LIFE INSURANCE PRACTICE EXAM
Insurable Receipt - ANS-The reciept given to a life insurance applicant when the
application is completed and the initial premium is received is called a(n)
Representations - ANS-Statements in the application for insurance that are believed to
be true to the best of the applicants knowledge are
Provide the annuitant with an interest rate that is lesser of the guaranteed or current
rate - ANS-An annuity is considered fixed when it does all of the following EXCEPT
Continuous Premium (straight) life - ANS-The most common type of whole life
insurance where premiums are payable over the whole life of the insured to age 100 is
called.
Entire contract - ANS-The policy and a copy of the application, along with any riders and
amendments, is called the
Not taxable - ANS-Money borrowed from the policy's cash value is
All annuities (Variable, Deferreed & Equity Indexed) - ANS-Which of the following
annuity products requires an agent to hold a securities license?
Life income annuity - ANS-Which type of annuity settlement stops when the annuitant
dies?
59 1/2 - ANS-At what age can a participant receive distributions from a qualified plan
without incurring a 10% penalty
Buy-Sell Agreement - ANS-Two business partners own life insurance on each other. If
one partner dies, which of the following contracts will allow the surviving partner to use
the death benefit to purchase the deceased's business interests?
Adjustable life - ANS-Which type of policy allows the insured to change the amount of
the dwah benefit, the amount of premium, or the type of coverage S their needs
change?
Either the cash value or the premiums paid, whichever is greater - ANS-If an annuitant
dies during the accumulation period, what will the beneficiary receive?
Insurable Receipt - ANS-The reciept given to a life insurance applicant when the
application is completed and the initial premium is received is called a(n)
Representations - ANS-Statements in the application for insurance that are believed to
be true to the best of the applicants knowledge are
Provide the annuitant with an interest rate that is lesser of the guaranteed or current
rate - ANS-An annuity is considered fixed when it does all of the following EXCEPT
Continuous Premium (straight) life - ANS-The most common type of whole life
insurance where premiums are payable over the whole life of the insured to age 100 is
called.
Entire contract - ANS-The policy and a copy of the application, along with any riders and
amendments, is called the
Not taxable - ANS-Money borrowed from the policy's cash value is
All annuities (Variable, Deferreed & Equity Indexed) - ANS-Which of the following
annuity products requires an agent to hold a securities license?
Life income annuity - ANS-Which type of annuity settlement stops when the annuitant
dies?
59 1/2 - ANS-At what age can a participant receive distributions from a qualified plan
without incurring a 10% penalty
Buy-Sell Agreement - ANS-Two business partners own life insurance on each other. If
one partner dies, which of the following contracts will allow the surviving partner to use
the death benefit to purchase the deceased's business interests?
Adjustable life - ANS-Which type of policy allows the insured to change the amount of
the dwah benefit, the amount of premium, or the type of coverage S their needs
change?
Either the cash value or the premiums paid, whichever is greater - ANS-If an annuitant
dies during the accumulation period, what will the beneficiary receive?
