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RHODE ISLAND INSURANCE PRACTICE TEST
QUESTIONS & VERIFIED SOLUTIONS
A term life rider offer the insured-correct-answer-Additional coverage
The Department of business regulations may revoke a producer's license for each
of the following offenses except-correct-answer-Violating an insurer's internal
control requirements
The agreement in a life insurance contract that states a specific sum of money will
be paid to a designated person upon an insured's death is called a-correct-
answer-insuring agreement
Which of the following statements is a producer Not permitted to say-correct-
answer-If my company fails to pay a claim, the guaranty Association will pay
A producer has influenced an existing policy owner to convert an existing whole-
life policy to reduced Paid-up insurance. The producer then sells the policy owner
a new universal life policy. This transaction is called an-correct-answer-
Replacement `
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which of these is an element of a Variable life policy?-correct-answer-A fixed level
premium
Which provision prevents an insurer from changing the terms of the contract with
the policyowner by referring to documents not found within the policy itself-
correct-answer-Entire Contract provision
An applicant's medical information received from the medical information Bureau
(MIB) may be furnished to the-correct-answer-Applicant's physician
Insurance policies are considered aleatory contracts because-correct-answer-
Performance is conditioned upon a future occurrence
In the event that an insured's premium is not paid by the due date, the result will
be?-correct-answer-Coverage will continue for not more than a maximum of 31
days, beyond which time the policy will lapse
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Which of the following life insurance policies combine term insurance with an
investment element?-correct-answer-Universal Life
Whose life is covered on a life insurance policy that contains a payor benefit
clause-correct-answer-Child
Under a Graded Premium Whole Life policy,-correct-answer-The premium
increases each year during the early years of the contract and remains the same
after that time.
Under a Renewable Term policy,-correct-answer-The renewal premium is
calculated on the basis of the insured's attained age
What type of life policy covers two people and pays upon the death of the last
insured?-correct-answer-Survivorship
Variable life products require a producer to-correct-answer-Hold a life insurance
license and a securities license
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A(n) _____ rider may be used to include coverage for children under their parents'
life insurance policy.-correct-answer-term
what is being delivered during a policy delivery?-correct-answer-Insurance
contract to the proposed insured
The consideration clause of an insurance contract includes-correct-answer-The
schedule and amount of premium payments
Viatical settlement death benefit proceeds are payable to the-correct-answer-
Current beneficiary
All individuals covered under a group contract will receive a(n)-correct-answer-
Certificate
The annuity that represents the largest possible monthly payment to an individual
annuitant is a(n):-correct-answer-Straight life annuity
L takes out a life insurance policy and dies 10 years later. During the claim process,
the insurer discovers that L had understated her age on the application. Under the
RHODE ISLAND INSURANCE PRACTICE TEST
QUESTIONS & VERIFIED SOLUTIONS
A term life rider offer the insured-correct-answer-Additional coverage
The Department of business regulations may revoke a producer's license for each
of the following offenses except-correct-answer-Violating an insurer's internal
control requirements
The agreement in a life insurance contract that states a specific sum of money will
be paid to a designated person upon an insured's death is called a-correct-
answer-insuring agreement
Which of the following statements is a producer Not permitted to say-correct-
answer-If my company fails to pay a claim, the guaranty Association will pay
A producer has influenced an existing policy owner to convert an existing whole-
life policy to reduced Paid-up insurance. The producer then sells the policy owner
a new universal life policy. This transaction is called an-correct-answer-
Replacement `
,2|Page
which of these is an element of a Variable life policy?-correct-answer-A fixed level
premium
Which provision prevents an insurer from changing the terms of the contract with
the policyowner by referring to documents not found within the policy itself-
correct-answer-Entire Contract provision
An applicant's medical information received from the medical information Bureau
(MIB) may be furnished to the-correct-answer-Applicant's physician
Insurance policies are considered aleatory contracts because-correct-answer-
Performance is conditioned upon a future occurrence
In the event that an insured's premium is not paid by the due date, the result will
be?-correct-answer-Coverage will continue for not more than a maximum of 31
days, beyond which time the policy will lapse
,3|Page
Which of the following life insurance policies combine term insurance with an
investment element?-correct-answer-Universal Life
Whose life is covered on a life insurance policy that contains a payor benefit
clause-correct-answer-Child
Under a Graded Premium Whole Life policy,-correct-answer-The premium
increases each year during the early years of the contract and remains the same
after that time.
Under a Renewable Term policy,-correct-answer-The renewal premium is
calculated on the basis of the insured's attained age
What type of life policy covers two people and pays upon the death of the last
insured?-correct-answer-Survivorship
Variable life products require a producer to-correct-answer-Hold a life insurance
license and a securities license
, 4|Page
A(n) _____ rider may be used to include coverage for children under their parents'
life insurance policy.-correct-answer-term
what is being delivered during a policy delivery?-correct-answer-Insurance
contract to the proposed insured
The consideration clause of an insurance contract includes-correct-answer-The
schedule and amount of premium payments
Viatical settlement death benefit proceeds are payable to the-correct-answer-
Current beneficiary
All individuals covered under a group contract will receive a(n)-correct-answer-
Certificate
The annuity that represents the largest possible monthly payment to an individual
annuitant is a(n):-correct-answer-Straight life annuity
L takes out a life insurance policy and dies 10 years later. During the claim process,
the insurer discovers that L had understated her age on the application. Under the
