A.D. Banker Final Exam Questions and Answers 100% Pass

A.D. Banker Final Exam Questions and Answers 100% Pass Which of the following situations will require proof of insurability? Adjusting the face amount up on a Universal Life insurance policy with Option A death benefit selected Sean has a home with an mortgage. He needs life insurance to protect his family but also wants to leave them without a mortgage payment if he dies. Ideally which of the following riders should he acquire? Decreasing Term Rider What rider is designed to help the insured offset the effects of future inflation on the policy's face amount? Cost of Living A good example of Risk Reduction might be: When one takes action to minimize the severity of a potential loss In an insurance contract the value that each party gives the other is said to be the: Consideration When an applicant does not smoke, exercises regularly, seldom drinks, and eats moderately and is considered to be an above-average risk, they would likely qualify for: Preferred status and pay a lower premium A group plan is designed to insure all of the following, except: Creditors Which of the following is included in Part II of a Life Insurance Application? Family member's age and cause of death All of the following policies end when an insured dies, except: Joint Survivorship Money accumulated in a permanent policy that the policyowner may borrow via a policy loan or receive if the policy is surrendered, refers to: Cash Value The owner of a Variable Life Policy may allocate the premium into a sub-account which is owned by the insurer, this sub-account is a part of what is also known as the: Separate Account Level, decreasing and increasing term refer to which policy feature? Death Benefit All of the following are statements are true of a juvenile policy, except: The insured is the premium payor A married couple purchases a $250,000 Joint Life Policy. When the older of the two dies, what is the amount payable to the survivor? $250,000 Which of the following situations will require proof of insurability? Adjusting the face amount up on a Universal Life insurance policy with Option A death benefit selected In a life settlement transaction who represents only the owner and owes a fiduciary duty to the owner to act in the best interest according to the owner's instructions, regardless of the manner in which they are compensated? The Life Settlement Broker Which of the following policies must be sold by prospectus? Variable Whole Life Which of the following beneficiary designations is a class designation? Any Children of this marriage Annuities may be funded with either a lump sum or on either a ______ or a ______ basis. Periodic, flexible Generally, corporations can use annuities to fund all of the following, except: Estate Creation Buy-Sell agreements are used for all of the following entities, except: Large Public Corporations All are true regarding funding of Social Security, except: Act