Questions examfx practice
EXAMFX Practice Exam Questions with
Correct Answers 2024-2025 Graded A
the Commissioner issues an order and the person who is the object of the order
demands a hearing within 30 days, within how many days must the hearing be held?
60 days
Which of the following is an intermediary who acts in the procuring of insurance on
behalf of an applicant for insurance or an insured?
Insurance Broker
An insured wants to transfer his personal insurance policy to a friend. Under what
conditions would this be possible?
The insured will need a written consent of the insurer.
Which of the following is NOT a term for the period of time during which the annuitant
or the beneficiary receives income?
Depreciation Period
Which of the following best describes what the annuity period is?
The period of time during which accumulated money is converted into income payments
The death protection component of Universal Life Insurance is always
Annually Renewable Term
Which of the following is TRUE about nonforfeiture values?
They are required by state law to be included in the policy.
Which of the following does NOT apply to variable contracts?
Insurers do not have to provide any financial information or history of the company.
Which of the following named beneficiaries would NOT be able to receive the death
benefit directly from the insurer in the event of the insureds' death?
A minor son of the insured
Questions examfx practice
, Questions examfx practice
The president of a company is starting an annuity and decides that his corporation will
be the annuitant. Which of the following statements is true?
The annuitant must be a natural person.
Universal Life Insurance policy is best described as a/an
Annually Renewable Term policy with a cash value account.
Which of the following methods of calculating the amount of life insurance needed takes
into account the insured's wages, years until retirement, and inflation?
Human life value approach (HLVA)
Which of the following types of policies allows the policyowner to skip premium
payments, provided that there is enough cash value in the policy to cover the premium
amount?
Universal life
All of the following are true regarding the Policy Summary EXCEPT
The policy summary may show dividends.
Which of the following reports will provide the underwriter with the information about
an insurance applicant's credit?
Consumer report
In forming an insurance contract, when does acceptance usually occur?
When an insurer's underwriter approves coverage
Within how many days of requesting an investigative consumer report must an insurer
notify the consumer in writing that the report will be obtained?
3 days
Which of the following is FALSE regarding the life insurance replacement rules?
Replacement forms must be kept on file for 7 years.
Which of the following policies would be classified as a traditional level premium
contract?
Straight Life
When do full Social Security retirement benefits begin?
Questions examfx practice
EXAMFX Practice Exam Questions with
Correct Answers 2024-2025 Graded A
the Commissioner issues an order and the person who is the object of the order
demands a hearing within 30 days, within how many days must the hearing be held?
60 days
Which of the following is an intermediary who acts in the procuring of insurance on
behalf of an applicant for insurance or an insured?
Insurance Broker
An insured wants to transfer his personal insurance policy to a friend. Under what
conditions would this be possible?
The insured will need a written consent of the insurer.
Which of the following is NOT a term for the period of time during which the annuitant
or the beneficiary receives income?
Depreciation Period
Which of the following best describes what the annuity period is?
The period of time during which accumulated money is converted into income payments
The death protection component of Universal Life Insurance is always
Annually Renewable Term
Which of the following is TRUE about nonforfeiture values?
They are required by state law to be included in the policy.
Which of the following does NOT apply to variable contracts?
Insurers do not have to provide any financial information or history of the company.
Which of the following named beneficiaries would NOT be able to receive the death
benefit directly from the insurer in the event of the insureds' death?
A minor son of the insured
Questions examfx practice
, Questions examfx practice
The president of a company is starting an annuity and decides that his corporation will
be the annuitant. Which of the following statements is true?
The annuitant must be a natural person.
Universal Life Insurance policy is best described as a/an
Annually Renewable Term policy with a cash value account.
Which of the following methods of calculating the amount of life insurance needed takes
into account the insured's wages, years until retirement, and inflation?
Human life value approach (HLVA)
Which of the following types of policies allows the policyowner to skip premium
payments, provided that there is enough cash value in the policy to cover the premium
amount?
Universal life
All of the following are true regarding the Policy Summary EXCEPT
The policy summary may show dividends.
Which of the following reports will provide the underwriter with the information about
an insurance applicant's credit?
Consumer report
In forming an insurance contract, when does acceptance usually occur?
When an insurer's underwriter approves coverage
Within how many days of requesting an investigative consumer report must an insurer
notify the consumer in writing that the report will be obtained?
3 days
Which of the following is FALSE regarding the life insurance replacement rules?
Replacement forms must be kept on file for 7 years.
Which of the following policies would be classified as a traditional level premium
contract?
Straight Life
When do full Social Security retirement benefits begin?
Questions examfx practice
