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5.0
CO LIFE INSURANCE EXAM-EXAMFX QUESTIONS
WITH DETAILED VERIFIED ANSWERS (100% CORRECT
ANSWERS) /ALREADY GRADED A+
Q: In order for an insurer to legally transact insurance it must obtain
which of the following?
A. Power of Authority
B. Director's Decree
C. Authorization of Power
D. Certificate of Authority
Ans: D
Q: In forming an Insurance Contract, when does acceptance usually
occur?
A. When an insurer receives an application
B. When an insured submits an application
C. When an insurer's underwriter approves coverage
D. When an insurer delivers the policy
Ans: C
Q: Which of the following is a statement, guaranteed to be true and if
untrue, may breach an insurance contract?
A. Warranty
,B. Concealment
C. Indemnity
D. Representation
Ans: A
Q: Which of the following is the basic source of information used by the
company in the risk selection process?
A. Application
B. Agent's Report
C. Warranty
D. Consumer Report
Ans: A
Q: If an agent fails to obtain an applicant's signature on the
application, the agent must
A. Send the application to the insurer with a note explaining the
absence of signature
B. Return the application to the applicant for a signature
C. Sign the application for the applicant
D. Sign the application, stating it was by the agent
Ans: B
Examstudy - Stuvia US
, Q: Which of the following is NOT one of the 3 basic types of coverage
that are available, based on how the face amount changes during the
policy term?
A. Level
B. Increasing
C. Renewable
D. Decreasing
Ans: C
Q: A man decided to purchase a $100,000 Annually Renewable Term
Life Policy to provide additional protection until his children finished
college. He discovered that his policy
A. Required Proof of Insurability every year
B. Decreased Death Benefit at each renewal
C. Required Premium Increase each renewal
D. Built Cash Values
Ans: C
Q: Which of the following best describes annually renewable term
insurance?
A. It provides an annually increasing death benefit.
B. It is level term insurance
Examstudy - Stuvia US
In today's fast-paced educational landscape, students need reliable resources to excel in their studies.
5.0
CO LIFE INSURANCE EXAM-EXAMFX QUESTIONS
WITH DETAILED VERIFIED ANSWERS (100% CORRECT
ANSWERS) /ALREADY GRADED A+
Q: In order for an insurer to legally transact insurance it must obtain
which of the following?
A. Power of Authority
B. Director's Decree
C. Authorization of Power
D. Certificate of Authority
Ans: D
Q: In forming an Insurance Contract, when does acceptance usually
occur?
A. When an insurer receives an application
B. When an insured submits an application
C. When an insurer's underwriter approves coverage
D. When an insurer delivers the policy
Ans: C
Q: Which of the following is a statement, guaranteed to be true and if
untrue, may breach an insurance contract?
A. Warranty
,B. Concealment
C. Indemnity
D. Representation
Ans: A
Q: Which of the following is the basic source of information used by the
company in the risk selection process?
A. Application
B. Agent's Report
C. Warranty
D. Consumer Report
Ans: A
Q: If an agent fails to obtain an applicant's signature on the
application, the agent must
A. Send the application to the insurer with a note explaining the
absence of signature
B. Return the application to the applicant for a signature
C. Sign the application for the applicant
D. Sign the application, stating it was by the agent
Ans: B
Examstudy - Stuvia US
, Q: Which of the following is NOT one of the 3 basic types of coverage
that are available, based on how the face amount changes during the
policy term?
A. Level
B. Increasing
C. Renewable
D. Decreasing
Ans: C
Q: A man decided to purchase a $100,000 Annually Renewable Term
Life Policy to provide additional protection until his children finished
college. He discovered that his policy
A. Required Proof of Insurability every year
B. Decreased Death Benefit at each renewal
C. Required Premium Increase each renewal
D. Built Cash Values
Ans: C
Q: Which of the following best describes annually renewable term
insurance?
A. It provides an annually increasing death benefit.
B. It is level term insurance
Examstudy - Stuvia US
