Exam FX Life Insurance Test Questions
with answers
Ray has an individual major medical policy that requires a
coinsurance payment. Ray rarely visits his physician and would
prefer to pay the lowest premium possible. Which coinsurance
arranngement would be best for Ray? - ...,.🔹VERIFIED ANSWER
**✔✔50/50
Which two terms are associated directly with the way an annuity is
funded? - ...,.🔹VERIFIED ANSWER **✔✔Single payment or
periodic payments
All of the following are examples of thirs party ownership of life
insurance - ...,.🔹VERIFIED ANSWER **✔✔An insured borrows
money from the bank and makes a collateal assignment of a part of
the death benefit to secure the loan
An insured pays $1,200 annually for her life insurance premium.
The insured applies this year's $300 worth of accumulated
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,dividends to the next year's premiums, thus reducing it to $900.
What option does this describe? - ...,.🔹VERIFIED ANSWER
**✔✔Reduction of premium
A small company offers group insurance to its employees, but
recently has decided to terminate the health insurance contract,
leaving the workers without insurance. What can the employees do
regarding their insurance? - ...,.🔹VERIFIED ANSWER
**✔✔Convert to an individual policy
What phase begins after a new policy is delivered?
- ...,.🔹VERIFIED ANSWER **✔✔Free-Look period
An insured want to name her husband as the beneficiary of her
health policy. She also wishes to retain all of the rights of
ownership. The insured should have herhusband named as what
type of beneficiary? - ...,.🔹VERIFIED ANSWER **✔✔Revocable
In order for a debtor group to qualify for group life insurance, what
should be the minimum number of participants joining the plan
every year - ...,.🔹VERIFIED ANSWER **✔✔100
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, Which rule would apply if an agent knows an applicant is going to
cash in an old policy and use the funds to purchase new insurance?
- ...,.🔹VERIFIED ANSWER **✔✔Replacement rule
Which term secribes the benefits of a life insurance policy that the
policyowner does not automatically relinquish even if the policy
lapses? - ...,.🔹VERIFIED ANSWER **✔✔Nonforfeiture values
Agents who persaude insureds to cancel a policy in favor of another
one when it might not be in the insured's best interest are guilty of -
...,.🔹VERIFIED ANSWER **✔✔Twisting
If an employee is accepted into a group insurance plan, which
status will the employee have? - ...,.🔹VERIFIED ANSWER
**✔✔Certificate holder
Which document helps ensure that full and fair disclosure is
provided to the recipient of a policy? - ...,.🔹VERIFIED ANSWER
**✔✔Outline of Coverage
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17
with answers
Ray has an individual major medical policy that requires a
coinsurance payment. Ray rarely visits his physician and would
prefer to pay the lowest premium possible. Which coinsurance
arranngement would be best for Ray? - ...,.🔹VERIFIED ANSWER
**✔✔50/50
Which two terms are associated directly with the way an annuity is
funded? - ...,.🔹VERIFIED ANSWER **✔✔Single payment or
periodic payments
All of the following are examples of thirs party ownership of life
insurance - ...,.🔹VERIFIED ANSWER **✔✔An insured borrows
money from the bank and makes a collateal assignment of a part of
the death benefit to secure the loan
An insured pays $1,200 annually for her life insurance premium.
The insured applies this year's $300 worth of accumulated
1 \\\\\\/ \\\\\\
17
,dividends to the next year's premiums, thus reducing it to $900.
What option does this describe? - ...,.🔹VERIFIED ANSWER
**✔✔Reduction of premium
A small company offers group insurance to its employees, but
recently has decided to terminate the health insurance contract,
leaving the workers without insurance. What can the employees do
regarding their insurance? - ...,.🔹VERIFIED ANSWER
**✔✔Convert to an individual policy
What phase begins after a new policy is delivered?
- ...,.🔹VERIFIED ANSWER **✔✔Free-Look period
An insured want to name her husband as the beneficiary of her
health policy. She also wishes to retain all of the rights of
ownership. The insured should have herhusband named as what
type of beneficiary? - ...,.🔹VERIFIED ANSWER **✔✔Revocable
In order for a debtor group to qualify for group life insurance, what
should be the minimum number of participants joining the plan
every year - ...,.🔹VERIFIED ANSWER **✔✔100
2 \\\\\\/ \\\\\\
17
, Which rule would apply if an agent knows an applicant is going to
cash in an old policy and use the funds to purchase new insurance?
- ...,.🔹VERIFIED ANSWER **✔✔Replacement rule
Which term secribes the benefits of a life insurance policy that the
policyowner does not automatically relinquish even if the policy
lapses? - ...,.🔹VERIFIED ANSWER **✔✔Nonforfeiture values
Agents who persaude insureds to cancel a policy in favor of another
one when it might not be in the insured's best interest are guilty of -
...,.🔹VERIFIED ANSWER **✔✔Twisting
If an employee is accepted into a group insurance plan, which
status will the employee have? - ...,.🔹VERIFIED ANSWER
**✔✔Certificate holder
Which document helps ensure that full and fair disclosure is
provided to the recipient of a policy? - ...,.🔹VERIFIED ANSWER
**✔✔Outline of Coverage
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