primerica exam review| 334 questions| with complete solutions

If an insurer meets the state's financial requirements and is approved to transact business in the state, it is considered to be correct answer: Authorized A participating insurance policy may do which of the following? correct answer: Pay dividends to the policy owner An insured owns a life insurance policy. To be able to pay some of her medical bills, she withdraws a portion of the policy's cash value. There is a limit for a withdrawal and the insurer charges a fee. What type of policy does the insured most likely have? correct answer: Universal life All of the following are examples of third-party ownership of a life insurance policy EXCEPT correct answer: An insured borrows money from the back and makes a collateral assignment of a part of the death benefit to secure the loan. Which statement is NOT true regarding a Straight Life policy? correct answer: Its premium steadily decreases over time, in response to its growing cash value. An individual purchased a $100,000 Joint Life policy on himself and his wife. Eight years later, he died in an automobile accident. How much will his wife receive from the policy? correct answer: $100,000 A person takes out a loan in order to pay off his hou