MS Life and Health Insurance Test Correct Questions & Answers(RATED A)

Which of these do NOT constitute policy delivery? - ANSWER Policy issued with a rating Which of these types of life insurance allows the policyowner to have level premiums and to also choose from a selection of investment options? - ANSWER Variable Life J, an Accidental Death and Dismemberment (AD&D) policy holder, dies after injuries sustained in an accident. J's age as stated on the application five years ago was found to be understated by ten years. Which of the following actions will the insurance company take? - ANSWER The insurer will adjust the benefit to what the premiums paid would have purchased at the insured's actual age A life insurance policy which ensures that the premium will be paid if the insured becomes disabled has what kind of rider attached? - ANSWER Waiver of Premium A producer must report to the Commissioner of Insurance any administrative action or criminal charges taken against the producer within __ days of the final disposition of the matter. - ANSWER 30 A physician opens up a new practice and qualifies for a $7,000/month Disability Income policy. What rider would the physician add if he wants the ability to increase his policy benefit as his practice and income grow? - ANSWER Guaranteed Insurability Option rider Which type of policy is considered to be overfunded, as stated by IRS guidelines? - ANSWER Modified Endowment Contract How does a typical Variable Life Policy investment account grow? - ANSWER Through mutual funds, stocks, bonds