Iowa Insurance Exam Questions And
Verified Answers
purpose mmof mmlife mminsurance mm- mmAnswer mm- mmpay mma mmdeath mmbenefit mmto mmbeneficiaries mmwhen mmthe
mminsured mmdies
life mminsurance mmfor mmpersonal mmuse mm- mmAnswer mm- mmdeath mmbenefit mmserves mmto mmreplace mmthe
mminsured's mmfuture mmloss mmincome mmand mmpay mmexpenses mmthat mmoccur mmupon mmdeath, mmliving mmbenefits
Group mminsurance mmvs. mmindividual mm- mmAnswer mm- mm-covers mmmany mmnon-related mmpeople
-less mmexpensive mmper mmperson
group mminsurance mmeligibility mm- mmAnswer mm- mm-group mmcannot mmbe mmformed mmfor mmthe mmexpress
mmpurpose mmof mmpurchasing mmit
-employers
-labor mmunions
-trade mmand mmprofessional mmassociation mmgroups
individual mminsurance mm- mmAnswer mm- mmcovers mmone mmindividual
ordinary mmlife mminsurance mm- mmAnswer mm- mmface mmamounts mmgrater mmthan mm$25,000, mmpremiums mmare
mmpayable mmmonthly, mmquarterly, mmsemi mmannually, mmannually; mmincludes mmevery mmtype mmof mmlife
mminsurance mmand mmannuity mmproduct, mmflexible mmoptions
industrial mmlife mminsurance mm- mmAnswer mm- mm"burial mminsurance", mmsmall mmface mmamounts mm1000 mmor
mm2500 mmto mm10,000; mmpremiums mmpaid mmfrequently, mmno mmmedical mmexam, mmagent mmmeets mmpersonally
mmwith mmpolicy mmowner mmto mmcollect mmpremium
,permanent mmlife mminsurance mm- mmAnswer mm- mmprovides mmlife mmins mmfor mmthe mminsured's mmentire mmlife;
mmcoverage mmis mmprovided mmuntil mminsured mmdies mmor mmreaches mm120 mmyears mmold
True mmor mmfalse: mmLevel mmpremium mmof mmpermanent mmlife mminsurance mm- mmonce mmthe mmpolicy mmis mmissued
mmpremiums mmremain mmlevel mmfor mmthe mmfull mmduration mmof mmpolicy mmcoverage mm- mmAnswer mm- mmtrue
Permanent mmlife mminsurance mmaccumulation mmelement mmwithin mmthe mmpolicy mmis mm__________
mm____________ mm- mmAnswer mm- mmcash mmvalue
Term mmlife mminsurance mm- mmAnswer mm- mmcoverage mmis mmtemporary, mmtime mmlimit mmcan mmbe mmas mmshort mmas
mmone mmyear, mmas mmlong mmas mm20+ mmyears mmor mmuntil mmthe mminsured mmreaches mma mmspecific mmage mm(ex.
