WV STATE LIFE INSURANCE EXAM | COMPLETE QUESTIONS AND ANSWERS | 2025/2026
LATEST UPDATE | ALREADY GRADED A+
Which of the following factors affects the amount of monthly disability benefits payable under
social security? the amount of the benefits available from other sources
One becomes eligible for Social Security disability benefits after having been disabled for: 5
months
Which of the following does social security NOT provide benefits for? Dismemberment
What determines the full amount of social security retirement benefits a qualified individual is
entitled to receive? Primary Insurance Amount (PIA)
In a qualified retirement plan, the yearly contributions to an employee's account: Are
restricted to maximum levels set by the IRS
An IRA owner can start making withdrawals and NOT be subjected to a tax penalty beginning at
what age? 59 1/2
Traditional Individual Retirement Account (IRA) distributions must start by: April 1st of the
year following the year the participant attains age 70 1/2
Premature IRA distributions are assessed a penalty tax of: 10%
What is being delivered during a policy delivery? Insurance contract to the proposed insured
,In order for coverage on a non-medical insurance application to take effect the same day, the
producer must collect a signed application and the initial premium
When an insurance application is taken by a producer, which of these statements is true?
Any changes made on the application require the applicant's initials
An underwriter determines that an applicant's risk should be recategorized due to a health
issue. This policy may be issued with a(n): Exclusion for the medical condition
An applicant's medical information received from the Medical Information Bureau (MIB) may be
furnished to the: Applicant's physician
Under the USA Patriot Act, insurers are required to report receipt of cash payments in excess of:
$10,000
A student pilot can pay regular premium costs for her life insurance policy with the addition of
which of the following? Aviation exclusion
A Medical Information Report (MIB) report may disclose which of the following: Prior use of
marijuana
Why is an applicant's signature required on a health insurance application? To attest that the
statements on the application are accurate to the best of the applicant's knowledge
Which of the following statements about noncontributory employee group life insurance is
FALSE? A minimum number of employees is required to participate
, When a policy owner cash surrenders a Universal Life insurance policy in it's early years, this
may be considered a red flag for a(n): Anti-Money laundering violation
A person who is insured within a group contract will be given a certificate
An employee with $25,000 group term life coverage was recently fired. This employee's group
coverage may be converted to a $25,000 individual whole life policy
S, while in the process of converting her group life insurance to an individual policy, dies. What
happens to the claim her beneficiary submits? Full benefits are payable under the master
contract
An employee of 20 years recently retired at age 59 1/2. This employee's group life contract can
be: Converted to an individual permanent policy at an individual rate
A noncontributory group term life plan is characterized by: The entire cost of the plan is paid
for by the employer
When an employee is terminated, which statement about a group term life conversion is true?
Policy proceeds will be paid if the employee dies during the conversion period
Group life insurance policies are generally written as: Annually renewable term
Which requirement must be met for an association to be eligible for a group life plan? Group
was formed for a purpose other than acquiring insurance
Which of the following is an important underwriting principle of group life insurance?
Everyone must be covered in the group
LATEST UPDATE | ALREADY GRADED A+
Which of the following factors affects the amount of monthly disability benefits payable under
social security? the amount of the benefits available from other sources
One becomes eligible for Social Security disability benefits after having been disabled for: 5
months
Which of the following does social security NOT provide benefits for? Dismemberment
What determines the full amount of social security retirement benefits a qualified individual is
entitled to receive? Primary Insurance Amount (PIA)
In a qualified retirement plan, the yearly contributions to an employee's account: Are
restricted to maximum levels set by the IRS
An IRA owner can start making withdrawals and NOT be subjected to a tax penalty beginning at
what age? 59 1/2
Traditional Individual Retirement Account (IRA) distributions must start by: April 1st of the
year following the year the participant attains age 70 1/2
Premature IRA distributions are assessed a penalty tax of: 10%
What is being delivered during a policy delivery? Insurance contract to the proposed insured
,In order for coverage on a non-medical insurance application to take effect the same day, the
producer must collect a signed application and the initial premium
When an insurance application is taken by a producer, which of these statements is true?
Any changes made on the application require the applicant's initials
An underwriter determines that an applicant's risk should be recategorized due to a health
issue. This policy may be issued with a(n): Exclusion for the medical condition
An applicant's medical information received from the Medical Information Bureau (MIB) may be
furnished to the: Applicant's physician
Under the USA Patriot Act, insurers are required to report receipt of cash payments in excess of:
$10,000
A student pilot can pay regular premium costs for her life insurance policy with the addition of
which of the following? Aviation exclusion
A Medical Information Report (MIB) report may disclose which of the following: Prior use of
marijuana
Why is an applicant's signature required on a health insurance application? To attest that the
statements on the application are accurate to the best of the applicant's knowledge
Which of the following statements about noncontributory employee group life insurance is
FALSE? A minimum number of employees is required to participate
, When a policy owner cash surrenders a Universal Life insurance policy in it's early years, this
may be considered a red flag for a(n): Anti-Money laundering violation
A person who is insured within a group contract will be given a certificate
An employee with $25,000 group term life coverage was recently fired. This employee's group
coverage may be converted to a $25,000 individual whole life policy
S, while in the process of converting her group life insurance to an individual policy, dies. What
happens to the claim her beneficiary submits? Full benefits are payable under the master
contract
An employee of 20 years recently retired at age 59 1/2. This employee's group life contract can
be: Converted to an individual permanent policy at an individual rate
A noncontributory group term life plan is characterized by: The entire cost of the plan is paid
for by the employer
When an employee is terminated, which statement about a group term life conversion is true?
Policy proceeds will be paid if the employee dies during the conversion period
Group life insurance policies are generally written as: Annually renewable term
Which requirement must be met for an association to be eligible for a group life plan? Group
was formed for a purpose other than acquiring insurance
Which of the following is an important underwriting principle of group life insurance?
Everyone must be covered in the group
