WISCONSIN LIFE INSURANCE STATE
EXAM SIMULATOR WITH COMPLETE
QUESTIONS AND VERIFIED ANSWERS [
GRADED A+]
What is the nonforfeiture value of an annuity before annuitization? -
✔✔All premiums paid, plus interest, minus any withdrawals and
surrender charges
A life insurance company has transferred some of its risk to another
insurer. The insurer assuming the risk is called the - ✔✔reinsurer
©morren2024/2025.Year published 2024.
,Which of the following is considered an unfair practice? - ✔✔Accepting
insurance from and unauthorized insurer
Intermediaries MUST keep policyholder records for at least _____
year(s) after a policy has been terminated. - ✔✔3
Which of the following is a requirement for ANY change in an insurance
application? - ✔✔Change must be initiated by the applicant
Maria would like - ✔✔annuity certain
A whole life insurance policy accumulates cash value that becomes -
✔✔the policy loan value which the insured may borrow against
©morren2024/2025.Year published 2024.
,If an insureds age on a life insurance policy has been misstated, what is
the insurers liability if the insured dies? - ✔✔A prorated death benefit
based on the amount of insurance the insured premiums would have
been if purchased at the correct age
All of these are considered key factors in underwriting life insurance
EXCEPT - ✔✔Marital status
______ is NOT an element of a valid contract - ✔✔Countersignature
What is an insurer required to do when faced with an error made under
the Misstatement of Age provision? - ✔✔Pay age-corrected benefits
©morren2024/2025.Year published 2024.
, A rollover from a Traditional IRA to another IRA MUST be done
within______ days to avoid tax consequences - ✔✔60
All of these are considered to be a violation of the Federal Fraud and
False Statements Act EXCEPT - ✔✔Claims reimbursement
Which of these is considered to be a document that describes the
critical segments of a life insurance policy - ✔✔Policy summary
When calculating the amount of life insurance needed for an income
earner, what has to be determined when using the Needs Approach? -
✔✔The family's financial objectives if the income earner were to die or
become disabled
©morren2024/2025.Year published 2024.
EXAM SIMULATOR WITH COMPLETE
QUESTIONS AND VERIFIED ANSWERS [
GRADED A+]
What is the nonforfeiture value of an annuity before annuitization? -
✔✔All premiums paid, plus interest, minus any withdrawals and
surrender charges
A life insurance company has transferred some of its risk to another
insurer. The insurer assuming the risk is called the - ✔✔reinsurer
©morren2024/2025.Year published 2024.
,Which of the following is considered an unfair practice? - ✔✔Accepting
insurance from and unauthorized insurer
Intermediaries MUST keep policyholder records for at least _____
year(s) after a policy has been terminated. - ✔✔3
Which of the following is a requirement for ANY change in an insurance
application? - ✔✔Change must be initiated by the applicant
Maria would like - ✔✔annuity certain
A whole life insurance policy accumulates cash value that becomes -
✔✔the policy loan value which the insured may borrow against
©morren2024/2025.Year published 2024.
,If an insureds age on a life insurance policy has been misstated, what is
the insurers liability if the insured dies? - ✔✔A prorated death benefit
based on the amount of insurance the insured premiums would have
been if purchased at the correct age
All of these are considered key factors in underwriting life insurance
EXCEPT - ✔✔Marital status
______ is NOT an element of a valid contract - ✔✔Countersignature
What is an insurer required to do when faced with an error made under
the Misstatement of Age provision? - ✔✔Pay age-corrected benefits
©morren2024/2025.Year published 2024.
, A rollover from a Traditional IRA to another IRA MUST be done
within______ days to avoid tax consequences - ✔✔60
All of these are considered to be a violation of the Federal Fraud and
False Statements Act EXCEPT - ✔✔Claims reimbursement
Which of these is considered to be a document that describes the
critical segments of a life insurance policy - ✔✔Policy summary
When calculating the amount of life insurance needed for an income
earner, what has to be determined when using the Needs Approach? -
✔✔The family's financial objectives if the income earner were to die or
become disabled
©morren2024/2025.Year published 2024.
