Life Insurance Exam Questions & Answers/ A+
Score Solution.
J has a life policy with the Guaranteed Insurability rider. J has just celebrated their
42nd birthday and realizes that she wants to use her rider and buy more death
benefit. Which of the following will apply to J's request?
A: The insurer will allow J to add more insurance without proving insurability.
B: The insurer will allow J to add more insurance pending a paramedical exam.
C: The insurer will deny J's request to add more insurance.
D: The insurer will allow J to add more coverage pending proof of insurability and
extra premium. - Answer: C: The insurer will deny J's request to add more
insurance.
Page 1 of 67
,An insured has a policy with a Waiver of Premium rider. The insured has suffered
an illness that will prevent them for working for two years. When will their
premiums be waived?
A: Immediately
B: After the first nine months of disability
C: After the first six months of disability
D: Never, premiums cannot be waived because illness is not a disability. - Answer:
C: After the first six months of disability
What is the maximum length of time a producer license can be suspended by the
Director?
A: A producer license suspension is for a period of time deemed appropriate by
the Director.
B: 6 months
C: 12 months
D: 3 years. - Answer: A: A producer license suspension is for a period of time
deemed appropriate by the Director.
All of the following is an example of an unfair practice EXCEPT:
A: An applicant being denied based on military experience
B: An applicant being denied based off partial blindness
C: An applicant being denied for being a sky dive instructor
D: An applicant being denied solely for being disabled. - Answer: C: An applicant
being denied for being a sky dive instructor
Page 2 of 67
,All Viatical Settlement Providers must report on or before _______ of every year.
A: January 1st
B: Depends on License Issuance
C: March 1st
D: Birth month of the Licensee - Answer: C: March 1st
Each of the following is a requirement for a Life, Health, Property and Casualty
prelicensing course, EXCEPT:
A: The licensing candidate must spend 7.5 hours in class per line.
B: The licensing candidate must complete a 20 hour course per line.
C: An exam proctored by a course provider must be successfully passed before a
prelicensing course is successfully completed.
D: An exam that is graded by a course provider must be passed before a
prelicensing course is successfully completed. - Answer: C: An exam proctored by
a course provider must be successfully passed before a prelicensing course is
F, a producer in Illinois for twenty years failed to finish his entire continuing
education requirement by his license renewal date. Which of the following will
likely happen to F's producer license.
A: Nothing, there is an automatic 30 day grace period.
B: The producer license will lapse automatically.
C: A producer holding a license in Illinois for 20 years or longer automatically is
licensed for the remainder of his or her lifetime without a renewal requirement.
D: Nothing there is an automatic 12 month grace period since F has been licensed
for such a long time. - Answer: B: The producer license will lapse automatically.
Page 3 of 67
, Which of the following is required to be listed in an illustration?
A: Age and sex of proposed insured
B: Initial death benefit
C: Dividend option of non-guaranteed elements
D: All of the Above - Answer: D: All of the Above
Which of the following is true about a long term care rider?
A: It will decrease premiums
B: It will pay nursing benefits in addition to the death benefit.
C: The agent must write the Long Term Care Rider as a separate policy.
D: If the insured uses the LTC rider benefit, it will be deducted from the proceeds
when the insured dies. - Answer: D: If the insured uses the LTC rider benefit, it will
be deducted from the proceeds when the insured dies.
J has a policy that requires that he meet certain conditions in order for the
contract to be enforceable. J has a(an):
A: Conditional Contract
B: Unilateral Contract
C: Contract of Adhesion
D: Aleatory Contract - Answer: B: Unilateral Contract
Variable Whole Life requires a:
A: Flexible Premium
B: Fixed and Level Premium
Page 4 of 67
Score Solution.
J has a life policy with the Guaranteed Insurability rider. J has just celebrated their
42nd birthday and realizes that she wants to use her rider and buy more death
benefit. Which of the following will apply to J's request?
A: The insurer will allow J to add more insurance without proving insurability.
B: The insurer will allow J to add more insurance pending a paramedical exam.
C: The insurer will deny J's request to add more insurance.
D: The insurer will allow J to add more coverage pending proof of insurability and
extra premium. - Answer: C: The insurer will deny J's request to add more
insurance.
Page 1 of 67
,An insured has a policy with a Waiver of Premium rider. The insured has suffered
an illness that will prevent them for working for two years. When will their
premiums be waived?
A: Immediately
B: After the first nine months of disability
C: After the first six months of disability
D: Never, premiums cannot be waived because illness is not a disability. - Answer:
C: After the first six months of disability
What is the maximum length of time a producer license can be suspended by the
Director?
A: A producer license suspension is for a period of time deemed appropriate by
the Director.
B: 6 months
C: 12 months
D: 3 years. - Answer: A: A producer license suspension is for a period of time
deemed appropriate by the Director.
All of the following is an example of an unfair practice EXCEPT:
A: An applicant being denied based on military experience
B: An applicant being denied based off partial blindness
C: An applicant being denied for being a sky dive instructor
D: An applicant being denied solely for being disabled. - Answer: C: An applicant
being denied for being a sky dive instructor
Page 2 of 67
,All Viatical Settlement Providers must report on or before _______ of every year.
A: January 1st
B: Depends on License Issuance
C: March 1st
D: Birth month of the Licensee - Answer: C: March 1st
Each of the following is a requirement for a Life, Health, Property and Casualty
prelicensing course, EXCEPT:
A: The licensing candidate must spend 7.5 hours in class per line.
B: The licensing candidate must complete a 20 hour course per line.
C: An exam proctored by a course provider must be successfully passed before a
prelicensing course is successfully completed.
D: An exam that is graded by a course provider must be passed before a
prelicensing course is successfully completed. - Answer: C: An exam proctored by
a course provider must be successfully passed before a prelicensing course is
F, a producer in Illinois for twenty years failed to finish his entire continuing
education requirement by his license renewal date. Which of the following will
likely happen to F's producer license.
A: Nothing, there is an automatic 30 day grace period.
B: The producer license will lapse automatically.
C: A producer holding a license in Illinois for 20 years or longer automatically is
licensed for the remainder of his or her lifetime without a renewal requirement.
D: Nothing there is an automatic 12 month grace period since F has been licensed
for such a long time. - Answer: B: The producer license will lapse automatically.
Page 3 of 67
, Which of the following is required to be listed in an illustration?
A: Age and sex of proposed insured
B: Initial death benefit
C: Dividend option of non-guaranteed elements
D: All of the Above - Answer: D: All of the Above
Which of the following is true about a long term care rider?
A: It will decrease premiums
B: It will pay nursing benefits in addition to the death benefit.
C: The agent must write the Long Term Care Rider as a separate policy.
D: If the insured uses the LTC rider benefit, it will be deducted from the proceeds
when the insured dies. - Answer: D: If the insured uses the LTC rider benefit, it will
be deducted from the proceeds when the insured dies.
J has a policy that requires that he meet certain conditions in order for the
contract to be enforceable. J has a(an):
A: Conditional Contract
B: Unilateral Contract
C: Contract of Adhesion
D: Aleatory Contract - Answer: B: Unilateral Contract
Variable Whole Life requires a:
A: Flexible Premium
B: Fixed and Level Premium
Page 4 of 67
