Final Exam- Iowa Life Only
k is an insured under a life insurance policy owned by a third party. Which of
these statements is true? - correct answer ✔K has no ownership rights
P is blinded in an industrial accident. Which provision of his life insurance
policy will pay a stated benefit amount? - correct answer ✔Accidental Death
and Dismemberment clause
S, while in the process of converting her group life insurance to an individual
policy, dies. What happens to the claim her beneficiary submits? - correct
answer ✔Full benefits are payable under the Master contract
Which of the following is TRUE is the owner of the IRA names their spouse as
beneficiary, but then dies before any distributions are made? - correct answer
✔The account can be rolled into the surviving spouses IRA
A life policyowner may sell their policy to a(n) ___ in order to receive a
percentage of the policys face value. - correct answer ✔viatical settlement
provider
On January 8, an applicant filled out an application for a life insurance policy
but did not include the initial premium. The insurance company approved the
application on January 14 and issued the policy January 15. The producer
delivered the policy on January 26 and collected the first premium. When did
the coverage become effective? - correct answer ✔January 26
What action will an insurer take if an interest payment on a policy loan is not
made on time? - correct answer ✔automatically add the amount of interest
due to the loan balance
, T is covered by an Accidental Death and Dismemberment (AD&D) policy that
has an irrevocable beneficiary. What action will the insurance company take if
T requests a change of beneficiary? - correct answer ✔Request of the
change will be refused
A provision in a life insurance policy that pays the policyowner an amount that
does not surpass the guaranteed cash value is called the - correct answer
✔Policy Loan provision
What advantage does the renewability feature give the term policy? - correct
answer ✔The insured may extend the coverage period
T applies for a life insurance policy and is told by the producer that the insurer
is bound to the coverage as of the date of the application or medical
examination, whichever is later. Assuming that T is an acceptable risk, what
item is given to T? - correct answer ✔Conditional receipt
Post-tax dollar contributions are found in - correct answer ✔Roth IRA
investments
Which of the following is example of a nonforfeiture option? - correct answer
✔Reduce Paid-Up option
What is one of the roles of commissioner? - correct answer ✔enforce state
insurance laws
How does a typical Variable Life Policy investment account grow? - correct
answer ✔Through mutual funds, stocks, bonds
k is an insured under a life insurance policy owned by a third party. Which of
these statements is true? - correct answer ✔K has no ownership rights
P is blinded in an industrial accident. Which provision of his life insurance
policy will pay a stated benefit amount? - correct answer ✔Accidental Death
and Dismemberment clause
S, while in the process of converting her group life insurance to an individual
policy, dies. What happens to the claim her beneficiary submits? - correct
answer ✔Full benefits are payable under the Master contract
Which of the following is TRUE is the owner of the IRA names their spouse as
beneficiary, but then dies before any distributions are made? - correct answer
✔The account can be rolled into the surviving spouses IRA
A life policyowner may sell their policy to a(n) ___ in order to receive a
percentage of the policys face value. - correct answer ✔viatical settlement
provider
On January 8, an applicant filled out an application for a life insurance policy
but did not include the initial premium. The insurance company approved the
application on January 14 and issued the policy January 15. The producer
delivered the policy on January 26 and collected the first premium. When did
the coverage become effective? - correct answer ✔January 26
What action will an insurer take if an interest payment on a policy loan is not
made on time? - correct answer ✔automatically add the amount of interest
due to the loan balance
, T is covered by an Accidental Death and Dismemberment (AD&D) policy that
has an irrevocable beneficiary. What action will the insurance company take if
T requests a change of beneficiary? - correct answer ✔Request of the
change will be refused
A provision in a life insurance policy that pays the policyowner an amount that
does not surpass the guaranteed cash value is called the - correct answer
✔Policy Loan provision
What advantage does the renewability feature give the term policy? - correct
answer ✔The insured may extend the coverage period
T applies for a life insurance policy and is told by the producer that the insurer
is bound to the coverage as of the date of the application or medical
examination, whichever is later. Assuming that T is an acceptable risk, what
item is given to T? - correct answer ✔Conditional receipt
Post-tax dollar contributions are found in - correct answer ✔Roth IRA
investments
Which of the following is example of a nonforfeiture option? - correct answer
✔Reduce Paid-Up option
What is one of the roles of commissioner? - correct answer ✔enforce state
insurance laws
How does a typical Variable Life Policy investment account grow? - correct
answer ✔Through mutual funds, stocks, bonds
