Pearson Vue Life Insurance Practice Exam 2023|| ACTUAL TEST||A+ GRADED||100%
VERIFIED ANSWERS!!!
P wants to name her husband as the beneficiary of her life policy. However, she wishes to retain
all of the rights of ownership. P should have her husband named as the:
A.irrevocable beneficiary
B.revocable beneficiary
C.secondary beneficiary - (ANSWERS)B
A contract that has as its basic function the systematic liquidation of accumulated assets
through periodic payments is called an:
A.indemnity contract
B.investment contract
C.endowment
D.annuity - (ANSWERS)D
An insurance producer takes an application for a life insurance policy but does not collect the
initial premium. On delivery of the policy to the proposed insured, the producer must collect
the initial premium and which of the following?
A.A copy of the MIB report
B.The insured's signed statement of continued good health
C.A copy of the conditional receipt
D.A copy of the temporary insurance agreement that covered the period between the
application date and the delivery date. - (ANSWERS)B
An employer can deduct premium payments as an ordinary business expense for which of the
following life coverages?
A.Buy and Sell Agreements
B.Group
C.Key Employee
D.Joint Life, if the business is named as the beneficiary - (ANSWERS)B
A producer takes applications from identical twins who want to buy the same type of policy in
the same amount. The insurer issues the policies as applied for, but charges a 25 percent higher
, Pearson Vue Life Insurance Practice Exam 2023|| ACTUAL TEST||A+ GRADED||100%
VERIFIED ANSWERS!!!
premium for one of the policies. The difference in premiums is probably due to which of the
following factors?
A.Incontestability
B.Insurable interest
C.Consideration
D.Risk classification - (ANSWERS)D
In the event of an insured's death, which of the following provides an income for the family
during a designated period of time followed by a lump sum death benefit?
A.Family Income rider
B.Survivorship Life policy
C.Joint Life policy
D.Modified Life policy - (ANSWERS)A
Which of the following statements is CORRECT about Group Life conversion privileges?
A.Under the COBRA law, a departing employee may elect to remain a member of the Group Life
plan for a limited period of time.
B.Death during the conversion period is covered even if the departing employee chose not to
convert the policy.
C.A departing employee must individually pay the premium if the employee elects to be covered
during the conversion period.
D.If a departing employee elects to convert a life insurance policy, the insurer must offer Term
insurance as one of the choices. - (ANSWERS)B
Which of the following policies is an interest-sensitive form of permanent protection?
A.Universal Life
B.Limited-Pay Life
C.Graded Premium Whole Life
D.Modified Whole Life - (ANSWERS)A
VERIFIED ANSWERS!!!
P wants to name her husband as the beneficiary of her life policy. However, she wishes to retain
all of the rights of ownership. P should have her husband named as the:
A.irrevocable beneficiary
B.revocable beneficiary
C.secondary beneficiary - (ANSWERS)B
A contract that has as its basic function the systematic liquidation of accumulated assets
through periodic payments is called an:
A.indemnity contract
B.investment contract
C.endowment
D.annuity - (ANSWERS)D
An insurance producer takes an application for a life insurance policy but does not collect the
initial premium. On delivery of the policy to the proposed insured, the producer must collect
the initial premium and which of the following?
A.A copy of the MIB report
B.The insured's signed statement of continued good health
C.A copy of the conditional receipt
D.A copy of the temporary insurance agreement that covered the period between the
application date and the delivery date. - (ANSWERS)B
An employer can deduct premium payments as an ordinary business expense for which of the
following life coverages?
A.Buy and Sell Agreements
B.Group
C.Key Employee
D.Joint Life, if the business is named as the beneficiary - (ANSWERS)B
A producer takes applications from identical twins who want to buy the same type of policy in
the same amount. The insurer issues the policies as applied for, but charges a 25 percent higher
, Pearson Vue Life Insurance Practice Exam 2023|| ACTUAL TEST||A+ GRADED||100%
VERIFIED ANSWERS!!!
premium for one of the policies. The difference in premiums is probably due to which of the
following factors?
A.Incontestability
B.Insurable interest
C.Consideration
D.Risk classification - (ANSWERS)D
In the event of an insured's death, which of the following provides an income for the family
during a designated period of time followed by a lump sum death benefit?
A.Family Income rider
B.Survivorship Life policy
C.Joint Life policy
D.Modified Life policy - (ANSWERS)A
Which of the following statements is CORRECT about Group Life conversion privileges?
A.Under the COBRA law, a departing employee may elect to remain a member of the Group Life
plan for a limited period of time.
B.Death during the conversion period is covered even if the departing employee chose not to
convert the policy.
C.A departing employee must individually pay the premium if the employee elects to be covered
during the conversion period.
D.If a departing employee elects to convert a life insurance policy, the insurer must offer Term
insurance as one of the choices. - (ANSWERS)B
Which of the following policies is an interest-sensitive form of permanent protection?
A.Universal Life
B.Limited-Pay Life
C.Graded Premium Whole Life
D.Modified Whole Life - (ANSWERS)A
