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214 License Exam Questions And Answers Latest Update 2024 – 2025

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214 License Exam Questions And Answers Latest Update 2024 – 2025

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Institution 214 License

Course 214 License

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Whichsofsthesfollowingsdescribessasparticipatingsinsurancespolicy?s– ANSWER:sPolicyownerssaresentitledstosreceivesdividends Atswhatspointsmustsaslifesinsurancesapplicantsbesinformedsofstheirsrightssthatsfallsund ersthesFairsCreditsReportingsAct?s-sANSWER:sUponscompletionsofsthesapplication Dividendsspayablestosaspolicyownersare:ssANSWER:ssDeclaredsbysthesinsurancescompany. Atswhatspointsdoessansinformalsagreementsbecomesasbindingscontract?ssANSWER:sWhensconsiderationsissprovidedsbysonesofsthespartiesstosthescontract Whensthirdpartysownershipsissinvolved,sapplicantsswhosalsoshappenstosbesthesstatedsprimarysbe neficiarysaresrequiredstoshaves-sANSWER:ssInsurablesinterestsinsthesproposedsinsured Whichsofsthesfollowingsarrangementssallowssonestosbypasssinsurablesinterestslaws?ssANSWER:s(STOLI)sorsInvestorsOriginatedsLifesInsurance Takingsreceiptsofspremiumssandsholdingsthemsforsthesinsurancescompanysissansexam plesofs-sANSWER:sFiduciarysResponsibility Aspolicysofsadhesionscansonlysbesmodifiedsbyswhom?ssANSWER:ssThesInsurancesCompany Thesexchangesofsunequalsvaluessreflects:s-sANSWER:sAleatory LifesandshealthsinsurancespoliciessaressANSWER:sUnilateralsContractss(onesmakesspromise,sotherscansonlysacceptsbysperfor mance ThesconsiderationsclausesofsinsurancescontractsincludesssANSWER:sThesschedulesandsamountsofspremiumspayments AslifesinsurancesarrangementswhichscircumventssinsurablesinterestsvaluessisscalledssANSWER:sInvestorsOriginatedsLifesInsurances(IOLI) Whosmakesstheslegallysenforceablespromisessinsasunilateralscontract?ssANSWER:ssThesInsurancesCompany

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214 License Exam Questions And Answers
Latest Update 2024 – 2025

Whichsofsthesfollowingsdescribessasparticipatingsinsurancespolicy?s–
ANSWER:sPolicyownerssaresentitledstosreceivesdividends

Atswhatspointsmustsaslifesinsurancesapplicantsbesinformedsofstheirsrightssthatsfallsund
ersthesFairsCreditsReportingsAct?s-sANSWER:sUponscompletionsofsthesapplication

Dividendsspayablestosaspolicyownersare:s-
sANSWER:ssDeclaredsbysthesinsurancescompany.

Atswhatspointsdoessansinformalsagreementsbecomesasbindingscontract?s-
sANSWER:sWhensconsiderationsissprovidedsbysonesofsthespartiesstosthescontract

Whensthird-
partysownershipsissinvolved,sapplicantsswhosalsoshappenstosbesthesstatedsprimarysbe
neficiarysaresrequiredstoshaves-sANSWER:ssInsurablesinterestsinsthesproposedsinsured

Whichsofsthesfollowingsarrangementssallowssonestosbypasssinsurablesinterestslaws?s-
sANSWER:s(STOLI)sorsInvestorsOriginatedsLifesInsurance

Takingsreceiptsofspremiumssandsholdingsthemsforsthesinsurancescompanysissansexam
plesofs-sANSWER:sFiduciarysResponsibility

Aspolicysofsadhesionscansonlysbesmodifiedsbyswhom?s-
sANSWER:ssThesInsurancesCompany

Thesexchangesofsunequalsvaluessreflects:s-sANSWER:sAleatory

Lifesandshealthsinsurancespoliciessares-
sANSWER:sUnilateralsContractss(onesmakesspromise,sotherscansonlysacceptsbysperfor

mance

Thesconsiderationsclausesofsinsurancescontractsincludess-
sANSWER:sThesschedulesandsamountsofspremiumspayments

Aslifesinsurancesarrangementswhichscircumventssinsurablesinterestsvaluessisscalleds-
sANSWER:sInvestorsOriginatedsLifesInsurances(IOLI)

Whosmakesstheslegallysenforceablespromisessinsasunilateralscontract?s-
sANSWER:ssThesInsurancesCompany

, AslifesinsurancespolicyswouldsbesconsideredsaswageringscontractsWITHOUT:s-
sANSWER:sInsurablesInterest

Aslifesinsurancespolicysthatsprovidessaspolicyownerswithscashsvaluesalongswithsaslevel
sfacesamountsisscalled:s-sANSWER:sWholesLifesPolicy

WhosbenefitssinsInvestor-OriginatedsLifesInsurances(IOLI)swhensthesinsuredsdies?s-
sANSWER:sthesPolicyowner(investor)

KspurchasedsasLifesinsurancespolicysins1986swhichspaids10%sinterestsinsthesearlysyea
rssofsthespolicy.sTwentysyearssaftersthespurchase,sshesreceivedsasnoticesfromsthesinsu
rersstatingsthatsthespolicyswillssoonsterminatesunlesssasmuch-
higherspremiumsisspaidsbecausesofsfallingsinterestsrates.sThisstypesofspolicysissknowns
as:s-sANSWER:ssUniversalsLifesPolicy

WhichsofstheseswouldsbesconsideredsasLimited-Pay-Lifespolicy?s-
sANSWER:sLifesPaidsUpsatsAges70

KsisslookingstospurchasesRenewablesTermsinsurance.sWhichsofsthesestypessofsTermsin
surancesmaysbesrenewable?s-
sANSWER:sLevelsTermsPolicys(paysssamesdeathsbenefitsifsinsuredsdiessanystimesdurin

gspolicy)

AsuniversalslifespolicysisssometimessreferredstosassansunbundledsLifesPolicysbecausest
hesownerscansseesthesinterestsearned,scostsofsinsurance,sands-
sANSWER:ssExpensesCharges

Whatstypesofsinsurancesoffersspermanentslifescoverageswithspremiumssthatsarespaya
blesforslife?s-sANSWER:ssWholesLifesPolicy

Whichsprovisionsallowssthespolicyownerstoschangesastermslifespolicystosaspermanents
oneswithoutsprovidingsproofsofsgoodshealth?s-sANSWER:ssConversion

WhensissthesfacesamountsofsasWholesLifespolicyspaid?s-
sANSWER:sWhensthesinsuredsdies,sorsthespolicy'ssmaturity,swhicheverscomessfirst!

AdditionalscoveragescansbesaddedstosasWholesLifespolicysbysaddingsa(n)s-
sANSWER:ssDecreasingsTermsRider

WhensaslifespolicysexceedsscertainsIRSstablesvalues,sthesresultswouldscreateswhichsofst
hesfollowing?s-sANSWER:sModifiedsEndowmentsContracts(MEC)

Kspayssonsas$20,000s20-
YearsEndowmentspolicysfors10syearssandsdiessfromsansautomobilesaccident.sHowsmuc
hswillsthesinsurancescompanyspaysthesbeneficiary?s-sANSWER:s$20,000sdeathsbenefit.

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