LIFE INSURANCE PRACTICE EXAM

LIFE INSURANCE PRACTICE EXAM Insurable Receipt The reciept given to a life insurance applicant when the application is completed and the initial premium is received is called a(n) Representations Statements in the application for insurance that are believed to be true to the best of the applicants knowledge are Provide the annuitant with an interest rate that is lesser of the guaranteed or current rate An annuity is considered fixed when it does all of the following EXCEPT Continuous Premium (straight) life The most common type of whole life insurance where premiums are payable over the whole life of the insured to age 100 is called. Entire contract The policy and a copy of the application, along with any riders and amendments, is called the Not taxable Money borrowed from the policy's cash value is All annuities (Variable, Deferreed & Equity Indexed) Which of the following annuity products requires an agent to hold a securities license? Life income annuity Which type of annuity settlement stops when the annuitant dies? 59 1/2 At what age can a participant receive distributions from a qualified plan without incurring a 10% penalty