Answers (100%Verified).

LLQP Practice Exam 150 Questions and Answers (100%Verified). What kind of life insurance beneficiary requires his/her consent when a change of beneficiary is made? *Irrevocable beneficiary *Tertiary beneficiary *Primary beneficiary *Revocable beneficiary - ANSWER *Irrevocable beneficiary (An irrevocable designation may not be changed without the written consent of the beneficiary.) When can a policyowner change a revocable beneficiary? *Anytime *After the consent of the current beneficiary *Never *Only if primary beneficiary dies - ANSWER *Anytime (With a revocable beneficiary designation, the policyowner may change the beneficiary at any time without notifying or getting permission from the beneficiary.) M purchased an Accidental Death and Dismemberment (AD&D) policy and named his son as beneficiary. M has the right to change the beneficiary designation at anytime. What type of beneficiary is his son? *Tertiary *Irrevocable *Revocable *Contingent - ANSWER *Revocable LLQP Practice Exam 150 Questions and Answers (100%Verified). (With a revocable beneficiary designation, the policyowner may change the beneficiary at any time without notifying or getting permission from the beneficiary.) How would a contingent beneficiary receive the policy proceeds in an Accidental Death and Dismemberment (AD&D) policy? *If the primary beneficiary is a minor at the time of the insured's death *If the primary beneficiary dies before the insured *If the insured died of accidental causes *If the insured died of natural causes - ANSWER *If the primary beneficiary dies before the insured (A contingent beneficiary will receive the policy proceeds if the primary beneficiary dies before the insured's death.) Which statement regarding the Change of Beneficiary provision is true? *The beneficiary can only be changed with the consent of the insurer *The policyowner can change the beneficiary *The insured can change the beneficiary *A beneficiary change is subject to underwriting procedures - ANSWER *The policyowner can change the beneficiary (A policyowner may change a beneficiary at any time. However, consent may be needed by the current beneficiary if designated as irrevocable.) A policyowner would like to change the beneficiary on a Life insurance policy and make the change permanent. Which type of designation would fulfill this need? *Revocable *Contingent *Irrevocable *Primary - ANSWER *Irrevocable (An irrevocable designation may not be changed without the written consent of the beneficiary.) Which statement is true regarding a minor beneficiary? *Normally, the death proceeds are required to be held in trust until the beneficiary reaches the age of 21 *Normally, a guardian is required to be appointed in the Beneficiary clause of the contract *The minor must pay the debts of the insured's estate before receiving any of the proceeds *The minor is entitled to receive the death proceeds immediately - ANSWER *Normally, a guardian is required to be appointed in the Beneficiary clause of the contract (In most cases, insurers require that a guardian be appointed in the Beneficiary clause of the policy or that a guardian be designated in the will.) What is the underlying concept regarding level premiums? *Level premiums build cash value quicker in the early years *The early years are charged more than what is needed *The early years are charged less than what is needed *Level premiums can only be paid annually - ANSWER *The early years are charged more than what is needed (The concept of level premiums charges more than needed in early years.) A policyowner is able to choose the frequency of premium payments through what policy feature? *Consideration *Payor benefit *Premium Mode *Assignment provision - ANSWER (Premium Mode is the feature that allows the policyowner to select the timing of premium payment, such as monthly, quarterly, annually etc.) A policyowner is allowed to pay premiums more than once a year under which provision? *Insuring *Consideration *Payor *Mode of Premium - ANSWER *Mode of Premium (The Mode of Premium provision permits an insured to pay premiums more than once every year.) A life insurance application must be signed by all of these EXCEPT *the policyowner *the agent *the insured (if an adult) *beneficiary - ANSWER *beneficiary () Any changes made on an insurance application requires the initials of whom? *Insured *Agent *Applicant *Beneficiary - ANSWER *Applicant (When an applicant makes a mistake in the information given to an agent in completing the application, the applicant can have the agent correct the information, but the applicant must initial the correction.) T applies for a life insurance policy and is told by the producer that the insurer is bound to the coverage as of the date of the application or medical examination, whichever is later, provided that T is an acceptable risk. What item is given to T? *Binding receipt *Conditional receipt *Warranty receipt *Backdated receipt - ANSWER *Conditional receipt .