PA Life Insurance Exam |
Questions And Answers
Single premium cash value policy can be described as.. - -a policy that is
paid up only after one payment
- All of the following are considered appropriate uses of life insurance.. - --
attracting quality employees by offering a group life plan
- protecting the business by covering key employees with life insurance
- funding an entity buy sell agreement
- The do not call list offers exemption from all except - -life insurance
- Ken is a producer who has consumer info reports under false pretenses
under the fair credit reporting act, what is the max penalty.. - -$5000 & 1
year in jail
- Which type of annuity guarantees a stated number of income payments
whether or not the annuitant is still alive to receive it - -life annuity certain
- In what part of the policy are the policy benefits found - -conditions
- Commissioner is responsible for all of the following.. - -- issue cease &
desist orders
- conduct hearings
- regulate premium rates
- Maria would like an annuity that provides a guaranteed accumulation or
payout. The type of annuity she is seeking is called.. - -annuity certain
- Which type of rider will waive the premium on a child's life insurance policy
if the parent paying the premium dies? - -guaranteed insurability
- Pat owns a 20 pay life policy with a paid dividend option. Which of the
following statements is true? - -the policy may be paid up early by using
policy dividends
- A renewable term life insurance policy can be renewed - -anytime the
policy owners request
- What would a be an expense factor in an insurance program - -mortality
costs
, - Which of the following is an annuity that is linked to a market related
index.. - -equity index annuity
- Agreements made by terminally ill persons to sell their life insurance
policies at a discount in order to pay medical expenses is called.. - -viatical
settlements
- Variable life insurance & universal life insurance are similar. Which of these
are held exclusively by variable universal life insurance.. - -Policyowner has
the right to select the investments which will provide the the greatest return
- An accelerated death benefit in PA must be at least what percentage of the
total death benefit.. - -25%
- A producer's license CANNOT be revoked without - -a hearing given to the
producer
- Mike has inherited his father's traditional IRA. As a beneficiary, he will pay
taxes on any money withdrawn - -income
- Signatures for an insurance application MUST be obtained by the producer
from all of the following sources except.. - -Beneficiary
- What is the purpose for having an accelerated death benefit on a life
insurance policy.. - -It allows for cash advances to be paid against the death
if the insured becomes terminally ill
- Which premium payment frequencies is not typically available to
policyholders.. - -bi-weekly
- An example of risk sharing would be.. - -Doctors pooling their money to
cover malpractice exposures is an example of risk sharing
- A licensee may only sell, solicit, & negotiate insurance contracts on behalf
of the... - -appointing insurer
- Who is responsible for assembling the policy form for insureds.. - -
insurance carriers
- When soliciting insurance, a producer CANNOT.. - -emphasize guaranty
association benefits
- Andy annuitant dies before the annuity start date.. - -premiums paid plus
interest earned is returned to the beneficiary
Questions And Answers
Single premium cash value policy can be described as.. - -a policy that is
paid up only after one payment
- All of the following are considered appropriate uses of life insurance.. - --
attracting quality employees by offering a group life plan
- protecting the business by covering key employees with life insurance
- funding an entity buy sell agreement
- The do not call list offers exemption from all except - -life insurance
- Ken is a producer who has consumer info reports under false pretenses
under the fair credit reporting act, what is the max penalty.. - -$5000 & 1
year in jail
- Which type of annuity guarantees a stated number of income payments
whether or not the annuitant is still alive to receive it - -life annuity certain
- In what part of the policy are the policy benefits found - -conditions
- Commissioner is responsible for all of the following.. - -- issue cease &
desist orders
- conduct hearings
- regulate premium rates
- Maria would like an annuity that provides a guaranteed accumulation or
payout. The type of annuity she is seeking is called.. - -annuity certain
- Which type of rider will waive the premium on a child's life insurance policy
if the parent paying the premium dies? - -guaranteed insurability
- Pat owns a 20 pay life policy with a paid dividend option. Which of the
following statements is true? - -the policy may be paid up early by using
policy dividends
- A renewable term life insurance policy can be renewed - -anytime the
policy owners request
- What would a be an expense factor in an insurance program - -mortality
costs
, - Which of the following is an annuity that is linked to a market related
index.. - -equity index annuity
- Agreements made by terminally ill persons to sell their life insurance
policies at a discount in order to pay medical expenses is called.. - -viatical
settlements
- Variable life insurance & universal life insurance are similar. Which of these
are held exclusively by variable universal life insurance.. - -Policyowner has
the right to select the investments which will provide the the greatest return
- An accelerated death benefit in PA must be at least what percentage of the
total death benefit.. - -25%
- A producer's license CANNOT be revoked without - -a hearing given to the
producer
- Mike has inherited his father's traditional IRA. As a beneficiary, he will pay
taxes on any money withdrawn - -income
- Signatures for an insurance application MUST be obtained by the producer
from all of the following sources except.. - -Beneficiary
- What is the purpose for having an accelerated death benefit on a life
insurance policy.. - -It allows for cash advances to be paid against the death
if the insured becomes terminally ill
- Which premium payment frequencies is not typically available to
policyholders.. - -bi-weekly
- An example of risk sharing would be.. - -Doctors pooling their money to
cover malpractice exposures is an example of risk sharing
- A licensee may only sell, solicit, & negotiate insurance contracts on behalf
of the... - -appointing insurer
- Who is responsible for assembling the policy form for insureds.. - -
insurance carriers
- When soliciting insurance, a producer CANNOT.. - -emphasize guaranty
association benefits
- Andy annuitant dies before the annuity start date.. - -premiums paid plus
interest earned is returned to the beneficiary
