Arizona Life Insurance Exam | Questions
and answers with 100% correct solutions |
Graded A+
Which of the following is NOT a valid contract exchange?
1. an annuity exchanged for a life insurance policy
2 an annuity exchanged for another annuity
3 a life insurance policy exchanged for another life insurance policy
4 a life insurance policy exchanged for another annuity ✔✔an annuity exchanged for a life insurance
policy
which of these statements regarding the extended term insurance nonforfeiture option in a life policy is
accurate
,evidence of insurability is required
coverage remains until death of the insured
the premium to purchase the coverage comes from the policy`s cash value
cash value will continue to grow ✔✔the premium to purchase the coverage comes from the
policy`s cash value
a life insurance policy that includes a return of premium rider will pay the beneficiary how much
upon the insured death
total premiums paid plus the policy face amount
face amount plus interest
interest acquired plus total premiums paid
face amount minus any outstanding loan balances ✔✔total premiums paid plus the policy face amount
which of these is NOT considered the responsibility of a producer during the underwriting process
collecting additional medical information if needed
,promptly sending the completed application to the insurance company
forwarding any material personal observations to the insurer
selecting the final approval date ✔✔selecting the final approval date
which of the following is NOT guaranteed in a whole life policy
settlement options
nonforfeiture options
dividend scale
policy loan values ✔✔dividend scale
all of these duties that a producer may be required to perform when delivering an insurance policy
EXCEPT
acquire a statement of good health signature
gather the initial premium
, review policy with applicant
leave a conditional receipt with client ✔✔leave a conditional receipt with client
laura added a children`s rider to her life insurance policy. what type of coverage was added
level term
increasing term
decreasing term
juvenile term ✔✔level term
what would be the disadvantage of naming a trust as a beneficiary of a life insurance policy
trusts cannot be formed for life insurance purposes
trust administrations fees would reduce policy proceeds
trusts cannot be used if a minor is the beneficiary
and answers with 100% correct solutions |
Graded A+
Which of the following is NOT a valid contract exchange?
1. an annuity exchanged for a life insurance policy
2 an annuity exchanged for another annuity
3 a life insurance policy exchanged for another life insurance policy
4 a life insurance policy exchanged for another annuity ✔✔an annuity exchanged for a life insurance
policy
which of these statements regarding the extended term insurance nonforfeiture option in a life policy is
accurate
,evidence of insurability is required
coverage remains until death of the insured
the premium to purchase the coverage comes from the policy`s cash value
cash value will continue to grow ✔✔the premium to purchase the coverage comes from the
policy`s cash value
a life insurance policy that includes a return of premium rider will pay the beneficiary how much
upon the insured death
total premiums paid plus the policy face amount
face amount plus interest
interest acquired plus total premiums paid
face amount minus any outstanding loan balances ✔✔total premiums paid plus the policy face amount
which of these is NOT considered the responsibility of a producer during the underwriting process
collecting additional medical information if needed
,promptly sending the completed application to the insurance company
forwarding any material personal observations to the insurer
selecting the final approval date ✔✔selecting the final approval date
which of the following is NOT guaranteed in a whole life policy
settlement options
nonforfeiture options
dividend scale
policy loan values ✔✔dividend scale
all of these duties that a producer may be required to perform when delivering an insurance policy
EXCEPT
acquire a statement of good health signature
gather the initial premium
, review policy with applicant
leave a conditional receipt with client ✔✔leave a conditional receipt with client
laura added a children`s rider to her life insurance policy. what type of coverage was added
level term
increasing term
decreasing term
juvenile term ✔✔level term
what would be the disadvantage of naming a trust as a beneficiary of a life insurance policy
trusts cannot be formed for life insurance purposes
trust administrations fees would reduce policy proceeds
trusts cannot be used if a minor is the beneficiary
