Exam FX Life Insurance Test Questions with correct answers

50/50 CORRECT ANSWER Ray has an individual major medical policy that requires a coinsurance payment. Ray rarely visits his physician and would prefer to pay the lowest premium possible. Which coinsurance arranngement would be best for Ray? Single payment or periodic payments CORRECT ANSWER Which two terms are associated directly with the way an annuity is funded? An insured borrows money from the bank and makes a collateal assignment of a part of the death benefit to secure the loan CORRECT ANSWER All of the following are examples of thirs party ownership of life insurance Reduction of premium CORRECT ANSWER An insured pays $1,200 annually for her life insurance premium. The insured applies this year's $300 worth of accumulated dividends to the next year's premiums, thus reducing it to $900. What option does this describe? Convert to an individual policy CORRECT ANSWER A small company offers group insurance to its employees, but recently has decided to terminate the health insurance contract, leaving the workers without insurance. What can the employees do regarding their insurance? Free-Look period CORRECT ANSWER What phase begins after a new policy is delivered? Revocable CORRECT ANSWER An insured want to name her husband as the beneficiary of her health policy. She also wishes to reta