A.D. Banker Life&Health Guarantee Exam

B decides to buy a single premium immediate annuity, choosing the Life Only distribution option. How long will the insurer make payments to B? A For B's lifetime or until the principal and interest are exhausted, whichever is shorter B For the period of time it takes B to recover the initial premium or his lifetime, whichever is shorter C For a guaranteed period of time, whether or not B survives to the end of that period D Only for as long as B is alive - Answer- D Only for as long as B is alive ?? The __________________ states the insurer's essential promise to provide the benefits described in the contract. A Insuring Agreement B Suicide provision C Right of assignment D Consideration clause - Answer- A Insuring Agreement Medical Savings Accounts, Health Savings Accounts, and High Deductible Health Plans are generally described as: A Federally Subsidized Health Plans B Employer-Sponsored Health Plans C Consumer-Driven Health Plans D Consumer-Funded Health Plans - Answer- C Consumer-Driven Health Plans If written consent of the beneficiary is required to change policy ownership or to assign the policy, then the beneficiary designation must be: A