Primerica Life Insurance 2023/ 2024 Exam | (Questions and Verified Answers) 100% Correct

Primerica Life Insurance 2023/ 2024 Exam | (Questions and Verified Answers) 100% Correct 1. Which is the primary source of information used for insurance underwriting? a. applicant interview b. medical records c. private investigations d. application ~ Answer: d. application 2. Two equal partners in a business worth $150,000 are using a Cross Purchase plan to protect against the death of each other. Which of the following statements would be correct? a. partner B buys a policy on partner A in the amount of $75,000 naming Partner A as beneficiary. b. partner A buys a policy on partner B in the amount of $150,000 naming Partner A as beneficiary. c. partner B buys a policy on partner A in the amount of $150,000 naming Partner A as beneficiary. d. partner A buys a policy on partner B in the amount of $75,000 naming Partner A as beneficiary. ~ Answer: d. partner A buys a policy on partner B in the amount of $75,000 naming Partner A as beneficiary. 3. What is the name of the insured who enters into a viatical settlement? a. contingent b. viatical broker c. viator d. third party ~ Answer: c. viator- the owner of a life insurance policy who enters into or seeks to enter into a viatical settlement contract 4. Which government program allows a blackout period? ~ Answer: Social Security 5. If an applicant for a lief insurance policy and person to be insured by the policy are two different people, the underwriter would be concerned about a. which individual will pay the premium b. whether an insurable interest exists between the individuals c. the gender of the applicant d. the type of policy requested ~ Answer: b. whether an insurable interest exists between the individuals 6. Which of the following best describes the MIB? a. it's a member organization that protects insured against insolvent insurers. b. it's a rating organization for health insurance c. it's a non profit organization that maintains underwriting information on applicants for life and health insurance d. it's a government agency that collects medical information on the insured from the insurance companies ~ Answer: c. it's a non profit organization that maintains underwriting information on applicants for life and health insurance-Medical Information Bureau (MIB) also maintains confidential medical impairment information on individuals 7. Which of the following is NOT an example of insurable interest? a. child in parent b. debtor in creditor c. business partners in each other d. employer in employee