Pearson Vue Insurance Practice Exam
Question and answers, 100% Accurate.
Rated A+
Under the social security retirement benefits, all of the following factors will influence how much a
retiring individual will receive as a monthly income benefit except the individual's - ✔✔-Sex
In life insurance, insurance interest must exist at the time the - ✔✔-Producer writes an application on a
proposed insured
Which of the following statements is NOT correct about representations? - ✔✔-They are true in every
respect
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? - ✔✔-The insured's signed statement of continued good health
Which of the following retirement plans is tax-qualified? - ✔✔-Defined contribution
Which of the following statements is correct about the paid-up additions in a participating whole life
policy? - ✔✔-They are purchased on an attained age basis
The right to change a beneficiary designation is reserved for the: - ✔✔-Policyowner
Which of the following provisions in a life policy specifies the manner in which proceeds will be paid to a
beneficiary on the death of the insured? - ✔✔-Settlement options
Two business partners own life insurance on each other. If one partner dies, which of the following
contracts will allow the other partner to buy 100 percent of the business interest? - ✔✔-buy-sell
agreement
, The waiver of premium provision of a life policy allows the insurer to take which of the following
actions? - ✔✔-waive an insured's premiums if the insured becomes totally disabled before a certian age
A life insurance application is incomplete if it is missing the signature of which of the following? - ✔✔-
The proposed adult insured
Which of the following statements is correct about group life conversion privileges? - ✔✔-Death during
the conversion period is covered if the departing employee chose not to conver the policy.
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? - ✔✔-Family income rider
A policyowner names his wife as the primary beneficiary of his Universal Life policy on a revocable basis.
He also names his three children as his secondary beneficiaries and his estate as his tertiary beneficiary.
If the policyowner's wife predeceases him, and then he dies, who will receive the policy proceeds? -
✔✔-children
A contract that has as its basic function the systematic liquidation of accumulated assets through
periodic payments is called an - ✔✔-annuity
All of the following policies may be examples of third party ownership except - ✔✔-Modified Life
Group Life
Split-dollar Life
Key Employee Life
Answer: Modified Life
Which of the following group life plan requires at least 75 percent of the eligible members to
participate? - ✔✔-Contributory
Question and answers, 100% Accurate.
Rated A+
Under the social security retirement benefits, all of the following factors will influence how much a
retiring individual will receive as a monthly income benefit except the individual's - ✔✔-Sex
In life insurance, insurance interest must exist at the time the - ✔✔-Producer writes an application on a
proposed insured
Which of the following statements is NOT correct about representations? - ✔✔-They are true in every
respect
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? - ✔✔-The insured's signed statement of continued good health
Which of the following retirement plans is tax-qualified? - ✔✔-Defined contribution
Which of the following statements is correct about the paid-up additions in a participating whole life
policy? - ✔✔-They are purchased on an attained age basis
The right to change a beneficiary designation is reserved for the: - ✔✔-Policyowner
Which of the following provisions in a life policy specifies the manner in which proceeds will be paid to a
beneficiary on the death of the insured? - ✔✔-Settlement options
Two business partners own life insurance on each other. If one partner dies, which of the following
contracts will allow the other partner to buy 100 percent of the business interest? - ✔✔-buy-sell
agreement
, The waiver of premium provision of a life policy allows the insurer to take which of the following
actions? - ✔✔-waive an insured's premiums if the insured becomes totally disabled before a certian age
A life insurance application is incomplete if it is missing the signature of which of the following? - ✔✔-
The proposed adult insured
Which of the following statements is correct about group life conversion privileges? - ✔✔-Death during
the conversion period is covered if the departing employee chose not to conver the policy.
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? - ✔✔-Family income rider
A policyowner names his wife as the primary beneficiary of his Universal Life policy on a revocable basis.
He also names his three children as his secondary beneficiaries and his estate as his tertiary beneficiary.
If the policyowner's wife predeceases him, and then he dies, who will receive the policy proceeds? -
✔✔-children
A contract that has as its basic function the systematic liquidation of accumulated assets through
periodic payments is called an - ✔✔-annuity
All of the following policies may be examples of third party ownership except - ✔✔-Modified Life
Group Life
Split-dollar Life
Key Employee Life
Answer: Modified Life
Which of the following group life plan requires at least 75 percent of the eligible members to
participate? - ✔✔-Contributory
