Idaho Life Producer Exam Questions & Answers(RATED A+)

What does life insurance protect against? - ANSWER-Dying too soon. What happens to the death benefit with a Variable Universal Life Policy? - ANSWER-It may increase/decrease within limits. Who sells insurance to a client and owes a fiduciary duty to an insurance company? - ANSWER-The Agent/Producer What does a "Family Policy" provide? - ANSWER-Different coverage on different family members. In order to qualify for AD&D coverage, the accident must directly cause death within how many days? - ANSWER-90 days What is the time period called before an employee is eligible for group Disability Income or Health Insurance? - ANSWER-Probationary Period Is a death benefit provided in a retirement plan? - ANSWER-No, for life insurance policies only. Which policy requires premium payments over the Insured's lifetime and provides death benefit protection for the Insured's lifetime? - ANSWER-Modified Life What does a Family Maintenance policy do? - ANSWER-Pays same death benefit on deceased but extra money for survivor to maintain a level lifestyle no matter how many children. Why are SEPs preferred over Keogh Plans for small business owners? - ANSWER-The SEP is less complicated. What plans measure in investment units rather than dollars? - ANSWER-Variable Life or Variable Universal Life If an applicant is not offered a policy after the underwriting process, they are referred to as what? - ANSWER-Declined Risk Which policy combines stock market investments chosen by the policy owner with a form of Term Life coverage? - ANSWER-Variable Universal Life What document becomes part of the contract and includes information about the Insured? - ANSWER-The application Who is entitled to the death benefit proceeds on a Key Person Life policy? - ANSWER-Typically the em