Illinois Life Insurance Exam comprehensive
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Terms in this set (161)
NOT an insurer but rather a syndicate of individuals
Lloyd's of London
and companies that underwrite insurance.
This law made it clear that the states' continued
regulation of insurance was in the public's best
1945 McCarran and
interest. However, it also made possible the
Ferguson Act
application of federal antitrust laws to the extent that
[the insurance business] is not regulated by state law.
Requires fair and accurate reporting of information
about consumers, including applications for insurance.
1970 Fair Credit Reporting
Insurers must inform applicants about any
Act
investigations that are being made upon completion
of the application.
Which type of annuity Life annuity certain
guarantees a stated
number of income
payments, whether or not
the annuitant is still alive
to receive them?
,Which type of rider will Payor Benefit
waive the premium on a
child's life insurance policy
if the parent paying the
premium dies?
Which of the following Industrial Life
types of insurance may a
limited lines producer
sell?
endowment
disability
industrial life
whole life
An employee under a Convert to an individual policy in the event of
group insurance policy employment termination
has the right to name a
beneficiary and the right
to
When a producer submits Name and signature
an insurance application,
the application is
REQUIRED to contain the
producer's:
home address
social security number
sales commission rate
name and signature
,When calculating the The family's financial objectives if the income earner
amount of life insurance were to die or become disabled
needed for an income
earner, what has to be
determined when using
the Needs Approach?
- The family's financial
objectives if the income
earner were to die or
become disabled
- The income earner's
credit score
- The insurance company's
financial rating
- The income earner's
future projected income
The conversion privilege individual plan upon employment termination
under a group life plan
allows an employee to
convert to a(n)
An interest-sensitive life Partial surrender
insurance policyowner
may be able to withdraw
the policy's cash value
interest free. The provision
that allows this is called
- partial surrender
- accelerated death
benefit
- subrogation
- automatic premium loan
, Which of these riders will family term insurance rider
pay a death benefit if the
insured's spouse dies? A family term insurance rider provides a death benefit
if the spouse of the insured dies.
-family term insurance
rider
-guaranteed insurability
rider
-family whole insurance
rider
-payor benefit rider
In what part of an Declarations
insurance policy are
policy benefits found?
-conditions
-entire contract
-waivers
-declarations
A life insurance rider that Guaranteed insurability rider
allows an individual to
purchase insurance as
they grow older,
regardless of insurability, is
called a(n)
-cost of living rider
-guaranteed term rider
-guaranteed insurability
rider
-accelerated benefit rider
questions | FREQUENTLY MOST TESTED
QUESTIONS AND VERIFIED SOLUTIONS/GET IT
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Save
Terms in this set (161)
NOT an insurer but rather a syndicate of individuals
Lloyd's of London
and companies that underwrite insurance.
This law made it clear that the states' continued
regulation of insurance was in the public's best
1945 McCarran and
interest. However, it also made possible the
Ferguson Act
application of federal antitrust laws to the extent that
[the insurance business] is not regulated by state law.
Requires fair and accurate reporting of information
about consumers, including applications for insurance.
1970 Fair Credit Reporting
Insurers must inform applicants about any
Act
investigations that are being made upon completion
of the application.
Which type of annuity Life annuity certain
guarantees a stated
number of income
payments, whether or not
the annuitant is still alive
to receive them?
,Which type of rider will Payor Benefit
waive the premium on a
child's life insurance policy
if the parent paying the
premium dies?
Which of the following Industrial Life
types of insurance may a
limited lines producer
sell?
endowment
disability
industrial life
whole life
An employee under a Convert to an individual policy in the event of
group insurance policy employment termination
has the right to name a
beneficiary and the right
to
When a producer submits Name and signature
an insurance application,
the application is
REQUIRED to contain the
producer's:
home address
social security number
sales commission rate
name and signature
,When calculating the The family's financial objectives if the income earner
amount of life insurance were to die or become disabled
needed for an income
earner, what has to be
determined when using
the Needs Approach?
- The family's financial
objectives if the income
earner were to die or
become disabled
- The income earner's
credit score
- The insurance company's
financial rating
- The income earner's
future projected income
The conversion privilege individual plan upon employment termination
under a group life plan
allows an employee to
convert to a(n)
An interest-sensitive life Partial surrender
insurance policyowner
may be able to withdraw
the policy's cash value
interest free. The provision
that allows this is called
- partial surrender
- accelerated death
benefit
- subrogation
- automatic premium loan
, Which of these riders will family term insurance rider
pay a death benefit if the
insured's spouse dies? A family term insurance rider provides a death benefit
if the spouse of the insured dies.
-family term insurance
rider
-guaranteed insurability
rider
-family whole insurance
rider
-payor benefit rider
In what part of an Declarations
insurance policy are
policy benefits found?
-conditions
-entire contract
-waivers
-declarations
A life insurance rider that Guaranteed insurability rider
allows an individual to
purchase insurance as
they grow older,
regardless of insurability, is
called a(n)
-cost of living rider
-guaranteed term rider
-guaranteed insurability
rider
-accelerated benefit rider
