DELAWARE LIFE INSURANCE EXAM 2025/2026
WITH PRACTICE QUESTIONS AND CORRECT
ANSWERS | LAREADY GRADED A+ |
GUARANTEED SUCCESS | DELAWARE LIFE
INSURANCE LATEST EXAM [BRAND NEW]
What is the benefit of choosing extended term as a non-forfeiture option? - ANSWER-It has the highest
amount of insurance protection
Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest
only settlement option. What does this mean? - ANSWER-The beneficiary will only receive payments of
the interest earned on the death benefit
If a life insurance policy has an irrevocable beneficiary designation, - ANSWER-the beneficiary can only
be changed with written permission of the beneficiary
Insurance is a contract by which one seeks to protect another from - ANSWER-loss
The provision which states that both the policy and a copy of the application form the contract between
the policy owner and the insurer is called the - ANSWER-entire contract
,Under which of the following circumstances would an insurer pay accelerated benefits? - ANSWER-an
insured is diagnosed with cancer and needs help paying for her medical treatment
An insured owns a $50,000 whole life policy. At age 47, the insured decides to cancel his policy and
exercise the extended term option for the policy's cash value, which is currently $20,000. What would
be the face amount of the new term policy? - ANSWER-$50,000
a rider attached to a life insurance policy that provides coverage on the insured's family member is
called the - ANSWER-other-insured rider
all of the following are TRUE statements regarding the accumulation at interest option EXCEPT -
ANSWER-the interest is not taxable since it remains inside the insurance policy
Which two terms are associated directly with the premium? - ANSWER-level or flexible
All other factors being equal, what would the premium be like in a survivorship life policy as compared
to the premium in a joint life policy? - ANSWER-lower
what is the purpose of a conditional receipt - ANSWER-It is intended to provide coverage on a date
earlier than the date of the issuance of the policy.
all of the following are true about variable products EXCEPT - ANSWER-the premiums are invested in the
insurer's general account
which of the following would be deducted from the death benefit paid to a beneficiary, if a partial
accelerated death benefit had been paid while the insured was still alive? - ANSWER-amount paid with
the accelerated benefit, plus the earnings lost by the insurance company in interest income from the
accelerated benefit
which of the following best describes annually renewable term insurance - ANSWER-it is a level term
insurance
, An applicant who receives a preferred risk classification qualifies for - ANSWER-lower premiums than a
person who receives a standard risk
what type of insurance would be used for a return of premium rider - ANSWER-increasing term
If an agent wishes to sell variable life policies, what license must the agent obtain? - ANSWER-securities
what is the purpose of the buyer's guide - ANSWER-To allow the consumer to compare the costs of
different policies
which of the following statements is correct regarding a whole life policy? - ANSWER-the policyowner is
entitled to the policy loans
when both parties to a contract must perform certain duties and follow rules of conduct to make the
contract enforceable, the contract is - ANSWER-conditional contract
An insured under a life insurance policy has been diagnosed with a terminal illness and has 6 months to
live. The insured knows that his financial state will worsen even more with the upcoming medical
expenses. What option could the insured utilize? - ANSWER-viatical statements
Items stipulated in the contract that the insurer will not provide coverage for are found in the -
ANSWER-exclusion clause
who is a third-party owner? - ANSWER-beneficiary
all of the following statements concerning dividends are true EXCEPT - ANSWER-dividend amounts are
guaranteed in the policy
which of the following is called a "second-to-die" policy - ANSWER-survivorship life
an individual is purchasing a permanent life insurance policy with a face value of $25,000. While this is
all the insurance that he can afford at this time, he wants to be sure that additional coverage will be
WITH PRACTICE QUESTIONS AND CORRECT
ANSWERS | LAREADY GRADED A+ |
GUARANTEED SUCCESS | DELAWARE LIFE
INSURANCE LATEST EXAM [BRAND NEW]
What is the benefit of choosing extended term as a non-forfeiture option? - ANSWER-It has the highest
amount of insurance protection
Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest
only settlement option. What does this mean? - ANSWER-The beneficiary will only receive payments of
the interest earned on the death benefit
If a life insurance policy has an irrevocable beneficiary designation, - ANSWER-the beneficiary can only
be changed with written permission of the beneficiary
Insurance is a contract by which one seeks to protect another from - ANSWER-loss
The provision which states that both the policy and a copy of the application form the contract between
the policy owner and the insurer is called the - ANSWER-entire contract
,Under which of the following circumstances would an insurer pay accelerated benefits? - ANSWER-an
insured is diagnosed with cancer and needs help paying for her medical treatment
An insured owns a $50,000 whole life policy. At age 47, the insured decides to cancel his policy and
exercise the extended term option for the policy's cash value, which is currently $20,000. What would
be the face amount of the new term policy? - ANSWER-$50,000
a rider attached to a life insurance policy that provides coverage on the insured's family member is
called the - ANSWER-other-insured rider
all of the following are TRUE statements regarding the accumulation at interest option EXCEPT -
ANSWER-the interest is not taxable since it remains inside the insurance policy
Which two terms are associated directly with the premium? - ANSWER-level or flexible
All other factors being equal, what would the premium be like in a survivorship life policy as compared
to the premium in a joint life policy? - ANSWER-lower
what is the purpose of a conditional receipt - ANSWER-It is intended to provide coverage on a date
earlier than the date of the issuance of the policy.
all of the following are true about variable products EXCEPT - ANSWER-the premiums are invested in the
insurer's general account
which of the following would be deducted from the death benefit paid to a beneficiary, if a partial
accelerated death benefit had been paid while the insured was still alive? - ANSWER-amount paid with
the accelerated benefit, plus the earnings lost by the insurance company in interest income from the
accelerated benefit
which of the following best describes annually renewable term insurance - ANSWER-it is a level term
insurance
, An applicant who receives a preferred risk classification qualifies for - ANSWER-lower premiums than a
person who receives a standard risk
what type of insurance would be used for a return of premium rider - ANSWER-increasing term
If an agent wishes to sell variable life policies, what license must the agent obtain? - ANSWER-securities
what is the purpose of the buyer's guide - ANSWER-To allow the consumer to compare the costs of
different policies
which of the following statements is correct regarding a whole life policy? - ANSWER-the policyowner is
entitled to the policy loans
when both parties to a contract must perform certain duties and follow rules of conduct to make the
contract enforceable, the contract is - ANSWER-conditional contract
An insured under a life insurance policy has been diagnosed with a terminal illness and has 6 months to
live. The insured knows that his financial state will worsen even more with the upcoming medical
expenses. What option could the insured utilize? - ANSWER-viatical statements
Items stipulated in the contract that the insurer will not provide coverage for are found in the -
ANSWER-exclusion clause
who is a third-party owner? - ANSWER-beneficiary
all of the following statements concerning dividends are true EXCEPT - ANSWER-dividend amounts are
guaranteed in the policy
which of the following is called a "second-to-die" policy - ANSWER-survivorship life
an individual is purchasing a permanent life insurance policy with a face value of $25,000. While this is
all the insurance that he can afford at this time, he wants to be sure that additional coverage will be
