LIFE PRODUCER GAURANTY EXAM 2024/2025NEWEST!!
ACTUAL COMPLETE 260 REAL EXAM QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED ANSWERS)
ALREADY GRADED A+.
Your client wants to provide a retirement income for his elderly
parents in case something happens to him. He wants to make sure
that both beneficiaries are guaranteed an income for life. Which
settlement option should this policyowner select? - ANSWER -Joint
and survivor
Life insurance creates an immediate estate. Which of the following
best explains this statement? - ANSWER -The
face value of the policy is payable to the
beneficiary upon the death of the insured
Which of the following types of insurance is investment based, has
a level fixed premium, and a nonguaranteed
cash value? - ANSWER -
variable whole life
A married couple wants to include the entire family in their whole life
policy under one rider. Which of the following
,riders will help them achieve that
goal? - ANSWER -Family term
The entire contract includes all of the following EXCEPT - ANSWER -
A buyer's guide
Which of the following would NOT be eligible for coverage under key
person? - ANSWER -owner of a shop
In order for a business partner to be eligible for a Keogh plan,
he/she must work full-time and own at least how
much of the business? -
ANSWER -10%
Which of the following are characteristics of term life insurance? -
ANSWER -Renewable,low cost
What is the maximum loan amount a policyowner may withdrawal
from a variable universal life insurance policy? -
ANSWER -An amount not
exceeding the cash value
Under which of the following conditions would life insurance
proceeds be taxable by the federal government? -
ANSWER -If taken
in lump sum
,Which of the following would be TRUE of both the fixed-period and
fixed-amount settlement options? - ANSWER -
Both gurentee interest and
principal will be paid
A married couple wants to include the entire family in their whole life
policy under one rider. Which of the following
riders will help them achieve that
goal? - ANSWER -Family term
According to the Common Disaster clause, if the insured and
primary beneficiary are killed in the same accident
and it cannot be determined who died first, which of the
following will be assumed - ANSWER -The primary
beneficiary died
before the insured
Which of the following is guaranteed under a variable whole life
insurance policy? - ANSWER -min death benefit
Where are premiums from fixed annuities invested? - ANSWER -
general acct
A viatical settlement is a transaction outside the life insurance
company where the owner sells the life insurance
, policy for which of the following? - ANSWER -a
percentage of the face amount of the policy
If an insurance company issues a policy even though some
questions on the application were unanswered, when can the insurer
get the answers to those questions? - ANSWER -Never; the insurer
has waived its right to those answers by issuing the policy
Which statement best describes agreement as it relates to insurance
contracts? - ANSWER -One party accepts the
exact terms of the
other party's offer
Who would be allowed catch-up contributions? - ANSWER -50 years '
older
An Equity Indexed Annuity will grow based upon - ANSWER -
Performance of a recognized index.
Which dividend option will increase the death
benefit? - ANSWER -Paid up additions
S set up an individual retirement account that her employer is now
contributing to. Her employer's contributions are
not included in her gross income.
What kind of retirement plan does S have? - ANSWER -Simplified
employee plan
ACTUAL COMPLETE 260 REAL EXAM QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED ANSWERS)
ALREADY GRADED A+.
Your client wants to provide a retirement income for his elderly
parents in case something happens to him. He wants to make sure
that both beneficiaries are guaranteed an income for life. Which
settlement option should this policyowner select? - ANSWER -Joint
and survivor
Life insurance creates an immediate estate. Which of the following
best explains this statement? - ANSWER -The
face value of the policy is payable to the
beneficiary upon the death of the insured
Which of the following types of insurance is investment based, has
a level fixed premium, and a nonguaranteed
cash value? - ANSWER -
variable whole life
A married couple wants to include the entire family in their whole life
policy under one rider. Which of the following
,riders will help them achieve that
goal? - ANSWER -Family term
The entire contract includes all of the following EXCEPT - ANSWER -
A buyer's guide
Which of the following would NOT be eligible for coverage under key
person? - ANSWER -owner of a shop
In order for a business partner to be eligible for a Keogh plan,
he/she must work full-time and own at least how
much of the business? -
ANSWER -10%
Which of the following are characteristics of term life insurance? -
ANSWER -Renewable,low cost
What is the maximum loan amount a policyowner may withdrawal
from a variable universal life insurance policy? -
ANSWER -An amount not
exceeding the cash value
Under which of the following conditions would life insurance
proceeds be taxable by the federal government? -
ANSWER -If taken
in lump sum
,Which of the following would be TRUE of both the fixed-period and
fixed-amount settlement options? - ANSWER -
Both gurentee interest and
principal will be paid
A married couple wants to include the entire family in their whole life
policy under one rider. Which of the following
riders will help them achieve that
goal? - ANSWER -Family term
According to the Common Disaster clause, if the insured and
primary beneficiary are killed in the same accident
and it cannot be determined who died first, which of the
following will be assumed - ANSWER -The primary
beneficiary died
before the insured
Which of the following is guaranteed under a variable whole life
insurance policy? - ANSWER -min death benefit
Where are premiums from fixed annuities invested? - ANSWER -
general acct
A viatical settlement is a transaction outside the life insurance
company where the owner sells the life insurance
, policy for which of the following? - ANSWER -a
percentage of the face amount of the policy
If an insurance company issues a policy even though some
questions on the application were unanswered, when can the insurer
get the answers to those questions? - ANSWER -Never; the insurer
has waived its right to those answers by issuing the policy
Which statement best describes agreement as it relates to insurance
contracts? - ANSWER -One party accepts the
exact terms of the
other party's offer
Who would be allowed catch-up contributions? - ANSWER -50 years '
older
An Equity Indexed Annuity will grow based upon - ANSWER -
Performance of a recognized index.
Which dividend option will increase the death
benefit? - ANSWER -Paid up additions
S set up an individual retirement account that her employer is now
contributing to. Her employer's contributions are
not included in her gross income.
What kind of retirement plan does S have? - ANSWER -Simplified
employee plan
