Tennessee Life and Health Insurance LIfe Insurance Portion State Simulator exam latest update with 100% correct answers

Insuring Clause In a Life insurance contract, an insurance company's promise to pay stated benefits is called the C All of these are powers of the Commissioner except A. Hold hearings B. Enforce insurance laws C. Incarcerate a producer D. Issue subpoenas $25,000 individual whole life policy An employee with $25,000 group term life coverage was recently fired. This employee's group coverage may be converted to a B The amount of monthly disablility benefits payable under social security is affected by which of the following factors? A. Insured's tax bracket B. Amount of the benefits available from other sources C. Nature of the Disability D. Insured's education level Term A __________ rider may be used to include coverage for children under their parents' life insurance policy Conversion What group term life feature permits an individual to depart from the group and continue to be covered without providing evidence of insurability? B Which of the following types of policies pays a benefit if the insured goes blind? A. Universal life B. AD&D C. Endowment D. Adjustable life the premium cost for basic coverage applied for When a life insurance application is completed, a policy summary must be given to the applicant. The policy summary must include... an association or a limited liability company A business entity can be defined as a D Which of the following features of a group Term LIfe policy enables an individual to leave the group and continue his or her insurance without providing evidence of insurability? A. Owner's Rights clause B. Incontestable Period C. Insuring Agreement D. Conversion privilege additional death benefits A cost of living rider gives the insured D Which of these is a valid Tennessee regulation for referral fees? A. Referral fees can be unlimited in amount B. If the referral sale involves replacement, the notice regarding replacement form is not required C. Referral fees may only be paid in the event a policy is purchased D. The Commissioner may establish by rule a maximum amount for each referral C Which of these actions should a producer take when submitting an insurance application to an insurer? A. Issue a binding receipt to applicant if no initial premium is submitted B. Disclose to the applicant the amount of commissions to be earned on this transaction C. Inform insurer of relevant information not included on the application D. Arrange for a copy of the attending physician statement (APS) to be sent to the producer. exclusion When an insurer issues a policy that refuses to cover certain risks, this is referred to as a Conditional K applies for a life insurance policy on herself and submits the initial premium with the application. She is given a receipt by the agent stating that coverage begins immediately if the application is approved. What kind of receipt was used? When the conditions of the receipt are met An agent gives a conditional receipt to a client for an insurance policy after collecting the initial premium. When will the policy become effective? age 100 How long does the coverage normally remain on a limited-pay life policy? Conversion Which provision allows the policyowner to change a term life policy to a permanent one without providing proof of good health? Payor Clause Which of the following provisions guarantees that premiums will be waived if a Juvenile Life policyowner becomes disabled? Aviation Exclusion A pilot applies for Life insurance. The insurer approves the application with a $10 additional monthly premium modification due to the risk involved. The pilot declines the additional premium modification. The insurer will then likely issue the coverage with a