WV STATE LIFE INSURANCE EXAM (ACTUAL 2025)
QUESTIONS AND VERIFIED ANSWERS ALREADY
PASSED
A group-owned insurance company that is formed to assume
and spread the liability risks of its members is known as a: -
<<<Answers>>>Risk retention group
Which of the following requires insurers to disclose when an
applicant's consumer or credit history is being investigated? -
<<<Answers>>>1970-Fair Credit Reporting Act
A term life insurance policy matures: - <<<Answers>>>upon
the insured's death during the term of the policy
What type of life policy covers two people and pays upon the
death of the last insured? - <<<Answers>>>Survivorship
When is the face amount paid under a Joint Life and Survivor
policy? - <<<Answers>>>Upon the death of the last insured
Variable Whole Life Insurance can be described as: -
<<<Answers>>>Both an insurance and securities product
,All of these characteristics of an Adjustable Life policy,
EXCEPT: - <<<Answers>>>Face amount can be adjusted
using policy dividends
Term insurance has which of the following characteristics? -
<<<Answers>>>Expires at the end of the policy period
P is looking to purchase a life insurance policy that will pay a
stated monthly income to his beneficiaries for 20 years after
he dies and a lump sum of $20,000 at the end of that 20 year
period. What type of policy should P purchase? -
<<<Answers>>>Family Maintenance policy
Which of the following types of policies BEST identifies one
in which the cash value may fluctuate to reflect changing
assumptions regarding mortality cost, interest, and expense
factors? - <<<Answers>>>Universal life
A(n) ________ Life policy offers the owner investment in
products such as money-market funds, long-term bonds and
equities - <<<Answers>>>Variable
K purchased a $10,000 Life Policy that will pay the face
amount to her if she lives to age 65, or to her beneficiary if
she dies before age 65. K purchased which of the following
types of policies? - <<<Answers>>>Endowment at age 65
, What type of life policy covers 2 lives and pays the face
amount after the first one dies? - <<<Answers>>>Joint life
policy
A policy that becomes a Modified Endowment Contract
(MEC): - <<<Answers>>>Will lose many of its tax
advantages
Which provision allows the policy owner to change a term life
policy to a permanent one without providing proof of good
health? - <<<Answers>>>Conversion
Which of the following statements is CORRECT about
accelerated death benefits? - <<<Answers>>>Must have a
terminal illness to qualify
K pays on a $20,000 20-Year Endowment policy for 10 years
and dies from an automobile accident. How much will the
insurance company pay the beneficiary? -
<<<Answers>>>$20,000 death benefit
A potential client, age 40, would like to purchase a Whole
Life policy that will accumulate cash value at a faster rate in
the early years of the policy. Which of these statements made
by the producer would be correct? - <<<Answers>>>20-pay
life accumulates cash value faster than straight life
QUESTIONS AND VERIFIED ANSWERS ALREADY
PASSED
A group-owned insurance company that is formed to assume
and spread the liability risks of its members is known as a: -
<<<Answers>>>Risk retention group
Which of the following requires insurers to disclose when an
applicant's consumer or credit history is being investigated? -
<<<Answers>>>1970-Fair Credit Reporting Act
A term life insurance policy matures: - <<<Answers>>>upon
the insured's death during the term of the policy
What type of life policy covers two people and pays upon the
death of the last insured? - <<<Answers>>>Survivorship
When is the face amount paid under a Joint Life and Survivor
policy? - <<<Answers>>>Upon the death of the last insured
Variable Whole Life Insurance can be described as: -
<<<Answers>>>Both an insurance and securities product
,All of these characteristics of an Adjustable Life policy,
EXCEPT: - <<<Answers>>>Face amount can be adjusted
using policy dividends
Term insurance has which of the following characteristics? -
<<<Answers>>>Expires at the end of the policy period
P is looking to purchase a life insurance policy that will pay a
stated monthly income to his beneficiaries for 20 years after
he dies and a lump sum of $20,000 at the end of that 20 year
period. What type of policy should P purchase? -
<<<Answers>>>Family Maintenance policy
Which of the following types of policies BEST identifies one
in which the cash value may fluctuate to reflect changing
assumptions regarding mortality cost, interest, and expense
factors? - <<<Answers>>>Universal life
A(n) ________ Life policy offers the owner investment in
products such as money-market funds, long-term bonds and
equities - <<<Answers>>>Variable
K purchased a $10,000 Life Policy that will pay the face
amount to her if she lives to age 65, or to her beneficiary if
she dies before age 65. K purchased which of the following
types of policies? - <<<Answers>>>Endowment at age 65
, What type of life policy covers 2 lives and pays the face
amount after the first one dies? - <<<Answers>>>Joint life
policy
A policy that becomes a Modified Endowment Contract
(MEC): - <<<Answers>>>Will lose many of its tax
advantages
Which provision allows the policy owner to change a term life
policy to a permanent one without providing proof of good
health? - <<<Answers>>>Conversion
Which of the following statements is CORRECT about
accelerated death benefits? - <<<Answers>>>Must have a
terminal illness to qualify
K pays on a $20,000 20-Year Endowment policy for 10 years
and dies from an automobile accident. How much will the
insurance company pay the beneficiary? -
<<<Answers>>>$20,000 death benefit
A potential client, age 40, would like to purchase a Whole
Life policy that will accumulate cash value at a faster rate in
the early years of the policy. Which of these statements made
by the producer would be correct? - <<<Answers>>>20-pay
life accumulates cash value faster than straight life
