Life-Only Agent Exam 1 Questions and Answers 100% Pass

Life-Only Agent Exam 1 Questions and Answers 100% Pass AN example of a moral hazard in relation to a life insurance application would be: - Answer ️️ -Misstating your health history to an insurance company. John applies for 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? - Answer ️️ -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. - Answer ️️ -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? - Answer ️️ -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: - Answer ️️ -immediately All of the following are used in determining life insurance rates, EXCEPT: Insurance company expenses Mortality Investment and interest return Policy reserves - Answer ️️ -Policy reserves The best description of a hazard is a/an: - Answer ️️ -Condition that may increase the chance that a loss may occur. The term "consideration" applies to the issuance of an insurance policy. Choose the best description of this term from the choices below: The amount of death benefit. The time the underwriting department gives the application The face amount of the policy one year from the date of issue. None of the above - Answer ️️ -none of the above In group life insurance, who is issued a certificate of insurance? - Answer ️️ -The Participant All of the following statements apply to the child coverage in a family policy, EXCEPT Child coverage is convertible to whole life coverage Child coverage is term insurance Children are covered until reaching a specified age Coverage applies only to children born before the policy is issued - Answer ️️ -Coverage applies only to children born before the policy is issued What is one difference between group life and individual life underwriting? - Answer ️️ - Individual life insurance requires the applicant to an