LIFE INSURANCE TENNESSEE STATE TEST questions and answers well illustrated.

LIFE INSURANCE TENNESSEE STATE TEST questions and answers well illustrated. An engineering firm that would suffer from the death of a project manager should purchase a... - correct answers.A Key Person Life Policy In Tennessee, the MAXIMUM fine that the Commissioner can impose on a produce is ______ per violation. - correct answers.$1,000 Which is true concerning a Variable Universal Life policy? - correct answers.Policy owner controls where the investment will go and selects the amount of the premium payment Company Z has a Cross Purchase Buy-Sell Agreement in place among its three founding partners, if the agreement is funded with individual life insurance, what would it require? - correct answers.Each partner must own a policy on the other partners If a producer commits an act of coercion or intimidation, how would the producer's insurance company be held responsible? - correct answers.The insurer approves the act Which life insurance rider typically appears on a Juvenile life insurance policy? - correct answers.Payor Benefit Rider What is considered to be a characteristic of an immediate annuity? - correct answers.Benefit payments start within one payment period of purchase Unfair discrimination is BEST described as... - correct ing a different rate for someone in the same actuarial class In order for coverage on a non-medical insurance application to take effect the same day, the producer must collect a signed application and - correct answers.The initial premium Which statement regarding a Key Employee Life policy is NOT true? - correct answers.The beneficiary is named by the key employee The automatic premium loan provision is designed to... - correct answers.Avoid policy lapse A licensed producer can be BEST described as a/an... - correct idual who places insurance on behalf of anyone seeking insurance A business entity can be described as a/an... - correct association or a limited liability company Which of the following is an important underwriting principle of group life insurance? - correct answers.Everyone must be covered in the group Which of the following consists of an offer, acceptance, and consideration? - correct answers.Contract A producer MUST leave a buyer's guide with an applicant for which type of policy? - correct answers.Universal Life Insurance What is the purpose of a Policy Summary? - correct answers.It highlights the critical parts of the policy issued Consumer reports requested by an underwriter during the application process of a life insurance policy can be used to determine... - correct answers.Probability of making timely premium payments Tennessee Life and Health Insurance Guaranty Association... - correct answers.Protects Tennessee insurance policy owners in the event an insurance company becomes insolvent When an insurer issues a policy that refuses to cover certain risks, this is referred to as a(n) - correct answers.Exclusion Which of the following is TRUE about a qualified retirement that is "top heavy"? - correct answers.More than 60% of plan assets are in key employee accounts The Commissioner would like to hold a hearing against a producer, before he can a notice... - correct be by registered or certified mail to the producer's address on file All of these statements regarding referrals are true EXCEPT - correct answers.Referral fees must be filed and approved with the Commissioner of Insurance Life and health insurance policies are... - correct answers.Unilateral contracts Which of these retirement plans can be started by an employee, even if another plan is in existence? - correct answers.IRA Which of these characteristics is consistent with a Straight Life Policy? - correct answers.Premiums are payable as long as there is insurance coverage in force C is trying to determine whether to convert her convertible term life policy to whole life insurance using her original age or attained age. What factor would affect her decision the most? - correct answers.The cost The Tennessee Life and Health Guaranty Association - correct answers.Protects Tennessee insurance policy owners in an event an insurance company becomes insolvent Who makes the legally enforceable promises in a unilateral contract? - correct answers.Insurance company What is the maximum fine that can be imposed by the Commissioner to a producer who violates an insurance law? - correct answers.$1,000 per violation When can a policyowner change a revocable beneficiary? - correct answers.Anytime If an insurance producer applicant is required to pass a written examination, what is also required? - correct answers.A fingerprint-based criminal background check Who would be liable for an insurance claim on a policy sold by Tennessee producer and sold by an insurance company NOT authorized to conduct business in Tennessee? - correct answers.The producer What kind of life insurance product covers children under their parent's product? - correct answers.A Term rider S would like to use dividends from her life insurance policy to purchase paid-up additions. All of these would be factors that determine how much coverage can be purchased EXCEPT - correct iciary's age Credit life insurance is... - correct d in an amount not to exceed the amount of the loan