mm65). mmNo mmcash mmvalue, mmcosts mmless mmthan mmpermanent mmlife, mmpremiums mmincrease mmwith mmage
Participating mmvs mmnonparticipating mmlife mminsurance mm- mmAnswer mm- mmpar mm- mmissued mmby mmmutual mmins
mmco's, mmpolicyowner mmis mmeligible mmfor mmpolicy mmdividends mmdeclared mmby mmthe mminsurance mmco;
mmdividends mmare mmpaid mmfrom mminsurers mmdivisible mmsurplus
non mmpar mm- mmissued mmby mmstock mmins mmco, mmno mmpolicy mmdividends
fixed mmlife mminsurance mm- mmAnswer mm- mminsurer mmguarantees mmfixed mmdeath mmbenefit mmand mmmin mmrate
mmof mmreturn mmon mmpolicy's mmcash mmvalue, mmpremiums mmare mminvested mmin mmco's mmgeneral mmaccount
variable mmlife mminsurance mm- mmAnswer mm- mmpremiums mmare mminvested mmin mminvestment mmsub mmaccounts
mmmanaged mmby mmthe mminsurer mm- mmguarantees mmmin mmdeath mmbenefit mm(face mmamount mmof mmpolicy);
mmcash mmvalues mmand mmdeath mmbenefit mmraise mmand mmfall mmbased mmon mmsub mmaccounts mminvestment
Regulation mmof mmVariable mmproducts mm- mmwhat mmdo mmthe mmSecurities mmExchange mmcommission mmand
mmfinancial mmIndustry mmRegulatory mmauthority mmdo? mm- mmAnswer mm- mmSEC mm- mmresponsible mmfor
mmregulating mmthe mmsecurities mmthat mmmake mmup mman mminsurer's mmseparate mmaccount
FIRA mm- mmregulates mmproducers mmwho mmsell mmvariable mmlife mmproducts mmand mmcompanies mmthat mmsell
mminvestment mmproducts
Actuary mmbase mmlife mminsurance mmpremiums mmbased mmon mm3 mmthings mm- mmAnswer mm- mmmortality,
mminterest, mmexpenses
, Interest mmfactor mm- mmAnswer mm- mmadded mmto mmpremium mmcalculations mmto mmrecognize mminvestment
mmearnings, mmused mmas mmcredit mm- mmhigher mmrate mm= mmlower mmpremium
Expense mmfactor mm- mmAnswer mm- mmworked mminto mmpremium mmcalculation mmto mmreflect mmcosts mmthat
mminsurer mmexpects mmto mmincur mm(rent, mmcommissions, mmbenefits)
Premium mmTax mm- mmAnswer mm- mmlevied mmon mminsurance mmcompanies mmwhen mmthey mmreceive mmpremiums
Net mmSingle mmpremium mm- mmAnswer mm- mmuses mmfactors mmof mmmortality mmand mminterest mm- mmtheoretical
mmamount mm(excludes mmexpense mmfactor) mmthat mmwould mmbe mmneeded mmto mmfund mmthe mmface mmamount
mmfor mmthe mmduration mmof mmthe mmpolicy mmwith mmsingle mmpremium mmpayment
Net mmlevel mmpremium mm- mmAnswer mm- mmapplying mma mmfactor mmto mmthe mmnet mmsingle mmpremium, mmspreads
mmout mmpremium mmfor mmduration mmof mmpremium mmpaying mmperiod
Gross mmpremium mm- mmAnswer mm- mmcharged mmfor mmthe mmpolicy mmby mmadding mmthe mmexpense mmload mmto
mmthe mmnet mmsingle mmpremium/net mmlevel mmpremium
Level mmpremium mmpayment mmplan mm- mmAnswer mm- mmpremium mmis mmfixed, mmremains mmover mmpolicy's mmterm
flexible mmpremium mmplan mm- mmAnswer mm- mmpolicyowner mmcan mmchange mmthe mmpremium mmpayment
