LIFE INSURANCE PRACTICE- EXAM GUIDE 2025
|MOST COMMON QUESTIONS WITH CORRECTLY
VERIFIED ANSWERS|ALREADY A+
GRADED|GUARANTEED PASS
which approach considers the future needs of the survivors in determining amounts of life
insurance? - human life value approach
what is insurable interest required? - at time of application
which of the following is not an illegal document? - giving the insured an article of
merchandise printed with the producers name costing $$
which of the following is not true about converting a group policy to an individual policy? -
proof of insurability will be required
the period during which an annuitant beginsto receive income payments from an insurer is
known as - annuitization period
all of the following are examples of flexible life insurance policies except - whole life
which is the simplest type of life insurance plan that provides protection - level term life
insurance
which of the following is the time of period after which is life insurance policy is considered
incontestable - period ends after 2 years
which of the following statements best describes a single premium cash value policy - it
requires one payment to make the policy paid up
term life insurance differs from permamnent life in the most that most often, term life insurance
- remains in force for a specific period of time
which activity does not require an insurance producers license - underwriting
Which nonforfeiture option allows the policy owner to purchase less coverage for life. -
reduced-paid option
which type of annuity guarantees a level benefit payment - fixed
, If the annuitant dies before the annuity start date, the interest earned is - taxable
For a contract to be valid - include an offer and acceptance
which of the following is not an example of a producer duties - represent the insured
if a proucer is found guilty of signing an application name, the commisioner can do all of the
following except - require the producer to tell the client
if an annuitant is making premium payments on a periodic which type of annuity -
deffered
generally if an application is not prepaid, the effective date of coverage begins on the date the -
producer delivers the policy and collects the premium
which of the following gifts from a producer would not be considered rebating> - $5 pen
when a beneficiary inherits a traditional ira, which of the following is true about taxation when
the money is withdrawn? the beneficiary pays - income tax
upon the death of an insured individual, what does life insurance guarantee to deliver to the
beneficiary - a specific sum of money
which of the following policies has a guaraunteed interest rate with the possibility to earn an
interest rate higher than the guaranteed rate - universal life
which statment is not a characteristic of a group life insurance plan? - individual
underwriting
all of the following are purposes of an annutiy except - annuity is designed to create an
estate
what type of authority is given by an insurer to a producer but NOT formally communicated? -
implied
which of the following is an example of an unfair claim settlement practice? - delaying
the settlement of claims in which liabilty has become clear
term life insurance offers pure protection - for a specific period of time
an insured has a 5 year renwable term life insurance policy. upon exercising the renewable
privilege, the insured must - pay an annual premium that may be higher
a producer offers a potential insured 5% of their commission as an incentive to buy the
insurance is guilty of - rebating
|MOST COMMON QUESTIONS WITH CORRECTLY
VERIFIED ANSWERS|ALREADY A+
GRADED|GUARANTEED PASS
which approach considers the future needs of the survivors in determining amounts of life
insurance? - human life value approach
what is insurable interest required? - at time of application
which of the following is not an illegal document? - giving the insured an article of
merchandise printed with the producers name costing $$
which of the following is not true about converting a group policy to an individual policy? -
proof of insurability will be required
the period during which an annuitant beginsto receive income payments from an insurer is
known as - annuitization period
all of the following are examples of flexible life insurance policies except - whole life
which is the simplest type of life insurance plan that provides protection - level term life
insurance
which of the following is the time of period after which is life insurance policy is considered
incontestable - period ends after 2 years
which of the following statements best describes a single premium cash value policy - it
requires one payment to make the policy paid up
term life insurance differs from permamnent life in the most that most often, term life insurance
- remains in force for a specific period of time
which activity does not require an insurance producers license - underwriting
Which nonforfeiture option allows the policy owner to purchase less coverage for life. -
reduced-paid option
which type of annuity guarantees a level benefit payment - fixed
, If the annuitant dies before the annuity start date, the interest earned is - taxable
For a contract to be valid - include an offer and acceptance
which of the following is not an example of a producer duties - represent the insured
if a proucer is found guilty of signing an application name, the commisioner can do all of the
following except - require the producer to tell the client
if an annuitant is making premium payments on a periodic which type of annuity -
deffered
generally if an application is not prepaid, the effective date of coverage begins on the date the -
producer delivers the policy and collects the premium
which of the following gifts from a producer would not be considered rebating> - $5 pen
when a beneficiary inherits a traditional ira, which of the following is true about taxation when
the money is withdrawn? the beneficiary pays - income tax
upon the death of an insured individual, what does life insurance guarantee to deliver to the
beneficiary - a specific sum of money
which of the following policies has a guaraunteed interest rate with the possibility to earn an
interest rate higher than the guaranteed rate - universal life
which statment is not a characteristic of a group life insurance plan? - individual
underwriting
all of the following are purposes of an annutiy except - annuity is designed to create an
estate
what type of authority is given by an insurer to a producer but NOT formally communicated? -
implied
which of the following is an example of an unfair claim settlement practice? - delaying
the settlement of claims in which liabilty has become clear
term life insurance offers pure protection - for a specific period of time
an insured has a 5 year renwable term life insurance policy. upon exercising the renewable
privilege, the insured must - pay an annual premium that may be higher
a producer offers a potential insured 5% of their commission as an incentive to buy the
insurance is guilty of - rebating
