DELAWARE LIFE INSURANCE LATEST TEST EXAM
2025/2026 STUDY QUESTIONS WITH VERIFIED ANSWERS
100% GUARANTEED PASS | RATED A+
An insured stated on her application for life insurance that she had never had a heart attack, when
in fact she had a series of minor heart attacks last year for which she sought medical attention.
Which of the following will explain the reason a death benefit claims is denied - Answer>>>
material misrepresentation
At the time the insured purchased her life insurance policy, she added a rider that will allow her
to purchase additional insurance in the future without having to prove insurability. This rider is
called - Answer>>> guaranteed insurability
Which life insurance settlement option guarantees payments for the lifetime of the recipient, but
also specifies a guaranteed period, during which, if the original recipient dies, the payments will
continue to a designated beneficiary? - Answer>>> Life income with period certain
A man decided to purchase a $100,000 Annually Renewable Term Life policy to provide
additional protection until his children finished college. He discovered that his policy -
Answer>>> required a premium increase each renewal
The type of policy that can be changed from one that does not accumulate cash value to the one
that does, is a - Answer>>> convertible term policy
A father owns a life insurance policy on his 15-year-old daughter. The policy contains the
optional Payor Benefit rider. If the father becomes disabled, what will happen to the life
insurance premiums? - Answer>>> the insured's premiums will be waived until she is 21
within how many days of requesting an investigative consumer report must an insurer notify the
consumer in writing that the report will be obtained? - Answer>>> 3 days
The full premium was submitted with the application for life insurance, and the policy was
issued two weeks later as requested. When does the policy coverage become effective? -
Answer>>> as of the application date
,when a life insurance policy was issued, the policyowner designated a primary and a contingent
beneficiary.
if an applicant's license is denied, and the applicant wishes to appeal the decision, how many
days does the applicant have to request a hearing - Answer>>> 10 days
which of the following is an example of a producer being involved in an unfair trade practice of
rebating? - Answer>>> telling a client that his first premium will be waived if he purchased the
insurance policy today.
Several years later, both the insured and the primary beneficiary died in the same car accident,
and it was impossible to determine who died first.
Which of the following would receive the death benefit? - Answer>>> the insured's contingent
beneficiary
which of the following is TRUE regarding the premium in term policies? - Answer>>> the
premium is level
all of the following are examples of third-party ownership of a life insurance policy EXCEPT -
Answer>>> an insured borrows money from the bank and makes a collateral assignment of a
part of the death benefit to secure the loan
which of the following types of policies will provide permanent protection? - Answer>>> whole
life
The type of settlement option which pays throughout the lifetimes of two or more beneficiaries is
called - Answer>>> joint and survivor
which of the following is NOT true regarding equity indexed annuities - Answer>>> they earn
lower interest rates than fixed annuities
An insured purchased a 10-year level term life policy that is guaranteed renewable and
convertible. What happens at the end of the 10-year term? - Answer>>> the insured may renew
the policy for another 10 years, but at a higher premium rate
all of the following are true regarding the guaranteed insurability rider EXCEPT - Answer>>>
The rider is available to all insured
, which of the following terms is used to name the nontaxed return of unused premiums? -
Answer>>> dividend
when an insured under a life insurance policy dies, the designated beneficiary received the face
amount of the policy as well as a refund of all of the premiums paid. which rider is attached to
policy? - Answer>>> return of premium
the ownership provision entitles the policyowner to do all of the following EXCEPT -
Answer>>> set premium rates
which of the following is the best reason to purchase life insurance rather than annuities? -
Answer>>> to create an estate
which of the following determines the cash value of a variable life policy? - Answer>>> the
performances of the policy portfolio
which of the following is TRUE about the 10-day free-look period in a life insurance policy? -
Answer>>> it begins when the policy is delivered
which of the following riders would NOT cause the death benefit to increase? - Answer>>>
payor benefit rider
If the annuitant dies during the accumulation period, who will receive the annuity benefits? -
Answer>>> beneficiary
contracts that are prepared by one party and submitted to the other party on a take-it-or-leave it
basis are classified as - Answer>>> contracts of adhesion
If a beneficiary wants a guarantee that benefits paid from principal and interest would be paid for
a period of 10 years before being exhausted, what settlement option should the beneficiary
select? - Answer>>> fixed period
if a policy includes a free-look period of at least 10 days, the buyer's guide may be delivered to
the applicant - Answer>>> with the policy
which of the following is a generic consumer publication that explains life insurance in general
terms in order to assist the applicant in the decision making process? - Answer>>> Buyer's guide
2025/2026 STUDY QUESTIONS WITH VERIFIED ANSWERS
100% GUARANTEED PASS | RATED A+
An insured stated on her application for life insurance that she had never had a heart attack, when
in fact she had a series of minor heart attacks last year for which she sought medical attention.
