Pearson Vue Insurance Practice Exam 2024 with Complete Solutions.

Under the social security retirement benefits, all of the following factors will influence how much a retiring individual will receive as a monthly income benefit except the individual's - ANSWER-Sex In life insurance, insurance interest must exist at the time the - ANSWER-Producer writes an application on a proposed insured Which of the following statements is NOT correct about representations? - ANSWER-They are true in every respect An insurance producer takes an application for a life insurance policy but does not collect the initial premium. On delivery of the policy to the proposed insured, the producer must collect the initial premium and which of the following? - ANSWER-The insured's signed statement of continued good health Which of the following retirement plans is tax-qualified? - ANSWER-Defined contribution Which of the following statements is correct about the paid-up additions in a participating whole life policy? - ANSWER-They are purchased on an attained age basis The right to change a beneficiary designation is reserved for the: - ANSWER-Policyowner Which of the following provisions in a life policy specifies the manner in which proceeds will be paid to a beneficiary on the death of the insured? - ANSWER-Settlement options Two business partners own life insurance on each other. If one partner dies, which of the following contracts will allow the other partner to buy 100 percent of the business interest? - ANSWER-buy-sell agreement The waiver of premium provision of a life policy allows the insurer to take which of the following actions? - ANSWER-waive an insured's premiums if the insured becomes totally disabled before a certian age A life insurance application is incomplete if it is missing the signature of which of the following? - ANSWER-The proposed adult insured Which of the following statements is correct about group life conversion privileges? - ANSWER-Death during the conversion period is covered if the departing employee chose not to conver the policy. In the event of an insured's death, which of the following provides an income for the family during a designated period of time followed by a lump sum death benefit? - ANSWER-Family income rider A policyowner names his wife as the primary beneficiary of his Universal Life policy on a revo