21/06/2025, 10:12 Life Insurance Practice Exam COMPREHENSIVE QUESTIONS AND VERIFIED ANSWERS 2025(GRADED A+) DETAILED ANS…
Life Insurance Practice Exam COMPREHENSIVE
QUESTIONS AND VERIFIED ANSWERS
2025(GRADED A+) DETAILED ANSWERS!!
Save
Terms in this set (49)
The reciept given to a life insurance applicant when
Insurable Receipt the application is completed and the initial premium is
received is called a(n)
Statements in the application for insurance that are
Representations believed to be true to the best of the applicants
knowledge are
Provide the annuitant with An annuity is considered fixed when it does all of the
an interest rate that is following EXCEPT
lesser of the guaranteed
or current rate
The most common type of whole life insurance where
Continuous Premium
premiums are payable over the whole life of the
(straight) life
insured to age 100 is called.
The policy and a copy of the application, along with
Entire contract
any riders and amendments, is called the
Not taxable Money borrowed from the policy's cash value is
All annuities (Variable, Which of the following annuity products requires an
Deferreed & Equity agent to hold a securities license?
Indexed)
https://quizlet.com/1055947328/life-insurance-practice-exam-comprehensive-questions-and-verified-answers-2025graded-a-detailed-answers-flash-ca… 1/5
, 21/06/2025, 10:12 Life Insurance Practice Exam COMPREHENSIVE QUESTIONS AND VERIFIED ANSWERS 2025(GRADED A+) DETAILED ANS…
Which type of annuity settlement stops when the
Life income annuity
annuitant dies?
At what age can a participant receive distributions
59 1/2
from a qualified plan without incurring a 10% penalty
Two business partners own life insurance on each
other. If one partner dies, which of the following
Buy-Sell Agreement contracts will allow the surviving partner to use the
death benefit to purchase the deceased's business
interests?
Which type of policy allows the insured to change the
Adjustable life amount of the dwah benefit, the amount of premium,
or the type of coverage S their needs change?
Either the cash value or If an annuitant dies during the accumulation period,
the premiums paid, what will the beneficiary receive?
whichever is greater
Any insurer who is NOT approved to do business in
Nonadmitted
this state is considered
To prevent people from profiting from a loss, insurers
Insurable Interest Exists
is the certain
Adjusts the death benefit If a misstatement of age is discovered during the
based on the premiums processing of a life insurance claim what will the
that were paid insurer do?
Which of the following allows an insurance company
Policy Exclusions
to deny coverage of the insurers eewth occurs in war?
Evidence of insurability is Each of the following is a typical characteristic of
usually required groups life insurance EXCEPT
A life settlement option that pays out the death
Fixed-Period Installments benefit is. Incrementally, in a specified amount until all
of the proceeds are exhausted, is called
A life insurance death benefit paid in a lump sum to a
Not subject to any taxes
beneficiary is
https://quizlet.com/1055947328/life-insurance-practice-exam-comprehensive-questions-and-verified-answers-2025graded-a-detailed-answers-flash-ca… 2/5
Life Insurance Practice Exam COMPREHENSIVE
QUESTIONS AND VERIFIED ANSWERS
2025(GRADED A+) DETAILED ANSWERS!!
Save
Terms in this set (49)
The reciept given to a life insurance applicant when
Insurable Receipt the application is completed and the initial premium is
received is called a(n)
Statements in the application for insurance that are
Representations believed to be true to the best of the applicants
knowledge are
Provide the annuitant with An annuity is considered fixed when it does all of the
an interest rate that is following EXCEPT
lesser of the guaranteed
or current rate
The most common type of whole life insurance where
Continuous Premium
premiums are payable over the whole life of the
(straight) life
insured to age 100 is called.
The policy and a copy of the application, along with
Entire contract
any riders and amendments, is called the
Not taxable Money borrowed from the policy's cash value is
All annuities (Variable, Which of the following annuity products requires an
Deferreed & Equity agent to hold a securities license?
Indexed)
https://quizlet.com/1055947328/life-insurance-practice-exam-comprehensive-questions-and-verified-answers-2025graded-a-detailed-answers-flash-ca… 1/5
, 21/06/2025, 10:12 Life Insurance Practice Exam COMPREHENSIVE QUESTIONS AND VERIFIED ANSWERS 2025(GRADED A+) DETAILED ANS…
Which type of annuity settlement stops when the
Life income annuity
annuitant dies?
At what age can a participant receive distributions
59 1/2
from a qualified plan without incurring a 10% penalty
Two business partners own life insurance on each
other. If one partner dies, which of the following
Buy-Sell Agreement contracts will allow the surviving partner to use the
death benefit to purchase the deceased's business
interests?
Which type of policy allows the insured to change the
Adjustable life amount of the dwah benefit, the amount of premium,
or the type of coverage S their needs change?
Either the cash value or If an annuitant dies during the accumulation period,
the premiums paid, what will the beneficiary receive?
whichever is greater
Any insurer who is NOT approved to do business in
Nonadmitted
this state is considered
To prevent people from profiting from a loss, insurers
Insurable Interest Exists
is the certain
Adjusts the death benefit If a misstatement of age is discovered during the
based on the premiums processing of a life insurance claim what will the
that were paid insurer do?
Which of the following allows an insurance company
Policy Exclusions
to deny coverage of the insurers eewth occurs in war?
Evidence of insurability is Each of the following is a typical characteristic of
usually required groups life insurance EXCEPT
A life settlement option that pays out the death
Fixed-Period Installments benefit is. Incrementally, in a specified amount until all
of the proceeds are exhausted, is called
A life insurance death benefit paid in a lump sum to a
Not subject to any taxes
beneficiary is
https://quizlet.com/1055947328/life-insurance-practice-exam-comprehensive-questions-and-verified-answers-2025graded-a-detailed-answers-flash-ca… 2/5
