RHODE ISLAND INSURANCE PRACTICE TEST QUESTIONS WITH CORRECT ANSWERS

RHODE ISLAND INSURANCE
PRACTICE TEST QUESTIONS WITH
CORRECT ANSWERS
AStermSlifeSriderSofferStheSinsuredS-SCORRECTSANSWERS-AdditionalScoverage



TheSDepartmentSofSbusinessSregulationsSmaySrevokeSaSproducer'sSlicenseSforSeachSofStheSfollowin
gSoffensesSexceptS-SCORRECTSANSWERS-ViolatingSanSinsurer'sSinternalScontrolSrequirements



TheSagreementSinSaSlifeSinsuranceScontractSthatSstatesSaSspecificSsumSofSmoneySwillSbeSpaidStoSaSde
signatedSpersonSuponSanSinsured'sSdeathSisScalledSaS-SCORRECTSANSWERS-insuringSagreement



WhichSofStheSfollowingSstatementsSisSaSproducerSNotSpermittedStoSsayS-SCORRECTSANSWERS-
IfSmyScompanySfailsStoSpaySaSclaim,StheSguarantySAssociationSwillSpay



ASproducerShasSinfluencedSanSexistingSpolicySownerStoSconvertSanSexistingSwhole-
lifeSpolicyStoSreducedSPaid-
upSinsurance.STheSproducerSthenSsellsStheSpolicySownerSaSnewSuniversalSlifeSpolicy.SThisStransactio
nSisScalledSanS-SCORRECTSANSWERS-ReplacementS`



whichSofStheseSisSanSelementSofSaSVariableSlifeSpolicy?S-SCORRECTSANSWERS-ASfixedSlevelSpremium



WhichSprovisionSpreventsSanSinsurerSfromSchangingStheStermsSofStheScontractSwithStheSpolicyown
erSbySreferringStoSdocumentsSnotSfoundSwithinStheSpolicySitselfS-SCORRECTSANSWERS-
EntireSContractSprovision



AnSapplicant'sSmedicalSinformationSreceivedSfromStheSmedicalSinformationSBureauS(MIB)SmaySbeSf
urnishedStoStheS-SCORRECTSANSWERS-Applicant'sSphysician

,InsuranceSpoliciesSareSconsideredSaleatoryScontractsSbecauseS-SCORRECTSANSWERS-
PerformanceSisSconditionedSuponSaSfutureSoccurrence



InStheSeventSthatSanSinsured'sSpremiumSisSnotSpaidSbyStheSdueSdate,StheSresultSwillSbe?S-
SCORRECTSANSWERS-


CoverageSwillScontinueSforSnotSmoreSthanSaSmaximumSofS31Sdays,SbeyondSwhichStimeStheSpolicySw
illSlapse



WhichSofStheSfollowingSlifeSinsuranceSpoliciesScombineStermSinsuranceSwithSanSinvestmentSeleme
nt?S-SCORRECTSANSWERS-UniversalSLife



WhoseSlifeSisScoveredSonSaSlifeSinsuranceSpolicySthatScontainsSaSpayorSbenefitSclauseS-
SCORRECTSANSWERS-Child




UnderSaSGradedSPremiumSWholeSLifeSpolicy,S-SCORRECTSANSWERS-
TheSpremiumSincreasesSeachSyearSduringStheSearlySyearsSofStheScontractSandSremainsStheSsameSaft
erSthatStime.



UnderSaSRenewableSTermSpolicy,S-SCORRECTSANSWERS-
TheSrenewalSpremiumSisScalculatedSonStheSbasisSofStheSinsured'sSattainedSage



WhatStypeSofSlifeSpolicyScoversStwoSpeopleSandSpaysSuponStheSdeathSofStheSlastSinsured?S-
SCORRECTSANSWERS-Survivorship




VariableSlifeSproductsSrequireSaSproducerStoS-SCORRECTSANSWERS-
HoldSaSlifeSinsuranceSlicenseSandSaSsecuritiesSlicense



A(n)S_____SriderSmaySbeSusedStoSincludeScoverageSforSchildrenSunderStheirSparents'SlifeSinsuranceS
policy.S-SCORRECTSANSWERS-term

, whatSisSbeingSdeliveredSduringSaSpolicySdelivery?S-SCORRECTSANSWERS-
InsuranceScontractStoStheSproposedSinsured



TheSconsiderationSclauseSofSanSinsuranceScontractSincludesS-SCORRECTSANSWERS-
TheSscheduleSandSamountSofSpremiumSpayments



ViaticalSsettlementSdeathSbenefitSproceedsSareSpayableStoStheS-SCORRECTSANSWERS-
CurrentSbeneficiary



ASpolicyownerSisSableStSoSchooseStheSfrequencySofSpremiumSpaymentsSthroughSwhatSpolicySfeatur
e?S-SCORRECTSANSWERS-PremiumSmode



WhatSisStheSbasicSfunctionSofSanSannuity?S-SCORRECTSANSWERS-
TheSsystematicSliquidationSofSaccumulatedSfunds



TStookSoutSaS$50,00SlifeSinsuranceSpolicySwithSanSaccidentalSdeathSandSdismembermentSrider.SFiveS
yearsSlaterSTScommitsSsuicide.SHowSmuchSwillStheSinsuranceSpay?S-SCORRECTSANSWERS-$50,000



WhichSofStheSfollowingSisSconsideredStoSbeSmisrepresentationS-SCORRECTSANSWERS-
ASproducerSGuaranteeingSaSpolicy'sSdividends



ASpolicyownerSisSallowedStoSpaySpremiumsSmoreSthanSonceSaSyearSunderSwhichSprovision?S-
SCORRECTSANSWERS-ModeSofSpremium




QSappliedSforSlifeSinsuranceSandSsubmittedStheSinitialSpremiumSonSJanuaryS1.STheSpolicySwasSissue
dSFebruaryS1,SbutSitSwasSnotSdeliveredSbyStheSagentSuntilSFebruaryS7.SQSisSdissatisfiedSandSreturnsSt
heSpolicySFebruaryS13.SHowSmuchSwillStheSinsurerShandleSthisSsituation?S-SCORRECTSANSWERS-
PolicySwasSreturnedSwithinStheSfree-lookSperiod,SpremiumSwillSbeSfullySrefunded