WI LIFE INSURANCE LATEST
EXAM
In which of the following types of temporary insurance protection does
the death benefit NOT change throughout the life of the policy? -
ANSWERS-level term
unlike the dividend itself, the interest earned on dividends is -
ANSWERS-taxable
The face amount of a life insurance policy will be included in the
insured's taxable estate if the insured transfers ownership of the policy -
ANSWERS-in the 3 years before his or her death
The General Information section of the life insurance application
includes all of the following information about the applicant EXCEPT -
ANSWERS-income
Who bears the investment risk in variable life insurance products? -
ANSWERS-the policy owner
Which of the following riders usually expires when the covered insured
reaches a specific age? - ANSWERS-children's term
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PAGE
1
, WI LIFE INSURANCE LATEST
EXAM
An annuity pays a monthly amount for the remainder of the annuitant's
life. If death occurs before the principal is exhausted, the remaining
amount will be paid to a designated beneficiary. Which payment option
ha the annuitant selected? - ANSWERS-refund life
Another name for a Keogh Plan is - ANSWERS-HR-10
Term insurance pays the death benefit to the beneficiary if the insured
dies while the policy is in effect, but pays nothing if the insured dies
after the policy's cancellation or expiration. This is known as -
ANSWERS-pure death protection
Which of the following terms means the frequency of premium
payment? - ANSWERS-mode
the insurance component of a universal life policy is what type of
insurance? - ANSWERS-flexible premium adjustable life
The life insurance policy clause that prevents an insurance company
from denying payment of a death claim after a specified period of time is
known as the - ANSWERS-incontestability clause
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PAGE
2
, WI LIFE INSURANCE LATEST
EXAM
Which of the following statements is TRUE regarding an annuitant? -
ANSWERS-the annuitant must be a natural person
Life insurance intermediaries must hold a securities license if they want
to transact what type of insurance products? - ANSWERS-variable
policies
Which of the following is responsible for paying premiums on an
insurance policy? - ANSWERS-policy owner
Which of the following individuals must have insurable interest in the
insured? - ANSWERS-policy owner
which rule would apply if an insured wants to cash in an old policy and
use the funds to purchase a new policy? - ANSWERS-replacement rule
Which of the following nonforfeiture options of a life insurance policy
allows a policy owner to use the cash value to purchase additional
insurance of the same type? - ANSWERS-extended term
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PAGE
3
EXAM
In which of the following types of temporary insurance protection does
the death benefit NOT change throughout the life of the policy? -
ANSWERS-level term
unlike the dividend itself, the interest earned on dividends is -
ANSWERS-taxable
The face amount of a life insurance policy will be included in the
insured's taxable estate if the insured transfers ownership of the policy -
ANSWERS-in the 3 years before his or her death
The General Information section of the life insurance application
includes all of the following information about the applicant EXCEPT -
ANSWERS-income
Who bears the investment risk in variable life insurance products? -
ANSWERS-the policy owner
Which of the following riders usually expires when the covered insured
reaches a specific age? - ANSWERS-children's term
END OF
PAGE
1
, WI LIFE INSURANCE LATEST
EXAM
An annuity pays a monthly amount for the remainder of the annuitant's
life. If death occurs before the principal is exhausted, the remaining
amount will be paid to a designated beneficiary. Which payment option
ha the annuitant selected? - ANSWERS-refund life
Another name for a Keogh Plan is - ANSWERS-HR-10
Term insurance pays the death benefit to the beneficiary if the insured
dies while the policy is in effect, but pays nothing if the insured dies
after the policy's cancellation or expiration. This is known as -
ANSWERS-pure death protection
Which of the following terms means the frequency of premium
payment? - ANSWERS-mode
the insurance component of a universal life policy is what type of
insurance? - ANSWERS-flexible premium adjustable life
The life insurance policy clause that prevents an insurance company
from denying payment of a death claim after a specified period of time is
known as the - ANSWERS-incontestability clause
END OF
PAGE
2
, WI LIFE INSURANCE LATEST
EXAM
Which of the following statements is TRUE regarding an annuitant? -
ANSWERS-the annuitant must be a natural person
Life insurance intermediaries must hold a securities license if they want
to transact what type of insurance products? - ANSWERS-variable
policies
Which of the following is responsible for paying premiums on an
insurance policy? - ANSWERS-policy owner
Which of the following individuals must have insurable interest in the
insured? - ANSWERS-policy owner
which rule would apply if an insured wants to cash in an old policy and
use the funds to purchase a new policy? - ANSWERS-replacement rule
Which of the following nonforfeiture options of a life insurance policy
allows a policy owner to use the cash value to purchase additional
insurance of the same type? - ANSWERS-extended term
END OF
PAGE
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