PA Life Insurance Exam questions and
answers
Single premium cash value policy can be described as.. -
CORRECT ANSWER-a policy that is paid up only after one
payment
All of the following are considered appropriate uses of life
insurance.. - CORRECT ANSWER-- attracting quality employees
by offering a group life plan
- protecting the business by covering key employees with life
insurance
- funding an entity buy sell agreement
The do not call list offers exemption from all except - CORRECT
ANSWER-life insurance
Ken is a producer who has consumer info reports under false
pretenses under the fair credit reporting act, what is the max
penalty.. - CORRECT ANSWER-$5000 & 1 year in jail
,Which type of annuity guarantees a stated number of income
payments whether or not the annuitant is still alive to receive it
- CORRECT ANSWER-life annuity certain
In what part of the policy are the policy benefits found -
CORRECT ANSWER-conditions
Commissioner is responsible for all of the following.. - CORRECT
ANSWER-- issue cease & desist orders
- conduct hearings
- regulate premium rates
Maria would like an annuity that provides a guaranteed
accumulation or payout. The type of annuity she is seeking is
called.. - CORRECT ANSWER-annuity certain
Which type of rider will waive the premium on a child's life
insurance policy if the parent paying the premium dies? -
CORRECT ANSWER-guaranteed insurability
Pat owns a 20 pay life policy with a paid dividend option. Which
of the following statements is true? - CORRECT ANSWER-the
policy may be paid up early by using policy dividends
, A renewable term life insurance policy can be renewed -
CORRECT ANSWER-anytime the policy owners request
What would a be an expense factor in an insurance program -
CORRECT ANSWER-mortality costs
Which of the following is an annuity that is linked to a market
related index.. - CORRECT ANSWER-equity index annuity
Variable life insurance & universal life insurance are similar.
Which of these are held exclusively by variable universal life
insurance.. - CORRECT ANSWER-Policyowner has the right to
select the investments which will provide the the greatest
return
An accelerated death benefit in PA must be at least what
percentage of the total death benefit.. - CORRECT ANSWER-
25%
A producer's license CANNOT be revoked without - CORRECT
ANSWER-a hearing given to the producer
answers
Single premium cash value policy can be described as.. -
CORRECT ANSWER-a policy that is paid up only after one
payment
All of the following are considered appropriate uses of life
insurance.. - CORRECT ANSWER-- attracting quality employees
by offering a group life plan
- protecting the business by covering key employees with life
insurance
- funding an entity buy sell agreement
The do not call list offers exemption from all except - CORRECT
ANSWER-life insurance
Ken is a producer who has consumer info reports under false
pretenses under the fair credit reporting act, what is the max
penalty.. - CORRECT ANSWER-$5000 & 1 year in jail
,Which type of annuity guarantees a stated number of income
payments whether or not the annuitant is still alive to receive it
- CORRECT ANSWER-life annuity certain
In what part of the policy are the policy benefits found -
CORRECT ANSWER-conditions
Commissioner is responsible for all of the following.. - CORRECT
ANSWER-- issue cease & desist orders
- conduct hearings
- regulate premium rates
Maria would like an annuity that provides a guaranteed
accumulation or payout. The type of annuity she is seeking is
called.. - CORRECT ANSWER-annuity certain
Which type of rider will waive the premium on a child's life
insurance policy if the parent paying the premium dies? -
CORRECT ANSWER-guaranteed insurability
Pat owns a 20 pay life policy with a paid dividend option. Which
of the following statements is true? - CORRECT ANSWER-the
policy may be paid up early by using policy dividends
, A renewable term life insurance policy can be renewed -
CORRECT ANSWER-anytime the policy owners request
What would a be an expense factor in an insurance program -
CORRECT ANSWER-mortality costs
Which of the following is an annuity that is linked to a market
related index.. - CORRECT ANSWER-equity index annuity
Variable life insurance & universal life insurance are similar.
Which of these are held exclusively by variable universal life
insurance.. - CORRECT ANSWER-Policyowner has the right to
select the investments which will provide the the greatest
return
An accelerated death benefit in PA must be at least what
percentage of the total death benefit.. - CORRECT ANSWER-
25%
A producer's license CANNOT be revoked without - CORRECT
ANSWER-a hearing given to the producer
