Louisiana Life Insurance Final Exam
A viatical transaction is used for which of the following - Answer -A chronically ill insured who needs to
sell his life insurance policy to a third-party to settle medical and other bills prior to death
An agent complete an application for insurance on the Addams family Mr. Adams writes a check for the
initial premium and the agent provides Mr. Adams with a conditional receipt Mr. Adams should
understand which of the following - Answer -He has made an offer to the insurance company and no
insurance is in effect until all requirements for underwriting his policy or receipt in the policy is approved
The annual renewable term term ART - Answer -Has no requirements for a proof of insurability at
renewal and a maximum age .
Insurance uses a pre-existing condition clause to prevent - Answer -Adverse selection
Which of the following is an effective and legal way to deliver a policy - Answer -Personal delivery by an
agent mailing the policy to the policy owner giving the policy to an agent of the policy owner
Which of the following statements is not true about the guaranteed insurability riderGIR? - Answer -The
older the insured gets the more frequent the purchase option dates
What plan would likely meet the needs of two partners who want to create a buy sell agreement and an
inexpensive and simple funding plan? - Answer -A joint life plan which will provide a survivor money to
buy out the deceased partners heirs.
, Which of the following is not a factor in determining the amount of life insurance policy dividend -
Answer -Morbidity is a fact to use in determining health insurance premiums not life insurance the
correct answer is mobility
Which of the following is not a common use for annuities - Answer -Pay legal fees
What guarantees states that if the policyholder discontinues payment of premiums the policyholder can
have access to the cash value of the policy policy - Answer -Non-forfeiture Provision
A qualified retirement plan that blends in our way with a profit sharing plan and I lost the employer to
deduct up to 25% of contributions made to all employeees It's called a - Answer -SEP is available to small
employers contributions made two employees are deductible up to 25% SEP
Which of the following is true about the waiver of premium rider on an insurance policy - Answer -The
premiums are waived during the period of the disability there is usually a waiting period for the benefit
to kick in there is an additional premium charge for this coverage all of the above
And example of coverage that can be purchased by a husband for his wife along with other dependent
family members is - Answer -A family term Rider
Which of the following is true about the automatic premium lone Rider APL - Answer -The writer gives
the Company the Right to borrow against the policies cash value
Which of the following is a common element We need a curse that allows an insured to charge lower
premiums - Answer -Higher interest earnings
What business continuation plan would be best for a furniture company owned by five partners -
Answer -Entity plans are best for partnerships with several partners entity plan
Which of the following is a typical characteristics of a whole life insurance policy - Answer -The
premiums remain level for the entire period that the policy is in force whole life policies have a
guarantee cash value the face amount of the policy does not change my other policies in force all of the
above
A viatical transaction is used for which of the following - Answer -A chronically ill insured who needs to
sell his life insurance policy to a third-party to settle medical and other bills prior to death
An agent complete an application for insurance on the Addams family Mr. Adams writes a check for the
initial premium and the agent provides Mr. Adams with a conditional receipt Mr. Adams should
understand which of the following - Answer -He has made an offer to the insurance company and no
insurance is in effect until all requirements for underwriting his policy or receipt in the policy is approved
The annual renewable term term ART - Answer -Has no requirements for a proof of insurability at
renewal and a maximum age .
Insurance uses a pre-existing condition clause to prevent - Answer -Adverse selection
Which of the following is an effective and legal way to deliver a policy - Answer -Personal delivery by an
agent mailing the policy to the policy owner giving the policy to an agent of the policy owner
Which of the following statements is not true about the guaranteed insurability riderGIR? - Answer -The
older the insured gets the more frequent the purchase option dates
What plan would likely meet the needs of two partners who want to create a buy sell agreement and an
inexpensive and simple funding plan? - Answer -A joint life plan which will provide a survivor money to
buy out the deceased partners heirs.
, Which of the following is not a factor in determining the amount of life insurance policy dividend -
Answer -Morbidity is a fact to use in determining health insurance premiums not life insurance the
correct answer is mobility
Which of the following is not a common use for annuities - Answer -Pay legal fees
What guarantees states that if the policyholder discontinues payment of premiums the policyholder can
have access to the cash value of the policy policy - Answer -Non-forfeiture Provision
A qualified retirement plan that blends in our way with a profit sharing plan and I lost the employer to
deduct up to 25% of contributions made to all employeees It's called a - Answer -SEP is available to small
employers contributions made two employees are deductible up to 25% SEP
Which of the following is true about the waiver of premium rider on an insurance policy - Answer -The
premiums are waived during the period of the disability there is usually a waiting period for the benefit
to kick in there is an additional premium charge for this coverage all of the above
And example of coverage that can be purchased by a husband for his wife along with other dependent
family members is - Answer -A family term Rider
Which of the following is true about the automatic premium lone Rider APL - Answer -The writer gives
the Company the Right to borrow against the policies cash value
Which of the following is a common element We need a curse that allows an insured to charge lower
premiums - Answer -Higher interest earnings
What business continuation plan would be best for a furniture company owned by five partners -
Answer -Entity plans are best for partnerships with several partners entity plan
Which of the following is a typical characteristics of a whole life insurance policy - Answer -The
premiums remain level for the entire period that the policy is in force whole life policies have a
guarantee cash value the face amount of the policy does not change my other policies in force all of the
above