Which of the following will explain the reason a death benefit claims is denied - Answer>>>
material misrepresentation
At the time the insured purchased her life insurance policy, she added a rider that will allow her
to purchase additional insurance in the future without having to prove insurability. This rider is
called - Answer>>> guaranteed insurability
Which life insurance settlement option guarantees payments for the lifetime of the recipient, but
also specifies a guaranteed period, during which, if the original recipient dies, the payments will
continue to a designated beneficiary? - Answer>>> Life income with period certain
A man decided to purchase a $100,000 Annually Renewable Term Life policy to provide
additional protection until his children finished college. He discovered that his policy -
Answer>>> required a premium increase each renewal
The type of policy that can be changed from one that does not accumulate cash value to the one
that does, is a - Answer>>> convertible term policy
A father owns a life insurance policy on his 15-year-old daughter. The policy contains the
optional Payor Benefit rider. If the father becomes disabled, what will happen to the life
insurance premiums? - Answer>>> the insured's premiums will be waived until she is 21
within how many days of requesting an investigative consumer report must an insurer notify the
consumer in writing that the report will be obtained? - Answer>>> 3 days
The full premium was submitted with the application for life insurance, and the policy was
issued two weeks later as requested. When does the policy coverage become effective? -
Answer>>> as of the application date
,when a life insurance policy was issued, the policyowner designated a primary and a contingent
beneficiary.
if an applicant's license is denied, and the applicant wishes to appeal the decision, how many
days does the applicant have to request a hearing - Answer>>> 10 days
which of the following is an example of a producer being involved in an unfair trade practice of
rebating? - Answer>>> telling a client that his first premium will be waived if he purchased the
insurance policy today.
Several years later, both the insured and the primary beneficiary died in the same car accident,
and it was impossible to determine who died first.
Which of the following would receive the death benefit? - Answer>>> the insured's contingent
beneficiary
which of the following is TRUE regarding the premium in term policies? - Answer>>> the
premium is level
all of the following are examples of third-party ownership of a life insurance policy EXCEPT -
Answer>>> an insured borrows money from the bank and makes a collateral assignment of a
part of the death benefit to secure the loan
which of the following types of policies will provide permanent protection? - Answer>>> whole
life
The type of settlement option which pays throughout the lifetimes of two or more beneficiaries is
called - Answer>>> joint and survivor
which of the following is NOT true regarding equity indexed annuities - Answer>>> they earn
lower interest rates than fixed annuities
An insured purchased a 10-year level term life policy that is guaranteed renewable and
convertible. What happens at the end of the 10-year term? - Answer>>> the insured may renew
the policy for another 10 years, but at a higher premium rate
all of the following are true regarding the guaranteed insurability rider EXCEPT - Answer>>>
The rider is available to all insured
, which of the following terms is used to name the nontaxed return of unused premiums? -
Answer>>> dividend
when an insured under a life insurance policy dies, the designated beneficiary received the face
amount of the policy as well as a refund of all of the premiums paid. which rider is attached to
policy? - Answer>>> return of premium
the ownership provision entitles the policyowner to do all of the following EXCEPT -
Answer>>> set premium rates
which of the following is the best reason to purchase life insurance rather than annuities? -
Answer>>> to create an estate
which of the following determines the cash value of a variable life policy? - Answer>>> the
performances of the policy portfolio
which of the following is TRUE about the 10-day free-look period in a life insurance policy? -
Answer>>> it begins when the policy is delivered
which of the following riders would NOT cause the death benefit to increase? - Answer>>>
payor benefit rider
If the annuitant dies during the accumulation period, who will receive the annuity benefits? -
Answer>>> beneficiary
contracts that are prepared by one party and submitted to the other party on a take-it-or-leave it
basis are classified as - Answer>>> contracts of adhesion
If a beneficiary wants a guarantee that benefits paid from principal and interest would be paid for
a period of 10 years before being exhausted, what settlement option should the beneficiary
select? - Answer>>> fixed period
if a policy includes a free-look period of at least 10 days, the buyer's guide may be delivered to
the applicant - Answer>>> with the policy
which of the following is a generic consumer publication that explains life insurance in general
terms in order to assist the applicant in the decision making process? - Answer>>> Buyer's guide
