Alaska State Licensing Exam Questions With 100% Correct Answers 2024

Alaska State Licensing Exam Questions
With 100% Correct Answers

AdditionalicoverageicanibeiaddeditoiaiWholeiLifeipolicyibyiaddingia(n):i-
iCorrectiAnswer-decreasingitermirider




Whichiprovisioniallowsitheipolicyowneritoichangeiaitermilifeipolicyitoiai
permanentioneiwithoutiprovidingiproofiofigoodihealth?i-
iCorrectiAnswer-Conversion




Whatikindiofilifeiinsuranceipolicyipaysiaispecifiedimonthlyiincomeitoiaib
eneficiaryifori30iyearsiandithenipaysiailumpisumibenefitiatitheiendiofitha
ti30iyears?i-iCorrectiAnswer-FamilyiMaintenanceiPolicy


Stranger-
OwnediLifeiInsurancei(STOLI)iisiwheniaipersonipurchasesilifeiinsuranceio
nlyitoisellitoia(n):i-iCorrectiAnswer-third-partyiwithinoiinsurableiinterest


Policyowneri-iCorrectiAnswer-WhoibenefitsiiniInvestor-
OriginatediLifeiInsurancei(IOLI)iwhenitheiinsuredidies?


VariableiLifei-iCorrectiAnswer-
Whichiofitheseitypesiofilifeiinsuranceiallowsitheipolicyowneritoihaveilev
elipremiumsianditoialsoichooseifromiaiselectioniofiinvestmentioptions?

,costiofiinsurancei-iCorrectiAnswer-
AiUniversaliLifeipolicyiisisometimesireferreditoiasianiunbundledilifeipolic
yibecauseitheiownericaniseeitheiinterestiearned,iexpenseicharges,iandit
he


VariableiUniversali-iCorrectiAnswer-
A(n)i___i___iLifeipolicyicombinesiinvestmentichoicesiwithiaiformiofiTer
miCoverage


Variablei-iCorrectiAnswer-
A(n)i___iLifeipolicyioffersitheiowneriinvestmentiiniproductsisuchiasimon
ey-marketifunds,ilong-
termibondsiandiequities.


VariableiLifeiproductsirequireiaiproduceritoi-iCorrectiAnswer-
holdiaiLifeiInsuranceilicenseiandiaiSecuritiesilicense


WhichiofitheifollowingiactionsiisiNOTipossibleiwithiaiUniversaliLifeipolic
y?i-iCorrectiAnswer-
Premiumsimayibeiappliediasiaicreditiagainstiincomeitax


CreditiLifeiinsuranceiis:i-iCorrectiAnswer-
issuediinianiamountinotitoiexceeditheiamountiofitheiloan

,Piownsiai$25,000iLifeiPolicyithatipaysitheifaceiamountitoihimiifiheilivesit
oiagei70,ioritoihisibeneficiaryiifiheidiesibeforeiagei70.iWhatikindiofipolicyi
doesiPiown?i-iCorrectiAnswer-Endowmentiatiagei70


WholeiLifeiinsuranceiisisometimesireferreditoiasi"StraightiLife".iWhatid
oesitheiwordi"Straight"iindicateiwheniusingithisiphrase?i-
iCorrectiAnswer-Theidurationiofipremiumipayments




Siownsiailifeiinsuranceipolicyiwithicashivaluesithatifluctuateiaccordingito
itheiunderlyingiinvestmentiperformanceioficommonistocks.iWhichiofith

eseipoliciesidoesiSiown?i-iCorrectiAnswer-VariableiWholeiLife


WhichiofitheseiwouldibeiconsiderediaiLimited-PayiLifeipolicy?i-
iCorrectiAnswer-LifeiPaid-UpiatiAgei70




Theiamountioficoverageioniaigroupicreditilifeipolicyiisilimitedito:i-
iCorrectiAnswer-theiinsured'sitotaliloanivalue




WhatikindiofipremiumidoesiaiWholeiLifeipolicyihave?i-iCorrectiAnswer-
level


Whatikindiofiinsuranceipolicyisuppliesianiincomeistreamioveriaisetiperio
diofitimeithatistartsiwhenitheiinsuredidies?i-iCorrectiAnswer-
FamilyiMaintenanceiPolicy

, Aipotentialiclient,iagei40,iwouldilikeitoipurchaseiaiWholeiLifeipolicyithati
williaccumulateicashivalueiatiaifasterirateiinitheiearlyiyearsiofitheipolicy.i
Whichiofitheseistatementsimadeibyitheiproduceriwouldibeicorrect?i-
iCorrectiAnswer-20-

PayiLifeiaccumulatesicashivalueifasterithaniStraightiLife


AlliofitheseiareicharacteristicsiofianiAdjustableiLifeipolicy,iEXCEPT:i-
iCorrectiAnswer-faceiamounticanibeiadjustediusingipolicyidividends




AiUniversaliLifeipolicyiisisometimesireferreditoiasianiunbundlediLifeiPoli
cyibecauseitheiownericaniseeitheiinterestiearned,icostiofiinsurance,iandi
thei-iCorrectiAnswer-expenseicharges


Ailifeipolicyithaticontainsiaimonthlyimortalityichargeiasiwelliasiself-
directediinvestmentichoicesiisicalledia(n)i-iCorrectiAnswer-
VariableiUniversaliLifeiPolicy


Whichistatementiisicorrectiregardingitheipremiumipaymentischeduleifo
riwholeilifeipolicies?i-iCorrectiAnswer-
Premiumsiareipayableithroughoutitheiinsured'silifetime/icoverageilastsi
untilideathiofitheiinsured


Fineedsilifeiinsuranceithatiprovidesicoverageiforionlyiailimitediamountio
fitimeiwithiaideathibenefitithatichangesiregularlyiaccordingitoiaischedul
e.iWhatikindiofipolicyiisineeded?i-iCorrectiAnswer-
Decreasingitermipolicy