EXAM FX LIFE INSURANCE TEST
QUESTIONS
50/50g-gans--
Rayghasgangindividualgmajorgmedicalgpolicygthatgrequiresgagcoinsurancegpayment.gRaygra
relygvisitsghisgphysiciangandgwouldgprefergtogpaygtheglowestgpremiumgpossible.gWhichgcoi
nsurancegarranngementgwouldgbegbestgforgRay?
Singlegpaymentgorgperiodicgpaymentsg-gans--
Whichgtwogtermsgaregassociatedgdirectlygwithgthegwaygangannuitygisgfunded?
Anginsuredgborrowsgmoneygfromgthegbankgandgmakesgagcollatealgassignmentgofgagpartgof
gthegdeathgbenefitgtogsecuregthegloang-gans--
Allgofgthegfollowinggaregexamplesgofgthirsgpartygownershipgofglifeginsurance
Reductiongofgpremiumg-gans--
Anginsuredgpaysg$1,200gannuallygforgherglifeginsurancegpremium.gTheginsuredgappliesgthi
sgyear'sg$300gworthgofgaccumulatedgdividendsgtogthegnextgyear'sgpremiums,gthusgreducin
ggitgtog$900.gWhatgoptiongdoesgthisgdescribe?
Convertgtogangindividualgpolicyg-gans--
Agsmallgcompanygoffersggroupginsurancegtogitsgemployees,gbutgrecentlyghasgdecidedgtogte
rminategtheghealthginsurancegcontract,gleavinggthegworkersgwithoutginsurance.gWhatgcang
thegemployeesgdogregardinggtheirginsurance?
Free-Lookgperiodg-gans--Whatgphasegbeginsgaftergagnewgpolicygisgdelivered?
Revocableg-gans--
Anginsuredgwantgtognamegherghusbandgasgthegbeneficiarygofgherghealthgpolicy.gShegalsog
wishesgtogretaingallgofgthegrightsgofgownership.gTheginsuredgshouldghavegherhusbandgnam
edgasgwhatgtypegofgbeneficiary?
100g-gans--
Ingordergforgagdebtorggroupgtogqualifygforggroupglifeginsurance,gwhatgshouldgbegthegminimu
mgnumbergofgparticipantsgjoininggthegplangeverygyear
Replacementgruleg-gans--
Whichgrulegwouldgapplygifgangagentgknowsgangapplicantgisggoinggtogcashgingangoldgpolicyga
ndgusegthegfundsgtogpurchasegnewginsurance?
, Nonforfeituregvaluesg-gans--
Whichgtermgsecribesgthegbenefitsgofgaglifeginsurancegpolicygthatgthegpolicyownergdoesgnot
gautomaticallygrelinquishgevengifgthegpolicyglapses?
Twistingg-gans--
Agentsgwhogpersaudeginsuredsgtogcancelgagpolicygingfavorgofganothergonegwhengitgmightgn
otgbegingtheginsured'sgbestginterestgaregguiltygof
Certificategholderg-gans--
Ifgangemployeegisgacceptedgintogaggroupginsurancegplan,gwhichgstatusgwillgthegemployeeg
have?
OutlinegofgCoverageg-gans--
Whichgdocumentghelpsgensuregthatgfullgandgfairgdisclosuregisgprovidedgtogthegrecipientgofg
agpolicy?
5g-gans--
Aglicensedgagentgmustgcompleteghowgmanyghoursgofgcontinuinggeducationgspecificgtogethi
csgandgregulatorygupdates?
Thegpre-
existinggconditiongwaitinggperiodgfulfilledgingthegoldgpolicygwillgbegtransferredgtogthegnegwp
olicy,gthegnewgonegpickinggupgwheregthegoldgongleftgoffg-gans--
AngindividualgpurchasedgagMedicaregsupplementgpolicygingMarchgandgdeciedgtogreplacegit
g2gmonthsglater.gHisghistorygofgcoronarygarterygdiseasegisgconsideredgagpre-
existinggcondition.gWhichgofgthegfollowinggisgtrue?
ThatgitsgpoliciesgaregcoveredgbygagstategGuarantygAssociationg-gans--
WhichgofgthegfollowinggmaygNOTgbegincludedginganginsurancegcompany'sgadvertisement?
Theginsuredgovergthegagegofg64g-gans--
Whogdoesgthegsecondarygaddresseegprovisiongprotect?
Theginsurancegcontractg-gans--
Whichgofgthegfollowinggisgangagreementgbetweenganginsuredgandganginsurer,gwheregthegin
surergagreesgtogindemnifygtheginsuredgforgspecificglossesgingexchangegforgagpremium?
Thegindividualginsuredg-gans--Ingaggroupgpolicy,gwhogisgissuedgagcertificategofginsurance?
No,gtheggroupgmustgbegformedgforgagpurposegothergthangobtainingggroupginsuranceg-
gans--
Cangaggroupgthatgisgformedgforgthegsolegpurposegofgobtainingggroupginsurancegqualifygforg
groupgcoverage?