mmamount mmafter mmthe mmfirst mmpayment mmwithin mmrange mmset mmby mminsurer, mmincludes mmuniversal mmlife
mminsurance mmand mmvariable mmuniversal mmlife mminsurance
Stranger mm- mmowned mmlife mminsurance mm- mmAnswer mm- mm(stoli mm- mmaka mminvestor-owned mmlife mminsurance)
mmarrangement mmwhere mminvestor mmor mmgroup mmconvinces mmconsumer mmto mmtake mmout mminsurance
mmpolicy mmon mmhis/her mmlife mmin mmexchange mmfor mma mmlump mmsum mmpayment
USA mmPatriot mmAct mm- mmAnswer mm- mmSept. mm11, mm2001 mmrequire mmall mmfinancial mminstitutions mmcreate,
mmexecute, mmand mmmaintain mmanti mmmoney mmlaundering mmprograms
Types mmof mmlife mminsurance mmpolicies mm- mmAnswer mm- mm-term
Verified Answers
purpose mmof mmlife mminsurance mm- mmAnswer mm- mmpay mma mmdeath mmbenefit mmto mmbeneficiaries mmwhen mmthe
mminsured mmdies
life mminsurance mmfor mmpersonal mmuse mm- mmAnswer mm- mmdeath mmbenefit mmserves mmto mmreplace mmthe
mminsured's mmfuture mmloss mmincome mmand mmpay mmexpenses mmthat mmoccur mmupon mmdeath, mmliving mmbenefits
Group mminsurance mmvs. mmindividual mm- mmAnswer mm- mm-covers mmmany mmnon-related mmpeople
-less mmexpensive mmper mmperson
group mminsurance mmeligibility mm- mmAnswer mm- mm-group mmcannot mmbe mmformed mmfor mmthe mmexpress
mmpurpose mmof mmpurchasing mmit
-employers
-labor mmunions
-trade mmand mmprofessional mmassociation mmgroups
individual mminsurance mm- mmAnswer mm- mmcovers mmone mmindividual
ordinary mmlife mminsurance mm- mmAnswer mm- mmface mmamounts mmgrater mmthan mm$25,000, mmpremiums mmare
mmpayable mmmonthly, mmquarterly, mmsemi mmannually, mmannually; mmincludes mmevery mmtype mmof mmlife
mminsurance mmand mmannuity mmproduct, mmflexible mmoptions
industrial mmlife mminsurance mm- mmAnswer mm- mm"burial mminsurance", mmsmall mmface mmamounts mm1000 mmor
mm2500 mmto mm10,000; mmpremiums mmpaid mmfrequently, mmno mmmedical mmexam, mmagent mmmeets mmpersonally
mmwith mmpolicy mmowner mmto mmcollect mmpremium
,permanent mmlife mminsurance mm- mmAnswer mm- mmprovides mmlife mmins mmfor mmthe mminsured's mmentire mmlife;
mmcoverage mmis mmprovided mmuntil mminsured mmdies mmor mmreaches mm120 mmyears mmold
True mmor mmfalse: mmLevel mmpremium mmof mmpermanent mmlife mminsurance mm- mmonce mmthe mmpolicy mmis mmissued
mmpremiums mmremain mmlevel mmfor mmthe mmfull mmduration mmof mmpolicy mmcoverage mm- mmAnswer mm- mmtrue
Permanent mmlife mminsurance mmaccumulation mmelement mmwithin mmthe mmpolicy mmis mm__________
mm____________ mm- mmAnswer mm- mmcash mmvalue
Term mmlife mminsurance mm- mmAnswer mm- mmcoverage mmis mmtemporary, mmtime mmlimit mmcan mmbe mmas mmshort mmas
mmone mmyear, mmas mmlong mmas mm20+ mmyears mmor mmuntil mmthe mminsured mmreaches mma mmspecific mmage mm(ex.
