TEST | STUDY GUIDE QUESTIONS
WITH 100% CORRECT ANSWERS
(NEWEST UPDATE 2026 | 2027)
Quiz_________________?
$200,000 -
ANSWER✅
A teacher recently retired at age 63 and has a tax sheltered annuity (TSA). Periodic deposits
total $120,000 and the value of the contract is now worth $200,000. How much is taxed if
the current value is surrendered today?
Quiz_________________?
$25,000 -
ANSWER✅
An insured has a $25,000 whole life insurance policy with $6,000 cash value available. Under
the extended term nonforfeiture option, what is the amount of insurance available to the
insured?
Quiz_________________?
10% penalty is applied to withdrawals prior to age 59 1/2 -
1
, ANSWER✅
Which of these statements are traditional individual retirement accounts is accurate?
Quiz_________________?
100 Days -
ANSWER✅
Medicare will cover a maximum of how many days per benefit period in a skilled nursing
facility?
Quiz_________________?
15 years -
ANSWER✅
The maximum prison sentence given under federal law for unfair and deceptive insurance
practices is ?
Quiz_________________?
180 Days -
ANSWER✅
In Arizona, an insurer discontinues offering a particular type of small group medical
coverage. Participants must receive notice of at least
Quiz_________________?
2-
ANSWER✅
What is the minimum number of employee needed for a small employer medical expense
plan in Arizona?
2
, Quiz_________________?
2 Years -
ANSWER✅
An annuity becomes incontestable after I has been in for for?
Quiz_________________?
2 Years -
ANSWER✅
EXCEPT for fraud, the time after issuance of a policy during which an insurance company
may contest a health insurance claim due to the statements on an application is?
Quiz_________________?
3 years -
ANSWER✅
A producer must maintain customer records for how many years following the completion
date of the insurance transaction?
Quiz_________________?
30 Days -
ANSWER✅
A licensee whose name or address changes must notify the Department of Insurance within?
Quiz_________________?
3
, 31 Days -
ANSWER✅
A terminated employee has how many days upon termination to convert group life
insurance coverage to an individual policy?
Quiz_________________?
31 Days -
ANSWER✅
When family coverage is in place, newborn children are automatically covered under a
medical plan for a period of at least
Quiz_________________?
6 months -
ANSWER✅
An insurance company may delay the payment if the cash value of a surrendered whole life
insurance policy for up to?
Quiz_________________?
8:00 AM to 9:00 PM -
ANSWER✅
Under the Telemarketing Sales Rule, telemarketing call May ONLY be received between the
hours of?
Quiz_________________?
8:00AM -
ANSWER✅
4
WITH 100% CORRECT ANSWERS
(NEWEST UPDATE 2026 | 2027)
Quiz_________________?
$200,000 -
ANSWER✅
A teacher recently retired at age 63 and has a tax sheltered annuity (TSA). Periodic deposits
total $120,000 and the value of the contract is now worth $200,000. How much is taxed if
the current value is surrendered today?
Quiz_________________?
$25,000 -
ANSWER✅
An insured has a $25,000 whole life insurance policy with $6,000 cash value available. Under
the extended term nonforfeiture option, what is the amount of insurance available to the
insured?
Quiz_________________?
10% penalty is applied to withdrawals prior to age 59 1/2 -
1
, ANSWER✅
Which of these statements are traditional individual retirement accounts is accurate?
Quiz_________________?
100 Days -
ANSWER✅
Medicare will cover a maximum of how many days per benefit period in a skilled nursing
facility?
Quiz_________________?
15 years -
ANSWER✅
The maximum prison sentence given under federal law for unfair and deceptive insurance
practices is ?
Quiz_________________?
180 Days -
ANSWER✅
In Arizona, an insurer discontinues offering a particular type of small group medical
coverage. Participants must receive notice of at least
Quiz_________________?
2-
ANSWER✅
What is the minimum number of employee needed for a small employer medical expense
plan in Arizona?
2
, Quiz_________________?
2 Years -
ANSWER✅
An annuity becomes incontestable after I has been in for for?
Quiz_________________?
2 Years -
ANSWER✅
EXCEPT for fraud, the time after issuance of a policy during which an insurance company
may contest a health insurance claim due to the statements on an application is?
Quiz_________________?
3 years -
ANSWER✅
A producer must maintain customer records for how many years following the completion
date of the insurance transaction?
Quiz_________________?
30 Days -
ANSWER✅
A licensee whose name or address changes must notify the Department of Insurance within?
Quiz_________________?
3
, 31 Days -
ANSWER✅
A terminated employee has how many days upon termination to convert group life
insurance coverage to an individual policy?
Quiz_________________?
31 Days -
ANSWER✅
When family coverage is in place, newborn children are automatically covered under a
medical plan for a period of at least
Quiz_________________?
6 months -
ANSWER✅
An insurance company may delay the payment if the cash value of a surrendered whole life
insurance policy for up to?
Quiz_________________?
8:00 AM to 9:00 PM -
ANSWER✅
Under the Telemarketing Sales Rule, telemarketing call May ONLY be received between the
hours of?
Quiz_________________?
8:00AM -
ANSWER✅
4
