SC INSURANCE FINAL EXAM WITH CORRECT ANSWERS

all of the following are typically included in a life insurance policy illustration EXCEPT: A. premium of the policy B. names of the beneficiaries C. interest charged for policy loans D. cash surrender value in 20 years - ANSWER-B. names of the beneficiaries during the course of an insurance transaction, which of the following is NOT a duty of the producer? A. highlight the protections guaranteed by the guaranty association B. be fair and honest C. do not misrepresent the provisions of the policy D. submit premiums collected to the insurer in a timely manner - ANSWER-A. highlight the protections guaranteed by the guaranty association How do insurers predict the increase of individual risks? - ANSWER-law of large numbers law of large numbers - ANSWER-the larger the number of units that are individually exposed to an event, the greater the likelihood that the actual results of that exposure will equal the expected results who were Keogh plans designed to provide pension benefits for? - ANSWER-the self-employed an individual most likely will have an insurable interest in insuring a person's life if: - ANSWER-an economic interest exists for the continuance of the insured's life decreasing term life insurance is often used to? - ANSWER-provide coverage for a home mortgage