PA Life Insurance License Exam Questions and Answers 2024 Graded A

an immediate annuity has been purchased with a single premium. when does the annuitant typically begin receiving benefit payments? - ANS 1 month An insurer will accept a premium from the insured and continue the coverage in full force as though it was NOT late during which time period? Incontestable period Probation period Reinstatement period Grace period - ANS Grace period The grace period is the amount of time an insurer continues coverage in full force and will accept the premium from the insured as though it was NOT late. A little insurance producer licensed in the commonwealth of PA is authorized to - ANS Solicit, Receive and forward applications to insurers Upon policy delivery, which of the following must a producer have an applicant sign if no initial premium was collected with the life insurance application? - ANS A good health statement Which contract element is insurable interest a component of? - ANS legal purpose All of these are common exclusions to a life insurance policy EXCEPT - ANS accidental death An insurer's ability to make unpredictable payouts to policyowners is called - ANS liquidity A policy owner may exercise which of these dividend options that uses the dividend to pay all or part of the next premium due - ANS Reduction of Premium Dividend Option