Primerica life insurance state exam
Deferred Annuity - correct answer-An annuity in which the income payments begin
sometime after one year from the date of purchase.deferred annuities can be funded
with a single lump sum payment so it is referred to as a single premium differed
annuities.
Human life values approach - correct answer-Calculates an individual's life value by
looking at the insureds future wages,inflation,the number of years to retirement,and the
time value of money.
What time must the producer present the applicant with a notice regarding replacement
of life insurance - correct answer-Producers must present to the applicant a notice
regarding replacement that is signed by both the applicant and the producer. A copy
must be left with the applicant.
Risk - correct answer-Is the uncertainty or chance of a loss occurring.
MIB (medical information bureau - correct answer-MIB is a non profit trade organization
which receives adverse medical information from insurance companies and maintains
confidential medical impairment information on individuals
Perjury - correct answer-If a person signs a fraudulent claim form,that person may be
found guilty
Universal life - correct answer-policy has two components: an insurance component and
a cash account. The insurance component of a universal life policy is always annually
renewable term insurance .
The right to a full refund of premiums for insureds age 60 or older - correct answer-The
right of recission for a full refund must last for at least 30 days
The premium modes - correct answer-Is the frequency of premium payment.
Concealment - correct answer-Is the withholding of information by the applicant that will
result in an imprecise underwriting decision. may void the policy
Tax sheltered annuity (tsa) - correct answer-Is a qualified plan available to employees of
certain nonprofit organizations of the internal revenue code for example employees of
public school systems.
Deferred Annuity - correct answer-An annuity in which the income payments begin
sometime after one year from the date of purchase.deferred annuities can be funded
with a single lump sum payment so it is referred to as a single premium differed
annuities.
Human life values approach - correct answer-Calculates an individual's life value by
looking at the insureds future wages,inflation,the number of years to retirement,and the
time value of money.
What time must the producer present the applicant with a notice regarding replacement
of life insurance - correct answer-Producers must present to the applicant a notice
regarding replacement that is signed by both the applicant and the producer. A copy
must be left with the applicant.
Risk - correct answer-Is the uncertainty or chance of a loss occurring.
MIB (medical information bureau - correct answer-MIB is a non profit trade organization
which receives adverse medical information from insurance companies and maintains
confidential medical impairment information on individuals
Perjury - correct answer-If a person signs a fraudulent claim form,that person may be
found guilty
Universal life - correct answer-policy has two components: an insurance component and
a cash account. The insurance component of a universal life policy is always annually
renewable term insurance .
The right to a full refund of premiums for insureds age 60 or older - correct answer-The
right of recission for a full refund must last for at least 30 days
The premium modes - correct answer-Is the frequency of premium payment.
Concealment - correct answer-Is the withholding of information by the applicant that will
result in an imprecise underwriting decision. may void the policy
Tax sheltered annuity (tsa) - correct answer-Is a qualified plan available to employees of
certain nonprofit organizations of the internal revenue code for example employees of
public school systems.
