LIFE INSURANCE UPDATED ACTUAL EXAM
QUESTIONS AND CORRECT ANSWERS
●● Representations
Answer: Statements in the application for insurance that are believed to
be true to the best of the applicants knowledge are
●● Provide the annuitant with an interest rate that is lesser of the
guaranteed or current rate
Answer: An annuity is considered fixed when it does all of the following
EXCEPT
●● Continuous Premium (straight) life
Answer: The most common type of whole life insurance where
premiums are payable over the whole life of the insured to age 100 is
called.
●● Entire contract
Answer: The policy and a copy of the application, along with any riders
and amendments, is called the
●● Not taxable
Answer: Money borrowed from the policy's cash value is
, ●● All annuities (Variable, Deferreed & Equity Indexed)
Answer: Which of the following annuity products requires an agent to
hold a securities license?
●● Life income annuity
Answer: Which type of annuity settlement stops when the annuitant
dies?
●● 59 1/2
Answer: At what age can a participant receive distributions from a
qualified plan without incurring a 10% penalty
●● Buy-Sell Agreement
Answer: Two business partners own life insurance on each other. If one
partner dies, which of the following contracts will allow the surviving
partner to use the death benefit to purchase the deceased's business
interests?
●● Adjustable life
Answer: Which type of policy allows the insured to change the amount
of the dwah benefit, the amount of premium, or the type of coverage S
their needs change?
QUESTIONS AND CORRECT ANSWERS
●● Representations
Answer: Statements in the application for insurance that are believed to
be true to the best of the applicants knowledge are
●● Provide the annuitant with an interest rate that is lesser of the
guaranteed or current rate
Answer: An annuity is considered fixed when it does all of the following
EXCEPT
●● Continuous Premium (straight) life
Answer: The most common type of whole life insurance where
premiums are payable over the whole life of the insured to age 100 is
called.
●● Entire contract
Answer: The policy and a copy of the application, along with any riders
and amendments, is called the
●● Not taxable
Answer: Money borrowed from the policy's cash value is
, ●● All annuities (Variable, Deferreed & Equity Indexed)
Answer: Which of the following annuity products requires an agent to
hold a securities license?
●● Life income annuity
Answer: Which type of annuity settlement stops when the annuitant
dies?
●● 59 1/2
Answer: At what age can a participant receive distributions from a
qualified plan without incurring a 10% penalty
●● Buy-Sell Agreement
Answer: Two business partners own life insurance on each other. If one
partner dies, which of the following contracts will allow the surviving
partner to use the death benefit to purchase the deceased's business
interests?
●● Adjustable life
Answer: Which type of policy allows the insured to change the amount
of the dwah benefit, the amount of premium, or the type of coverage S
their needs change?
