TENNESSEE LIFE INSURANCE EXAM
QUESTIONS AND ANSWERS GRADED A+
2025/2026
ABC Insurance Company has accepted a life insurance application which contains unanswered
questions. The company then makes the application part of the life contract. In this situation,
the insurer has - ANS waived one of its legal rights
The USA Patriot Act was enacted in: - ANS 2001
The amount of coverage on a group credit life policy is limited to: - ANS the insured's total
loan value
An architecture firm would stand to lose a lot of money in the event of the death of its project
manager. Which type of policy should the firm purchase on its project manager? - ANS key
person life policy
Which policy requires an agent to register with the National Association of Securities Dealers
(NASD) before selling? - ANS Variable Life
A primary beneficiary has died before the insured in a life insurance policy. A contingent
beneficiary is also named in the policy. Which of the following will occur when the insured dies?
- ANS Proceeds will go to the contingent beneficiary
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
, A business entity can be defined as an: - ANS association or a limited liability company
K has inherited a large sum of money. K purchases an annuity with this sum on July 1, and starts
receiving payments August 1. These payments will continue for as long as she and her spouse
lives. Which type of annuity did K purchase? - ANS Single Premium Immediate Joint with
survivor Annuity
What action should a producer take if the initial premium is NOT submitted with the
application? - ANS Forward the application to the insurer without the initial premium
K is the insured and P is the sole beneficiary on a life insurance policy. Both are involved in a
fatal accident where K dies before P. Under the Common Disaster provision, which of these
statements is true? - ANS Proceeds will be payable to K's estate if P dies within a specific time
The combination of Whole Life and____________ Term insurance is referred to as a Family
Income Policy - ANS Decreasing
How Long does an individual have to "rollover" funds from an IRA or qualified plan? - ANS 60
Days
A producer MUST leave a buyer's guide with an applicant for which type of policy? -
ANS Universal Life Insurance
All of these are considered sources of underwriting information about an applicant EXCEPT -
ANS Rating Services
What kind of life insurance policy pays a specified monthly income to a beneficiary for 30 years
and then pays a lump sum benefit at the end of that 30 years? - ANS Family Maintenance
Policy
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
QUESTIONS AND ANSWERS GRADED A+
2025/2026
ABC Insurance Company has accepted a life insurance application which contains unanswered
questions. The company then makes the application part of the life contract. In this situation,
the insurer has - ANS waived one of its legal rights
The USA Patriot Act was enacted in: - ANS 2001
The amount of coverage on a group credit life policy is limited to: - ANS the insured's total
loan value
An architecture firm would stand to lose a lot of money in the event of the death of its project
manager. Which type of policy should the firm purchase on its project manager? - ANS key
person life policy
Which policy requires an agent to register with the National Association of Securities Dealers
(NASD) before selling? - ANS Variable Life
A primary beneficiary has died before the insured in a life insurance policy. A contingent
beneficiary is also named in the policy. Which of the following will occur when the insured dies?
- ANS Proceeds will go to the contingent beneficiary
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
, A business entity can be defined as an: - ANS association or a limited liability company
K has inherited a large sum of money. K purchases an annuity with this sum on July 1, and starts
receiving payments August 1. These payments will continue for as long as she and her spouse
lives. Which type of annuity did K purchase? - ANS Single Premium Immediate Joint with
survivor Annuity
What action should a producer take if the initial premium is NOT submitted with the
application? - ANS Forward the application to the insurer without the initial premium
K is the insured and P is the sole beneficiary on a life insurance policy. Both are involved in a
fatal accident where K dies before P. Under the Common Disaster provision, which of these
statements is true? - ANS Proceeds will be payable to K's estate if P dies within a specific time
The combination of Whole Life and____________ Term insurance is referred to as a Family
Income Policy - ANS Decreasing
How Long does an individual have to "rollover" funds from an IRA or qualified plan? - ANS 60
Days
A producer MUST leave a buyer's guide with an applicant for which type of policy? -
ANS Universal Life Insurance
All of these are considered sources of underwriting information about an applicant EXCEPT -
ANS Rating Services
What kind of life insurance policy pays a specified monthly income to a beneficiary for 30 years
and then pays a lump sum benefit at the end of that 30 years? - ANS Family Maintenance
Policy
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
