DELAWARE LIFE INSURANCE EXAM STUDY
SHEET 2026 QUESTIONS WITH ANSWERS
GUARANTEED TO PASS
◉ Beneficiary. Answer: The person who receives the proceeds from
the policy when the insured dies.
◉ Binder (Binding Receipt). Answer: A temporary contract that puts
an insurance policy into force before the premium has been paid.
◉ Birthday Rule. Answer: The method of determining primary
coverage for a dependent child, under which the plan of the parent
whose birthday occurs first in the calendar year is designated as
primary.
◉ Broker. Answer: An individual who represents an insured in the
process of purchasing and negotiating a contract of insurance.
◉ Buy-Sell Agreement. Answer: A legal contract that determines
what will be done with a business in the event that an owner dies or
becomes disabled.
,◉ Buyer's Guide. Answer: A booklet that describes insurance
policies and concepts, and provides general information to help an
applicant make an informed decision.
◉ Cash Value. Answer: The amount to which a policyowner is
entitled if the policy is surrendered before maturity.
◉ Certificate. Answer: A statement or booklet that confirms that a
policy has been written and that describes the coverage in general.
◉ Certificate of Authority. Answer: A document that authorizes a
company to start conducting business and specifies the kind(s) of
insurance a company can transact. It is illegal for an insurance
company to transact insurance without this certificate.
◉ Certificate of Insurance. Answer: A legal docuemtn that indicates
that an insurance policy has been issued, and that state both the
amounts and types of insurance provided
◉ Claim. Answer: A request for payment of the benefits provided by
an insurance contract.
◉ Coercion. Answer: An unfair trade practice in which an agent uses
physical or mental force with the intent of inducing an applicant to
purchase insurance.
, ◉ Coinsurance Clause. Answer: A provision that states that the
insurer and the insured will share the losses covered by the policy in
a proportion agreed upon in advance.
◉ Commingling. Answer: A practice in which a person in a fiduciary
capacity illegally mixes his/her personal funds with funds he/she is
holding in trust.
◉ Commission. Answer: The payment made by insurers to agents or
brokers for the sale and service of policies.
◉ Commissioner. Answer: The chief executive and administrative
officer of a state insurance department
◉ Concealment. Answer: The withholding of known facts which, if
material, can void a contract
◉ Conditional Contract. Answer: A type of an agreement in which
both parties must perform certain duties and follow rules of conduct
to make the contract enforceable.
◉ Consideration. Answer: The binding force in a contract that
requires something of value to be exchanged for the transfer of risk.
The consideration on the part of the insured is the representations
SHEET 2026 QUESTIONS WITH ANSWERS
GUARANTEED TO PASS
◉ Beneficiary. Answer: The person who receives the proceeds from
the policy when the insured dies.
◉ Binder (Binding Receipt). Answer: A temporary contract that puts
an insurance policy into force before the premium has been paid.
◉ Birthday Rule. Answer: The method of determining primary
coverage for a dependent child, under which the plan of the parent
whose birthday occurs first in the calendar year is designated as
primary.
◉ Broker. Answer: An individual who represents an insured in the
process of purchasing and negotiating a contract of insurance.
◉ Buy-Sell Agreement. Answer: A legal contract that determines
what will be done with a business in the event that an owner dies or
becomes disabled.
,◉ Buyer's Guide. Answer: A booklet that describes insurance
policies and concepts, and provides general information to help an
applicant make an informed decision.
◉ Cash Value. Answer: The amount to which a policyowner is
entitled if the policy is surrendered before maturity.
◉ Certificate. Answer: A statement or booklet that confirms that a
policy has been written and that describes the coverage in general.
◉ Certificate of Authority. Answer: A document that authorizes a
company to start conducting business and specifies the kind(s) of
insurance a company can transact. It is illegal for an insurance
company to transact insurance without this certificate.
◉ Certificate of Insurance. Answer: A legal docuemtn that indicates
that an insurance policy has been issued, and that state both the
amounts and types of insurance provided
◉ Claim. Answer: A request for payment of the benefits provided by
an insurance contract.
◉ Coercion. Answer: An unfair trade practice in which an agent uses
physical or mental force with the intent of inducing an applicant to
purchase insurance.
, ◉ Coinsurance Clause. Answer: A provision that states that the
insurer and the insured will share the losses covered by the policy in
a proportion agreed upon in advance.
◉ Commingling. Answer: A practice in which a person in a fiduciary
capacity illegally mixes his/her personal funds with funds he/she is
holding in trust.
◉ Commission. Answer: The payment made by insurers to agents or
brokers for the sale and service of policies.
◉ Commissioner. Answer: The chief executive and administrative
officer of a state insurance department
◉ Concealment. Answer: The withholding of known facts which, if
material, can void a contract
◉ Conditional Contract. Answer: A type of an agreement in which
both parties must perform certain duties and follow rules of conduct
to make the contract enforceable.
◉ Consideration. Answer: The binding force in a contract that
requires something of value to be exchanged for the transfer of risk.
The consideration on the part of the insured is the representations
