Primerica Life License| 207 QUESTIONS| WITH COMPLETE SOLUTIONS

What limits the amount that a policyowner may borrow from a whole life insurance policy? correct answer: Cash value What is NOT true about a joint and survivor annuity benefit option? correct answer: Payments stop after the first death among the annuitants. If a beneficiary wants a guarantee that benefits paid from principal and interest would be paid for a period of 10 years before being exhausted, what settlement option should the beneficiary select? correct answer: Fixed period The Waiver of Cost of Insurance rider is found in what type of insurance? correct answer: Universal Life This is not a duty or responsibility of producers at the time of application correct answer: Change any incorrect statement on the application by personally initialing next to the corrected statement. For how long is the certificate of prelicensing course completion valid? correct answer: 180 calendar days An insured has a Modified Endowment Contract. He wants to withdraw some money in order to pay medical bills. Which of the following is true? correct answer: He will have to pay a penalty if he is younger than 59½.