Arizona Life Insurance Exam ACTUAL
QUESTIONS AND CORRECT ANSWERS
- a whole life policy that provides a choice of dividend options
include the following statement about dividends
they accrue at a guaranteed rate
they are deferred for one year
they are not guaranteed
they are guaranteed after the first year - CORRECT ANSWERS
they are not guaranteed
When there is a named beneficiary on a life insurance policy, the
death benefits
1. are directed to a trustee if the insured has any outstanding debts
2. are paid directly to the insured`s creditors, with any remaining
balance forwarded to the beneficiary
3. are paid directly to the beneficiary, minus any debt claims by the
insured`s creditors
,4. are paid directly to the beneficiary without interference from the
insured`s creditors - CORRECT ANSWERS are paid directly
to the beneficiary without interference from the insured`s creditors
What determines how much an annuitant is paid for a variable annuity
1. varies according to how many outstanding annuitant is paid for a
variable annuity
2. payments fluctuate as annuitant gets older
3. the market value variations of the securities backing it
4. varies according to the insurers investments in its general account -
CORRECT ANSWERS the market value variations of the
securities backing it
a terminated employee has how many days upon termination to
convert group life insurance coverage to an individual policy
10 days
15 days
30 days
,31 days - CORRECT ANSWERS 31 days
Rick owns a variable universal life insurance policy and chooses a
variable death benefit option. what will typically happen to the death
benefit as a result of this section
1. remain the same
2 decrease but never increase
3 increase but never decrease
4 fluctuate with changes in the cash amount - CORRECT ANSWERS
fluctuate with changes in the cash amount
the policy provision that permits an employee to change from group
life insurance to an individual policy is called
1 assignment provision
2 conversion provision
3 certificate provision
4 modification provision - CORRECT ANSWERS conversion
provision
, when the deferred annuity is surrendered, who must sign the
authorization to do so
owner
annuitant and beneficiary
annuitant
all parties involved - CORRECT ANSWERS owner
Which of the following is NOT a valid contract exchange?
1. an annuity exchanged for a life insurance policy
2 an annuity exchanged for another annuity
3 a life insurance policy exchanged for another life insurance policy
4 a life insurance policy exchanged for another annuity - CORRECT
ANSWERS an annuity exchanged for a life insurance policy
which of these statements regarding the extended term insurance
nonforfeiture option in a life policy is accurate
QUESTIONS AND CORRECT ANSWERS
- a whole life policy that provides a choice of dividend options
include the following statement about dividends
they accrue at a guaranteed rate
they are deferred for one year
they are not guaranteed
they are guaranteed after the first year - CORRECT ANSWERS
they are not guaranteed
When there is a named beneficiary on a life insurance policy, the
death benefits
1. are directed to a trustee if the insured has any outstanding debts
2. are paid directly to the insured`s creditors, with any remaining
balance forwarded to the beneficiary
3. are paid directly to the beneficiary, minus any debt claims by the
insured`s creditors
,4. are paid directly to the beneficiary without interference from the
insured`s creditors - CORRECT ANSWERS are paid directly
to the beneficiary without interference from the insured`s creditors
What determines how much an annuitant is paid for a variable annuity
1. varies according to how many outstanding annuitant is paid for a
variable annuity
2. payments fluctuate as annuitant gets older
3. the market value variations of the securities backing it
4. varies according to the insurers investments in its general account -
CORRECT ANSWERS the market value variations of the
securities backing it
a terminated employee has how many days upon termination to
convert group life insurance coverage to an individual policy
10 days
15 days
30 days
,31 days - CORRECT ANSWERS 31 days
Rick owns a variable universal life insurance policy and chooses a
variable death benefit option. what will typically happen to the death
benefit as a result of this section
1. remain the same
2 decrease but never increase
3 increase but never decrease
4 fluctuate with changes in the cash amount - CORRECT ANSWERS
fluctuate with changes in the cash amount
the policy provision that permits an employee to change from group
life insurance to an individual policy is called
1 assignment provision
2 conversion provision
3 certificate provision
4 modification provision - CORRECT ANSWERS conversion
provision
, when the deferred annuity is surrendered, who must sign the
authorization to do so
owner
annuitant and beneficiary
annuitant
all parties involved - CORRECT ANSWERS owner
Which of the following is NOT a valid contract exchange?
1. an annuity exchanged for a life insurance policy
2 an annuity exchanged for another annuity
3 a life insurance policy exchanged for another life insurance policy
4 a life insurance policy exchanged for another annuity - CORRECT
ANSWERS an annuity exchanged for a life insurance policy
which of these statements regarding the extended term insurance
nonforfeiture option in a life policy is accurate