QUESTIONS
50/50g-gans--
Rayghasgangindividualgmajorgmedicalgpolicygthatgrequiresgagcoinsurancegpayment.gRaygra
relygvisitsghisgphysiciangandgwouldgprefergtogpaygtheglowestgpremiumgpossible.gWhichgcoi
nsurancegarranngementgwouldgbegbestgforgRay?
Singlegpaymentgorgperiodicgpaymentsg-gans--
Whichgtwogtermsgaregassociatedgdirectlygwithgthegwaygangannuitygisgfunded?
Anginsuredgborrowsgmoneygfromgthegbankgandgmakesgagcollatealgassignmentgofgagpartgof
gthegdeathgbenefitgtogsecuregthegloang-gans--
Allgofgthegfollowinggaregexamplesgofgthirsgpartygownershipgofglifeginsurance
Reductiongofgpremiumg-gans--
Anginsuredgpaysg$1,200gannuallygforgherglifeginsurancegpremium.gTheginsuredgappliesgthi
sgyear'sg$300gworthgofgaccumulatedgdividendsgtogthegnextgyear'sgpremiums,gthusgreducin
ggitgtog$900.gWhatgoptiongdoesgthisgdescribe?
Convertgtogangindividualgpolicyg-gans--
Agsmallgcompanygoffersggroupginsurancegtogitsgemployees,gbutgrecentlyghasgdecidedgtogte
rminategtheghealthginsurancegcontract,gleavinggthegworkersgwithoutginsurance.gWhatgcang
thegemployeesgdogregardinggtheirginsurance?
Free-Lookgperiodg-gans--Whatgphasegbeginsgaftergagnewgpolicygisgdelivered?
Revocableg-gans--
Anginsuredgwantgtognamegherghusbandgasgthegbeneficiarygofgherghealthgpolicy.gShegalsog
wishesgtogretaingallgofgthegrightsgofgownership.gTheginsuredgshouldghavegherhusbandgnam
edgasgwhatgtypegofgbeneficiary?
100g-gans--
Ingordergforgagdebtorggroupgtogqualifygforggroupglifeginsurance,gwhatgshouldgbegthegminimu
mgnumbergofgparticipantsgjoininggthegplangeverygyear
Replacementgruleg-gans--
Whichgrulegwouldgapplygifgangagentgknowsgangapplicantgisggoinggtogcashgingangoldgpolicyga
ndgusegthegfundsgtogpurchasegnewginsurance?
, Nonforfeituregvaluesg-gans--
Whichgtermgsecribesgthegbenefitsgofgaglifeginsurancegpolicygthatgthegpolicyownergdoesgnot
gautomaticallygrelinquishgevengifgthegpolicyglapses?
Twistingg-gans--
Agentsgwhogpersaudeginsuredsgtogcancelgagpolicygingfavorgofganothergonegwhengitgmightgn
otgbegingtheginsured'sgbestginterestgaregguiltygof
Certificategholderg-gans--
Ifgangemployeegisgacceptedgintogaggroupginsurancegplan,gwhichgstatusgwillgthegemployeeg
have?
OutlinegofgCoverageg-gans--
Whichgdocumentghelpsgensuregthatgfullgandgfairgdisclosuregisgprovidedgtogthegrecipientgofg
agpolicy?
5g-gans--
Aglicensedgagentgmustgcompleteghowgmanyghoursgofgcontinuinggeducationgspecificgtogethi
csgandgregulatorygupdates?
Thegpre-
existinggconditiongwaitinggperiodgfulfilledgingthegoldgpolicygwillgbegtransferredgtogthegnegwp
olicy,gthegnewgonegpickinggupgwheregthegoldgongleftgoffg-gans--
AngindividualgpurchasedgagMedicaregsupplementgpolicygingMarchgandgdeciedgtogreplacegit
g2gmonthsglater.gHisghistorygofgcoronarygarterygdiseasegisgconsideredgagpre-
existinggcondition.gWhichgofgthegfollowinggisgtrue?
ThatgitsgpoliciesgaregcoveredgbygagstategGuarantygAssociationg-gans--
WhichgofgthegfollowinggmaygNOTgbegincludedginganginsurancegcompany'sgadvertisement?
Theginsuredgovergthegagegofg64g-gans--
Whogdoesgthegsecondarygaddresseegprovisiongprotect?
Theginsurancegcontractg-gans--
Whichgofgthegfollowinggisgangagreementgbetweenganginsuredgandganginsurer,gwheregthegin
surergagreesgtogindemnifygtheginsuredgforgspecificglossesgingexchangegforgagpremium?
Thegindividualginsuredg-gans--Ingaggroupgpolicy,gwhogisgissuedgagcertificategofginsurance?
No,gtheggroupgmustgbegformedgforgagpurposegothergthangobtainingggroupginsuranceg-
gans--
Cangaggroupgthatgisgformedgforgthegsolegpurposegofgobtainingggroupginsurancegqualifygforg
groupgcoverage?
