Life Only Agent Exam 1 | 75 Questions with 100% Correct Answers | Latest Update | Verified

or a variable annuity and does not request that the premiums be immediately invested in a stock or bond portfolio. After the annuity is issued, John returns the annuity contract to the insurer within the free look period. What will John receive from the insurer? - The entire premium In life insurance policies, naming beneficiaries is an important part of the application process. Choose from below the best description of a contingent beneficiary. - One with the first right to receive proceeds if there is no surviving primary beneficiary and the insured dies. Of the following, which best describes an annuity? - It has an obligation that is different to the insurance company for both the accumulation period and the liquidation period. After receiving your insurance license, if you change your address, you are to notify the Commissioner: - immediately All of the following are used in determining life insurance rates, EXCEPT: Insurance company expenses Mortality Investment and interest return Policy reserves - Policy reserves The best description of a hazard is a/an: - Condition that may increase the chance that a loss may occur