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ILLINOIS LIFE INSURANCE EXAM GUIDE
ACTUAL PREP QUESTIONS AND WELL
REVISED ANSWERS - LATEST AND COMPLETE
UPDATE WITH VERIFIED SOLUTIONS –
ASSURES PASS
1. The National Do Not Call List - ANSWER: Federal law; sell by
telemarketing must remove names that have been added to the list every 31 days
2. Dangerous Recreational Activities and Aviation are - - ANSWER:
warranted statements
3. Dangerous Recreational Activities and Aviation exclusion does -
ANSWER: coverage is exluded while the insured is engaged in the excluded
dangerous recreation activity or is flying as something other than a fare paying
passenger on a commercial airline
4. If truthfully answers no to Dangerous Recreational Activities and Aviation
questions but later engages in this... - ANSWER: the insurance company cannot
rate up or add exclusions to the policy after the policy has been issued
5. Graded premiums are also called - ANSWER: modified premiums
6. Graded premiums - ANSWER: offer a low premium rate for an initial
specified period; premiums increase by a specific amount at specific intervals
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7. Graded Benefits - ANSWER: no benefits or low benefits for the initial
period, benefits increase by specified amounts at specified intervals until they
equal face amount
8. Misstatement of Age Provision - ANSWER: misstatement of age or sex so
as to pay too low premium, the insurance company can reduce benefits to what
they would usually provide for a person of the insured's actual age and sex at the
premium rate that the insured has been paying
9. Misstatement of Age Provision lasts - ANSWER: as long as the policy is
active (even after 2 years)
10. Purpose of Misstatement of Age Provision - ANSWER: is to allow the
insurance company to issue the policy without proof of age or sex
11. Guaranteed Insurability Rider - ANSWER: if added for extra premium
charge, guarantees the insured the right to purchase additional insurance at the
premium rate for the insured's attained age without evidence of insurability
12. Guaranteed Insurability Rider allows immediate move up to his/her next
option when - ANSWER: insured marries or has a child
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13. Guaranteed Insurability Rider if insured passes up an option... - ANSWER:
it is lost and cannot be recovered
14. Accidental Death Insurance - ANSWER: it pays benefits for death caused
by injuries sustained by accidental means
15. Double Indemnity or Triple indemnity - ANSWER: when accidental death
insurance is added on as a rider to another life insurance policy
16. Whole Life Insurance also known as - ANSWER: Straight Life Insurance
and Ordinary Life insurance
17. Whole life insurance - ANSWER: premium stays level until age 100
maturity
18. who can borrow against whole life insurance policy? - ANSWER: Policy
owner
19. Modified whole life also known as - ANSWER: Modified 3 or 5 or Graded
Premium Whole life
ILLINOIS LIFE INSURANCE EXAM GUIDE
ACTUAL PREP QUESTIONS AND WELL
REVISED ANSWERS - LATEST AND COMPLETE
UPDATE WITH VERIFIED SOLUTIONS –
ASSURES PASS
1. The National Do Not Call List - ANSWER: Federal law; sell by
telemarketing must remove names that have been added to the list every 31 days
2. Dangerous Recreational Activities and Aviation are - - ANSWER:
warranted statements
3. Dangerous Recreational Activities and Aviation exclusion does -
ANSWER: coverage is exluded while the insured is engaged in the excluded
dangerous recreation activity or is flying as something other than a fare paying
passenger on a commercial airline
4. If truthfully answers no to Dangerous Recreational Activities and Aviation
questions but later engages in this... - ANSWER: the insurance company cannot
rate up or add exclusions to the policy after the policy has been issued
5. Graded premiums are also called - ANSWER: modified premiums
6. Graded premiums - ANSWER: offer a low premium rate for an initial
specified period; premiums increase by a specific amount at specific intervals
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7. Graded Benefits - ANSWER: no benefits or low benefits for the initial
period, benefits increase by specified amounts at specified intervals until they
equal face amount
8. Misstatement of Age Provision - ANSWER: misstatement of age or sex so
as to pay too low premium, the insurance company can reduce benefits to what
they would usually provide for a person of the insured's actual age and sex at the
premium rate that the insured has been paying
9. Misstatement of Age Provision lasts - ANSWER: as long as the policy is
active (even after 2 years)
10. Purpose of Misstatement of Age Provision - ANSWER: is to allow the
insurance company to issue the policy without proof of age or sex
11. Guaranteed Insurability Rider - ANSWER: if added for extra premium
charge, guarantees the insured the right to purchase additional insurance at the
premium rate for the insured's attained age without evidence of insurability
12. Guaranteed Insurability Rider allows immediate move up to his/her next
option when - ANSWER: insured marries or has a child
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13. Guaranteed Insurability Rider if insured passes up an option... - ANSWER:
it is lost and cannot be recovered
14. Accidental Death Insurance - ANSWER: it pays benefits for death caused
by injuries sustained by accidental means
15. Double Indemnity or Triple indemnity - ANSWER: when accidental death
insurance is added on as a rider to another life insurance policy
16. Whole Life Insurance also known as - ANSWER: Straight Life Insurance
and Ordinary Life insurance
17. Whole life insurance - ANSWER: premium stays level until age 100
maturity
18. who can borrow against whole life insurance policy? - ANSWER: Policy
owner
19. Modified whole life also known as - ANSWER: Modified 3 or 5 or Graded
Premium Whole life
