MN life insurance exam |128
Questions and Answers |100%
Verified
In what type of policy does the owner pay the same premium throughout the
term of the contract? - -Level premium policy
Which type of beneficiary CANNOT be changed without consent? - -The
beneficiary is irrevocable
How many totals hours of continuing education covering the subjects for
which the license is licensed must complete? - -24 hours
Accidental and dismemberment will pay the principal sum of death occurs: -
-As a result of an accident regardless of when the accident occurs
The following refers to which type of clause? If the proposed insured dies
while the policy is in forced the company will pay the death benefit to the
beneficiary? - -An insuring clause
Under MN law, if an employee is laid off from employment and is no longer
eligible for group coverage, what can the employer's life insurance
coverage? - -The employer must inform the company of the amount payable
to continue coverage for up to 18
Which rider lows additional insurance a a spectred date or event withou
evidence ofinsumbility? - -Guaranteed Insurability
Which of the exceptions of a variable annuity contract if a person cancelled
an insurance contract within the free look period is without liability and the
person is entitled a refund of? - -The premium paid but not including any
contract fees or other charges related to the contract
The Department of Commerce must be given a minimum of how many days
advance notice of disciplinary? - -10 days
The proposed insured's statement on the application and the first premium
payment are part of the policy? - -Consideration Clause
A temporary producer license can be issued in any of the following EXCEPT -
-A prospective producer who is enrolled in an insurance pre-licensed class
, Which of the following would be prohibited advertising? - -Advertising that
uses the MN Life and Health Insurance Guaranty Association
A proposed insured whose likelihood of loss is significantly less than the
average is classified as: - -Preferred risk
Once a policy has been reinstated the insured must wait what amount of
time before coverage for sickne: is available? - -10 days
Blood tests to detect the presence of Human Immunodeficiency Virus (HIV)
are becoming commonplace laws that have been allowing companies to: - -
Shares the positive HIV information with other companies
What is the purpose of the conversion privilege in a group life insurance
policy? - -Gives the employee the right to convert their group coverage to an
individual policy without proof of insurability upon their termination
The act of inducing a person to terminate an existing policy and purchase a
new policy is: - -Twisting
All of the following are examples of third party ownership EXCEPT: - -Primary
Beneficiary
When an individual replaces a life insurance policy, who initials the
replacement of the life insurance policy form? - -Both the applicant and the
insurance producer
A false written or oral statement made by a producer for the purpose of
replacing an existing policy to the document of insurance is: - -Defamation
John has a life insurance policy with XYZ Company; his premium payment is
due on the first of each month. Due to illness, John failed to pay on June 1st a
premium of $210. On June 20th, John died.
Which of the following would be a provision in John's policy that would come
into play so that the beneficiary would be paid? - -Grace period provision
Which of the following statements regarding the concept of insurable interest
as related to the life insurance contract is TRUE? - -Individual related closely
by blood have an insurable interest based on love and affection
When the structure and flexibility of a universal life policy are combined with
investment, choice is: - -Variable Universal Life Policy
If the initial premium is paid at the time of the application on May 1st, the
company issues the policy as a standard issue on May 30th, and the
producer delivers the policy to the owner in June 5, when is coverage
Questions and Answers |100%
Verified
In what type of policy does the owner pay the same premium throughout the
term of the contract? - -Level premium policy
Which type of beneficiary CANNOT be changed without consent? - -The
beneficiary is irrevocable
How many totals hours of continuing education covering the subjects for
which the license is licensed must complete? - -24 hours
Accidental and dismemberment will pay the principal sum of death occurs: -
-As a result of an accident regardless of when the accident occurs
The following refers to which type of clause? If the proposed insured dies
while the policy is in forced the company will pay the death benefit to the
beneficiary? - -An insuring clause
Under MN law, if an employee is laid off from employment and is no longer
eligible for group coverage, what can the employer's life insurance
coverage? - -The employer must inform the company of the amount payable
to continue coverage for up to 18
Which rider lows additional insurance a a spectred date or event withou
evidence ofinsumbility? - -Guaranteed Insurability
Which of the exceptions of a variable annuity contract if a person cancelled
an insurance contract within the free look period is without liability and the
person is entitled a refund of? - -The premium paid but not including any
contract fees or other charges related to the contract
The Department of Commerce must be given a minimum of how many days
advance notice of disciplinary? - -10 days
The proposed insured's statement on the application and the first premium
payment are part of the policy? - -Consideration Clause
A temporary producer license can be issued in any of the following EXCEPT -
-A prospective producer who is enrolled in an insurance pre-licensed class
, Which of the following would be prohibited advertising? - -Advertising that
uses the MN Life and Health Insurance Guaranty Association
A proposed insured whose likelihood of loss is significantly less than the
average is classified as: - -Preferred risk
Once a policy has been reinstated the insured must wait what amount of
time before coverage for sickne: is available? - -10 days
Blood tests to detect the presence of Human Immunodeficiency Virus (HIV)
are becoming commonplace laws that have been allowing companies to: - -
Shares the positive HIV information with other companies
What is the purpose of the conversion privilege in a group life insurance
policy? - -Gives the employee the right to convert their group coverage to an
individual policy without proof of insurability upon their termination
The act of inducing a person to terminate an existing policy and purchase a
new policy is: - -Twisting
All of the following are examples of third party ownership EXCEPT: - -Primary
Beneficiary
When an individual replaces a life insurance policy, who initials the
replacement of the life insurance policy form? - -Both the applicant and the
insurance producer
A false written or oral statement made by a producer for the purpose of
replacing an existing policy to the document of insurance is: - -Defamation
John has a life insurance policy with XYZ Company; his premium payment is
due on the first of each month. Due to illness, John failed to pay on June 1st a
premium of $210. On June 20th, John died.
Which of the following would be a provision in John's policy that would come
into play so that the beneficiary would be paid? - -Grace period provision
Which of the following statements regarding the concept of insurable interest
as related to the life insurance contract is TRUE? - -Individual related closely
by blood have an insurable interest based on love and affection
When the structure and flexibility of a universal life policy are combined with
investment, choice is: - -Variable Universal Life Policy
If the initial premium is paid at the time of the application on May 1st, the
company issues the policy as a standard issue on May 30th, and the
producer delivers the policy to the owner in June 5, when is coverage
