Virginia Life: Life Insurance Basics (F-I) Exam Questions and Answers 100% Accurate

insurer - ANSWER-The ____ whose policies are advertised is responsible for all its advertisements, regardless of who wrote, created, presented, or distributed them. Buyer's Guide - ANSWER-A document that explains how a buyer should go about choosing the amount and type of insurance to and how buyer can save money by comparing the costs of similar policies Policy Summary - ANSWER-Written statement describing the features and elements of the policy being issued Premium, cash value, dividends, surrender value and death benefit figures for specific policy years - ANSWER-Policy Summaries include: Generic, Specific - ANSWER-A buyer's guide provides ____ information on various types of policies while a policy summary provides ____ information on the policy being issued Replacement - ANSWER-Practice of terminating an existing policy or letting it lapse, and obtaining a new one Replacing Insurer - ANSWER-The company that issues the new policy Existing Insurer - ANSWER-The company whose policy is being replaced Advertisement - ANSWER-Any oral, printed, written, or other marketing communication designed to create public interest in life insurance or annuities, and induce the public to purchase, modify, reinstate, surrender, or replace a policy Investment, Profit, Interest Plan, Savings, Etc. - ANSWER-Terms deemed prohibited in Life Insurance Advertisements: Free, No Cost, Etc. - ANSWER-Terms deemed prohibited in Benefits and Services Advertisements: Financial Planner, Investment advisor - ANSWER-Terms deemed prohibited in an Agent/Producer Advertisement: Special, Limited - ANSWER-Terms deemed prohibited in Successive Enrollment Periods Advertisements: Deposit, deposit premiums, or investments - ANSWER-Terms deemed prohibited in Premiums advertisements Vanish, Vanishing premiums - ANSWER-Terms deemed prohibited in policies with non-guaranteed features advertisements