!!!!!!!!!!!!!!!!!!!!!!!!!!!!#######################IL
ance exam.pdfIL
IL Life InsuranceLife Insurance
exam.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!######################################
exam.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!################################
Life Insurance exam.pdfIL Life Insurance exam.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
IL Life Insurance exam
(juvenile Life) applicants waiver of premium is used when the premium payor is disabled or dies
- ANS-payor benefit
12 payments a year( most expensive) - ANS-monthly
30 days to review - ANS-long term care
accumulate dividends until future fate used to reduce future premium payments - ANS-dividend-
premium reduction
accumulated dividends purchase same type of policy using net premiums - ANS-dividend- paid
up additions
allows the insurer to with draw from your cash values
( money to pay your policy premium if the premium is not paid by the last day of the grace
period - ANS-automated premium loans
applicant, propsed insured , agent soliciting the insurer. - ANS-required signatures
beneficiary receives the full face 1 lump sum less any outstanding premiums or loans. -
ANS-settlement- cash
beneficiary reserves the right to withdraw all or part of the money at any time - ANS-interest only
with rights of withdrawal
both the face amount and premium increase - ANS-increasing term
can be changed at any time - ANS-revocable
cash
premium reduction
paid up additions
accumulate with interest
one year buy term - ANS-divideds
change the policy to a permanent at expiration of term coverage. based on your attained age
without proof of insurability - ANS-convertible term
company may not challenge statement on the application after 2 years - ANS-incontestability
xam.pdfIL
!!!!!!!!!!!!!!!!!!!!!!!!!!!!#######################IL
IL Life Insurance exam.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#######################IL
exam.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!######################################
Life Insurance exam.pdfIL Life Insurance exam.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Life Insurance exam.pdf
,!!!!!!!!!!!!!!!!!!!!!!!!!!!!#######################IL
ance exam.pdfIL
IL Life InsuranceLife Insurance
exam.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!######################################
exam.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!################################
Life Insurance exam.pdfIL Life Insurance exam.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
company must pay a certain rate - ANS-indexed based fixed annuity
company must settle up when insured lives and contract dies - ANS-settlement options
current assumption life. cash value can grow beyond guaranteed levels policy owner can
increase premiums or reduce face amount declaring an interest rate. - ANS-interest sensitive
whole life
dividends are used to buy one year term contracts - ANS-dividend- one year term
ensured always survives the beneficiary even if the death order has to be revised -
ANS-common disaster
Ex. is IRA. contribute over a period of time. (accumulation period)
(withdrawing is known as the annuity period). - ANS-deferred annuity
extended term: most protection shortest period of time insured gets a term policy= face value of
original whole life policy - ANS-non forfeiture option ( apply to whole life)
face amount decreases.
every year coverage goes down. - ANS-decreasing term
face amount remains lvl for entire policy. both premium and face amount remain level. -
ANS-level term
Flexible Premium dont have to pay the policy owner can determine his own face amount and
frequency of future premium payments. - ANS-Universal life
how much you put in the basis - ANS-tax basis
inform the applicant within 3 days being made - ANS-fair credit reporting act
insurance contract issued by the insurance company you put money in contract in return
company pays you in future. - ANS-annuities
investment will go into a seperate accound and be invested in the stock market - ANS-variable
annuity
investments will go into the general account of the issuing company and will be backed with
there assets - ANS-Fixed annuity
is the first premium the applicant pays to place the policy into effect - ANS-initial premium
xam.pdfIL
!!!!!!!!!!!!!!!!!!!!!!!!!!!!#######################IL
IL Life Insurance exam.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#######################IL
exam.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!######################################
Life Insurance exam.pdfIL Life Insurance exam.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Life Insurance exam.pdf
ance exam.pdfIL
IL Life InsuranceLife Insurance
exam.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!######################################
exam.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!################################
Life Insurance exam.pdfIL Life Insurance exam.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
IL Life Insurance exam
(juvenile Life) applicants waiver of premium is used when the premium payor is disabled or dies
- ANS-payor benefit
12 payments a year( most expensive) - ANS-monthly
30 days to review - ANS-long term care
accumulate dividends until future fate used to reduce future premium payments - ANS-dividend-
premium reduction
accumulated dividends purchase same type of policy using net premiums - ANS-dividend- paid
up additions
allows the insurer to with draw from your cash values
( money to pay your policy premium if the premium is not paid by the last day of the grace
period - ANS-automated premium loans
applicant, propsed insured , agent soliciting the insurer. - ANS-required signatures
beneficiary receives the full face 1 lump sum less any outstanding premiums or loans. -
ANS-settlement- cash
beneficiary reserves the right to withdraw all or part of the money at any time - ANS-interest only
with rights of withdrawal
both the face amount and premium increase - ANS-increasing term
can be changed at any time - ANS-revocable
cash
premium reduction
paid up additions
accumulate with interest
one year buy term - ANS-divideds
change the policy to a permanent at expiration of term coverage. based on your attained age
without proof of insurability - ANS-convertible term
company may not challenge statement on the application after 2 years - ANS-incontestability
xam.pdfIL
!!!!!!!!!!!!!!!!!!!!!!!!!!!!#######################IL
IL Life Insurance exam.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#######################IL
exam.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!######################################
Life Insurance exam.pdfIL Life Insurance exam.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Life Insurance exam.pdf
,!!!!!!!!!!!!!!!!!!!!!!!!!!!!#######################IL
ance exam.pdfIL
IL Life InsuranceLife Insurance
exam.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!######################################
exam.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!################################
Life Insurance exam.pdfIL Life Insurance exam.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
company must pay a certain rate - ANS-indexed based fixed annuity
company must settle up when insured lives and contract dies - ANS-settlement options
current assumption life. cash value can grow beyond guaranteed levels policy owner can
increase premiums or reduce face amount declaring an interest rate. - ANS-interest sensitive
whole life
dividends are used to buy one year term contracts - ANS-dividend- one year term
ensured always survives the beneficiary even if the death order has to be revised -
ANS-common disaster
Ex. is IRA. contribute over a period of time. (accumulation period)
(withdrawing is known as the annuity period). - ANS-deferred annuity
extended term: most protection shortest period of time insured gets a term policy= face value of
original whole life policy - ANS-non forfeiture option ( apply to whole life)
face amount decreases.
every year coverage goes down. - ANS-decreasing term
face amount remains lvl for entire policy. both premium and face amount remain level. -
ANS-level term
Flexible Premium dont have to pay the policy owner can determine his own face amount and
frequency of future premium payments. - ANS-Universal life
how much you put in the basis - ANS-tax basis
inform the applicant within 3 days being made - ANS-fair credit reporting act
insurance contract issued by the insurance company you put money in contract in return
company pays you in future. - ANS-annuities
investment will go into a seperate accound and be invested in the stock market - ANS-variable
annuity
investments will go into the general account of the issuing company and will be backed with
there assets - ANS-Fixed annuity
is the first premium the applicant pays to place the policy into effect - ANS-initial premium
xam.pdfIL
!!!!!!!!!!!!!!!!!!!!!!!!!!!!#######################IL
IL Life Insurance exam.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!#######################IL
exam.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!######################################
Life Insurance exam.pdfIL Life Insurance exam.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Life Insurance exam.pdf
