Pearson Vue Life Insurance Practice Exam
Questions With Correct Answers
P wants to name her husband as the beneficiary of her life policy.
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However, she wishes to retain all of the rights of ownership. P should
| | | | | | | | | | | | |
have her husband named as the:
| | | | |
A.irrevocable beneficiary |
B.revocable beneficiary |
C.secondary beneficiary - CORRECT ANSWER✔✔-B
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A contract that has as its basic function the systematic liquidation of
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accumulated assets through periodic payments is called an:
| | | | | | |
A.indemnity contract |
B.investment contract |
,C.endowment
D.annuity - CORRECT ANSWER✔✔-D | | |
An insurance producer takes an application for a life insurance policy
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but does not collect the initial premium. On delivery of the policy to the
| | | | | | | | | | | | | |
proposed insured, the producer must collect the initial premium and
| | | | | | | | | |
which of the following?
| | |
A.A copy of the MIB report
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B.The insured's signed statement of continued good health
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C.A copy of the conditional receipt
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D.A copy of the temporary insurance agreement that covered the period
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between the application date and the delivery date. - CORRECT
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ANSWER✔✔-B
An employer can deduct premium payments as an ordinary business
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expense for which of the following life coverages?
| | | | | | |
A.Buy and Sell Agreements
| | |
, B.Group
C.Key Employee
|
D.Joint Life, if the business is named as the beneficiary - CORRECT
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ANSWER✔✔-B
A producer takes applications from identical twins who want to buy the
| | | | | | | | | | | |
same type of policy in the same amount. The insurer issues the policies
| | | | | | | | | | | | |
as applied for, but charges a 25 percent higher premium for one of the
| | | | | | | | | | | | | |
policies. The difference in premiums is probably due to which of the
| | | | | | | | | | | |
following factors? |
A.Incontestability
B.Insurable interest |
C.Consideration
D.Risk classification - CORRECT ANSWER✔✔-D
| | | |
In the event of an insured's death, which of the following provides an
| | | | | | | | | | | | |
income for the family during a designated period of time followed by a
| | | | | | | | | | | | |
lump sum death benefit?
| | |
A.Family Income rider | |
B.Survivorship Life policy | |
Questions With Correct Answers
P wants to name her husband as the beneficiary of her life policy.
| | | | | | | | | | | | |
However, she wishes to retain all of the rights of ownership. P should
| | | | | | | | | | | | |
have her husband named as the:
| | | | |
A.irrevocable beneficiary |
B.revocable beneficiary |
C.secondary beneficiary - CORRECT ANSWER✔✔-B
| | | |
A contract that has as its basic function the systematic liquidation of
| | | | | | | | | | | |
accumulated assets through periodic payments is called an:
| | | | | | |
A.indemnity contract |
B.investment contract |
,C.endowment
D.annuity - CORRECT ANSWER✔✔-D | | |
An insurance producer takes an application for a life insurance policy
| | | | | | | | | | |
but does not collect the initial premium. On delivery of the policy to the
| | | | | | | | | | | | | |
proposed insured, the producer must collect the initial premium and
| | | | | | | | | |
which of the following?
| | |
A.A copy of the MIB report
| | | | |
B.The insured's signed statement of continued good health
| | | | | | |
C.A copy of the conditional receipt
| | | | |
D.A copy of the temporary insurance agreement that covered the period
| | | | | | | | | |
between the application date and the delivery date. - CORRECT
| | | | | | | | | | |
ANSWER✔✔-B
An employer can deduct premium payments as an ordinary business
| | | | | | | | | |
expense for which of the following life coverages?
| | | | | | |
A.Buy and Sell Agreements
| | |
, B.Group
C.Key Employee
|
D.Joint Life, if the business is named as the beneficiary - CORRECT
| | | | | | | | | | | |
ANSWER✔✔-B
A producer takes applications from identical twins who want to buy the
| | | | | | | | | | | |
same type of policy in the same amount. The insurer issues the policies
| | | | | | | | | | | | |
as applied for, but charges a 25 percent higher premium for one of the
| | | | | | | | | | | | | |
policies. The difference in premiums is probably due to which of the
| | | | | | | | | | | |
following factors? |
A.Incontestability
B.Insurable interest |
C.Consideration
D.Risk classification - CORRECT ANSWER✔✔-D
| | | |
In the event of an insured's death, which of the following provides an
| | | | | | | | | | | | |
income for the family during a designated period of time followed by a
| | | | | | | | | | | | |
lump sum death benefit?
| | |
A.Family Income rider | |
B.Survivorship Life policy | |
