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LIFE INSURANCE PRACTICE EXAM Questions and Correct Answers/ Latest Update / Already Graded

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The reciept given to a life insurance applicant when the application is completed and the initial premium is received is called a(n) Ans: Insurable Receipt Statements in the application for insurance that are believed to be true to the best of the applicants knowledge are Ans: Representations An annuity is considered fixed when it does all of the following EXCEPT Ans: Provide the annuitant with an interest rate that is lesser of the guaranteed or current rate 2 | Page The most common type of whole life insurance where premiums are payable over the whole life of the insured to age 100 is called. Ans: Continuous Premium (straight) life The policy and a copy of the application, along with any riders and amendments, is called the Ans: Entire contract Money borrowed from the policy's cash value is Ans: Not taxable Which of the following annuity products requires an agent to hold a securities license?

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LIFE INSURANCE PRACTICE EXAM
Questions and Correct Answers/ Latest
Update / Already Graded
The reciept given to a life insurance applicant when the application

is completed and the initial premium is received is called a(n)


Ans: Insurable Receipt




Statements in the application for insurance that are believed to be

true to the best of the applicants knowledge are


Ans: Representations




An annuity is considered fixed when it does all of the following

EXCEPT


Ans: Provide the annuitant with an interest rate that is lesser of the

guaranteed or current rate

, 2 | Page

The most common type of whole life insurance where premiums are

payable over the whole life of the insured to age 100 is called.


Ans: Continuous Premium (straight) life




The policy and a copy of the application, along with any riders and

amendments, is called the


Ans: Entire contract




Money borrowed from the policy's cash value is


Ans: Not taxable




Which of the following annuity products requires an agent to hold a

securities license?


Ans: All annuities (Variable, Deferreed & Equity Indexed)




Which type of annuity settlement stops when the annuitant dies?

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