PA Life Insurance Exam Prep Questions And Answers (202472025)
Single premium cash value policy can be described as.. - ✔✔a policy that is paid up only after
one payment
All of the following are considered appropriate uses of life insurance.. - ✔✔- attracting quality
employees by offering a group life plan
- protecting the business by covering key employees with life insurance
- funding an entity buy sell agreement
The do not call list offers exemption from all except - ✔✔life insurance
Ken is a producer who has consumer info reports under false pretenses under the fair credit
reporting act, what is the max penalty.. - ✔✔$5000 & 1 year in jail
Which type of annuity guarantees a stated number of income payments whether or not the
annuitant is still alive to receive it - ✔✔life annuity certain
In what part of the policy are the policy benefits found - ✔✔conditions
Commissioner is responsible for all of the following.. - ✔✔- issue cease & desist orders
- conduct hearings
- regulate premium rates
Maria would like an annuity that provides a guaranteed accumulation or payout. The type of
annuity she is seeking is called.. - ✔✔annuity certain
Which type of rider will waive the premium on a child's life insurance policy if the parent paying
the premium dies? - ✔✔guaranteed insurability
, Pat owns a 20 pay life policy with a paid dividend option. Which of the following statements is
true? - ✔✔the policy may be paid up early by using policy dividends
A renewable term life insurance policy can be renewed - ✔✔anytime the policy owners request
What would a be an expense factor in an insurance program - ✔✔mortality costs
Which of the following is an annuity that is linked to a market related index.. - ✔✔equity index
annuity
Agreements made by terminally ill persons to sell their life insurance policies at a discount in
order to pay medical expenses is called.. - ✔✔viatical settlements
Variable life insurance & universal life insurance are similar. Which of these are held
exclusively by variable universal life insurance.. - ✔✔Policyowner has the right to select the
investments which will provide the the greatest return
An accelerated death benefit in PA must be at least what percentage of the total death benefit.. -
✔✔25%
A producer's license CANNOT be revoked without - ✔✔a hearing given to the producer
Mike has inherited his father's traditional IRA. As a beneficiary, he will pay taxes on any money
withdrawn - ✔✔income
Signatures for an insurance application MUST be obtained by the producer from all of the
following sources except.. - ✔✔Beneficiary
What is the purpose for having an accelerated death benefit on a life insurance policy.. - ✔✔It
allows for cash advances to be paid against the death if the insured becomes terminally ill
Single premium cash value policy can be described as.. - ✔✔a policy that is paid up only after
one payment
All of the following are considered appropriate uses of life insurance.. - ✔✔- attracting quality
employees by offering a group life plan
- protecting the business by covering key employees with life insurance
- funding an entity buy sell agreement
The do not call list offers exemption from all except - ✔✔life insurance
Ken is a producer who has consumer info reports under false pretenses under the fair credit
reporting act, what is the max penalty.. - ✔✔$5000 & 1 year in jail
Which type of annuity guarantees a stated number of income payments whether or not the
annuitant is still alive to receive it - ✔✔life annuity certain
In what part of the policy are the policy benefits found - ✔✔conditions
Commissioner is responsible for all of the following.. - ✔✔- issue cease & desist orders
- conduct hearings
- regulate premium rates
Maria would like an annuity that provides a guaranteed accumulation or payout. The type of
annuity she is seeking is called.. - ✔✔annuity certain
Which type of rider will waive the premium on a child's life insurance policy if the parent paying
the premium dies? - ✔✔guaranteed insurability
, Pat owns a 20 pay life policy with a paid dividend option. Which of the following statements is
true? - ✔✔the policy may be paid up early by using policy dividends
A renewable term life insurance policy can be renewed - ✔✔anytime the policy owners request
What would a be an expense factor in an insurance program - ✔✔mortality costs
Which of the following is an annuity that is linked to a market related index.. - ✔✔equity index
annuity
Agreements made by terminally ill persons to sell their life insurance policies at a discount in
order to pay medical expenses is called.. - ✔✔viatical settlements
Variable life insurance & universal life insurance are similar. Which of these are held
exclusively by variable universal life insurance.. - ✔✔Policyowner has the right to select the
investments which will provide the the greatest return
An accelerated death benefit in PA must be at least what percentage of the total death benefit.. -
✔✔25%
A producer's license CANNOT be revoked without - ✔✔a hearing given to the producer
Mike has inherited his father's traditional IRA. As a beneficiary, he will pay taxes on any money
withdrawn - ✔✔income
Signatures for an insurance application MUST be obtained by the producer from all of the
following sources except.. - ✔✔Beneficiary
What is the purpose for having an accelerated death benefit on a life insurance policy.. - ✔✔It
allows for cash advances to be paid against the death if the insured becomes terminally ill
