LIFE INSURANCE PRACTICE EXAM/ Qs & Ans/
A+ Score Solution.
Insurable Receipt - Answer: The receipt given to a life insurance applicant when
the application is completed and the initial premium is received is called a(n)
Representations - Answer: Statements in the application for insurance that are
believed to be true to the best of the applicant’s knowledge are
Not taxable - Answer: Money borrowed from the policy's cash value is
All annuities (Variable, Deferred & Equity Indexed) - Answer: Which of the
following annuity products requires an agent to hold a securities license?
Page 1 of 8
, Life income annuity - Answer: Which type of annuity settlement stops when the
annuitant dies?
59 1/2 - Answer: At what age can a participant receive distributions from a
qualified plan without incurring a 10% penalty
Buy-Sell Agreement - Answer: Two business partners own life insurance on each
other. If one partner dies, which of the following contracts will allow the surviving
partner to use the death benefit to purchase the deceased's business interests?
Adjustable life - Answer: Which type of policy allows the insured to change the
amount of the dwah benefit, the amount of premium, or the type of coverage S
their needs change?
Either the cash value or the premiums paid, whichever is greater - Answer: If an
annuitant dies during the accumulation period, what will the beneficiary receive?
Nonadmitted - Answer: Any insurer who is NOT approved to do business in this
state is considered
Insurable Interest Exists - Answer: To prevent people from profiting from a loss,
insurers is the certain
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A+ Score Solution.
Insurable Receipt - Answer: The receipt given to a life insurance applicant when
the application is completed and the initial premium is received is called a(n)
Representations - Answer: Statements in the application for insurance that are
believed to be true to the best of the applicant’s knowledge are
Not taxable - Answer: Money borrowed from the policy's cash value is
All annuities (Variable, Deferred & Equity Indexed) - Answer: Which of the
following annuity products requires an agent to hold a securities license?
Page 1 of 8
, Life income annuity - Answer: Which type of annuity settlement stops when the
annuitant dies?
59 1/2 - Answer: At what age can a participant receive distributions from a
qualified plan without incurring a 10% penalty
Buy-Sell Agreement - Answer: Two business partners own life insurance on each
other. If one partner dies, which of the following contracts will allow the surviving
partner to use the death benefit to purchase the deceased's business interests?
Adjustable life - Answer: Which type of policy allows the insured to change the
amount of the dwah benefit, the amount of premium, or the type of coverage S
their needs change?
Either the cash value or the premiums paid, whichever is greater - Answer: If an
annuitant dies during the accumulation period, what will the beneficiary receive?
Nonadmitted - Answer: Any insurer who is NOT approved to do business in this
state is considered
Insurable Interest Exists - Answer: To prevent people from profiting from a loss,
insurers is the certain
Page 2 of 8