mm65). mmNo mmcash mmvalue, mmcosts mmless mmthan mmpermanent mmlife, mmpremiums mmincrease mmwith mmage
Participating mmvs mmnonparticipating mmlife mminsurance mm- mmAnswer mm- mmpar mm- mmissued mmby mmmutual mmins
mmco's, mmpolicyowner mmis mmeligible mmfor mmpolicy mmdividends mmdeclared mmby mmthe mminsurance mmco;
mmdividends mmare mmpaid mmfrom mminsurers mmdivisible mmsurplus
non mmpar mm- mmissued mmby mmstock mmins mmco, mmno mmpolicy mmdividends
fixed mmlife mminsurance mm- mmAnswer mm- mminsurer mmguarantees mmfixed mmdeath mmbenefit mmand mmmin mmrate
mmof mmreturn mmon mmpolicy's mmcash mmvalue, mmpremiums mmare mminvested mmin mmco's mmgeneral mmaccount
variable mmlife mminsurance mm- mmAnswer mm- mmpremiums mmare mminvested mmin mminvestment mmsub mmaccounts
mmmanaged mmby mmthe mminsurer mm- mmguarantees mmmin mmdeath mmbenefit mm(face mmamount mmof mmpolicy);
mmcash mmvalues mmand mmdeath mmbenefit mmraise mmand mmfall mmbased mmon mmsub mmaccounts mminvestment
Regulation mmof mmVariable mmproducts mm- mmwhat mmdo mmthe mmSecurities mmExchange mmcommission mmand
mmfinancial mmIndustry mmRegulatory mmauthority mmdo? mm- mmAnswer mm- mmSEC mm- mmresponsible mmfor
mmregulating mmthe mmsecurities mmthat mmmake mmup mman mminsurer's mmseparate mmaccount
FIRA mm- mmregulates mmproducers mmwho mmsell mmvariable mmlife mmproducts mmand mmcompanies mmthat mmsell
mminvestment mmproducts
Actuary mmbase mmlife mminsurance mmpremiums mmbased mmon mm3 mmthings mm- mmAnswer mm- mmmortality,
mminterest, mmexpenses
, Interest mmfactor mm- mmAnswer mm- mmadded mmto mmpremium mmcalculations mmto mmrecognize mminvestment
mmearnings, mmused mmas mmcredit mm- mmhigher mmrate mm= mmlower mmpremium
Expense mmfactor mm- mmAnswer mm- mmworked mminto mmpremium mmcalculation mmto mmreflect mmcosts mmthat
mminsurer mmexpects mmto mmincur mm(rent, mmcommissions, mmbenefits)
Premium mmTax mm- mmAnswer mm- mmlevied mmon mminsurance mmcompanies mmwhen mmthey mmreceive mmpremiums
Net mmSingle mmpremium mm- mmAnswer mm- mmuses mmfactors mmof mmmortality mmand mminterest mm- mmtheoretical
mmamount mm(excludes mmexpense mmfactor) mmthat mmwould mmbe mmneeded mmto mmfund mmthe mmface mmamount
mmfor mmthe mmduration mmof mmthe mmpolicy mmwith mmsingle mmpremium mmpayment
Net mmlevel mmpremium mm- mmAnswer mm- mmapplying mma mmfactor mmto mmthe mmnet mmsingle mmpremium, mmspreads
mmout mmpremium mmfor mmduration mmof mmpremium mmpaying mmperiod
Gross mmpremium mm- mmAnswer mm- mmcharged mmfor mmthe mmpolicy mmby mmadding mmthe mmexpense mmload mmto
mmthe mmnet mmsingle mmpremium/net mmlevel mmpremium
Level mmpremium mmpayment mmplan mm- mmAnswer mm- mmpremium mmis mmfixed, mmremains mmover mmpolicy's mmterm
flexible mmpremium mmplan mm- mmAnswer mm- mmpolicyowner mmcan mmchange mmthe mmpremium mmpayment
mmamount mmafter mmthe mmfirst mmpayment mmwithin mmrange mmset mmby mminsurer, mmincludes mmuniversal mmlife
mminsurance mmand mmvariable mmuniversal mmlife mminsurance
Stranger mm- mmowned mmlife mminsurance mm- mmAnswer mm- mm(stoli mm- mmaka mminvestor-owned mmlife mminsurance)
mmarrangement mmwhere mminvestor mmor mmgroup mmconvinces mmconsumer mmto mmtake mmout mminsurance
mmpolicy mmon mmhis/her mmlife mmin mmexchange mmfor mma mmlump mmsum mmpayment
USA mmPatriot mmAct mm- mmAnswer mm- mmSept. mm11, mm2001 mmrequire mmall mmfinancial mminstitutions mmcreate,
mmexecute, mmand mmmaintain mmanti mmmoney mmlaundering mmprograms
Types mmof mmlife mminsurance mmpolicies mm- mmAnswer mm- mm-term
