PA Life Insurance License Exam
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1. an immediate annuity has been purchased with a sin- 1 month
gle premium. when does the annuitant typically begin
receiving benefit payments?
2. An insurer will accept a premium from the insured and Grace period
continue the coverage in full force as though it was The grace period is the
NOT late during which time period? amount of time an insurer
continues coverage in full
Incontestable period force and will accept the
premium from the insured
Probation period
as though it was NOT late.
Reinstatement period
Grace period
3. A little insurance producer licensed in the common- Solicit, Receive and for-
wealth of PA is authorized to ward applications to insur-
ers
4. Upon policy delivery, which of the following must a A good health statement
producer have an applicant sign if no initial premium
was collected with the life insurance application?
5. Which contract element is insurable interest a compo- legal purpose
nent of?
6. All of these are common exclusions to a life insurance accidental death
policy EXCEPT
7. An insurer's ability to make unpredictable payouts to liquidity
policyowners is called
8.
, PA Life Insurance License Exam
Study online at https://quizlet.com/_9i24l9
A policy owner may exercise which of these dividend Reduction of Premium
options that uses the dividend to pay all or part of the Dividend Option
next premium due
9. when collecting insurance premiums from a client, a forward premiums to the
producer must insurer on a timely basis
10. Jonas is a whole life insurance policyowner and would Child term rider
like to add coverage for his two children. Which of
the following products would allow him to accomplish
this?
11. Shirley has a $500,000 10-year non-renewable level nothing
term life policy. If she dies 15 years after the policy's
inception date, how much will her beneficiary receive?
12. A resident produces license requires each of the fol- Insurers appointment
lowing EXCEPT
13. What is the automatic continuance of insurance cover- renewal
age referred to act
14. Julie has a $100,000 30-year mortgage on her new Decreasing term insur-
home. What type of life insurance could she purchase ance
that is designed to pay off the loan balance if she dies
within the 30-year period?
15. Under a Modified Endowment Contract, what are the Pre-death distributions
likely tax consequences? will become taxable
16. which of the following protects a policy owner from a Incontestable Clause
misrepresentation caused by an innocent mistake
17.
Study online at https://quizlet.com/_9i24l9
1. an immediate annuity has been purchased with a sin- 1 month
gle premium. when does the annuitant typically begin
receiving benefit payments?
2. An insurer will accept a premium from the insured and Grace period
continue the coverage in full force as though it was The grace period is the
NOT late during which time period? amount of time an insurer
continues coverage in full
Incontestable period force and will accept the
premium from the insured
Probation period
as though it was NOT late.
Reinstatement period
Grace period
3. A little insurance producer licensed in the common- Solicit, Receive and for-
wealth of PA is authorized to ward applications to insur-
ers
4. Upon policy delivery, which of the following must a A good health statement
producer have an applicant sign if no initial premium
was collected with the life insurance application?
5. Which contract element is insurable interest a compo- legal purpose
nent of?
6. All of these are common exclusions to a life insurance accidental death
policy EXCEPT
7. An insurer's ability to make unpredictable payouts to liquidity
policyowners is called
8.
, PA Life Insurance License Exam
Study online at https://quizlet.com/_9i24l9
A policy owner may exercise which of these dividend Reduction of Premium
options that uses the dividend to pay all or part of the Dividend Option
next premium due
9. when collecting insurance premiums from a client, a forward premiums to the
producer must insurer on a timely basis
10. Jonas is a whole life insurance policyowner and would Child term rider
like to add coverage for his two children. Which of
the following products would allow him to accomplish
this?
11. Shirley has a $500,000 10-year non-renewable level nothing
term life policy. If she dies 15 years after the policy's
inception date, how much will her beneficiary receive?
12. A resident produces license requires each of the fol- Insurers appointment
lowing EXCEPT
13. What is the automatic continuance of insurance cover- renewal
age referred to act
14. Julie has a $100,000 30-year mortgage on her new Decreasing term insur-
home. What type of life insurance could she purchase ance
that is designed to pay off the loan balance if she dies
within the 30-year period?
15. Under a Modified Endowment Contract, what are the Pre-death distributions
likely tax consequences? will become taxable
16. which of the following protects a policy owner from a Incontestable Clause
misrepresentation caused by an innocent mistake
17.
