Insurance Commission Traditional Life Reviewer (A+ graded)

A life insurance agent is permitted to ___ correct answers Prepare routine proposals for life insurance coverage Claire is considering purchasing either an endowment or term life policy. What do these policies have in common? correct answers Insurance protection will be limited to a specified period A client tells you that his bank wants him to use his insurance policy so that his bank loan will be paid off if he dies. Which of the following will you recommend? correct answers He makes a collateral assignment If premiums are being waived under a waiver of premiums benefit and the insured dies, what would the proceeds be? correct answers Face amount Which of the following is a living benefit in an insurance policy? correct answers Cash surrender value Insurable interest is necessary when a person insures another ___ correct answers To establish that there is a genuine risk Your client George wants to apply for a life insurance policy. As his advisor, you would advise him to do all of the following, EXCEPT which one? correct answers To convey to the company the desire of the applicant to obtain insurance Which of the following does a limited pay life policy provides? correct answers Protection for the life of the policyholder with premiums payable for a limited term of years When you bought an insurance policy on your wife's life, you were 27 and she was 26, but you stated that you were 26 and she was 27. Five years later, your wife died. Which of the following will the insurer pay? correct answers Death of the employee regardless of cause except suicide during the first year (sometimes two years) Your client tells you that when his father died, he received P500,000 free of Estate Tax, and that he had not even known that his policy existed. Which of the following classifications did your client fall under? correct answers Irrevocable primary beneficiary Mr. Sy walked out of his house one night, and was never heard from since . His wife wanted to make a claim on his insurance policy, as she believes that he is dead. In this case, which of the following statements is correct? correct answers It will take seven years before the court could declare him legally dead.