Primerica Life Insurance State Exam Rhode Island | Questions with 100% Correct Answers | Verified | Latest Update 2024 | 23 Pages

Which risk classification is representative of the majority of people in a certain age group and with similar lifestyles? 1)Declined 2)Preferred 3)Standard 4)Substandard - Standard A life insurance policy qualifies as a Modified Endowment Contract (MEC) if the amount of premium paid exceeds the amount that would have provided paid-up insurance in how many years? 1)3 yrs 2)5 yrs 3)7 yrs 4)The life of the policy - 7 Years An annuity would normally be purchased by an individual who wants to 1)Provide a death benefit to the insuring party 2)Earn a higher rate of interest 3)Create an estate 4)Provide income for retirement - Provide income for retirement If the policy summary for a life insurance policy is not given when the application is taken, when must the policy summary be given to the policyowner?1)When policy is delivered 2)Within 15 days of the application date 3)Within 30 days of policy issue 4)When the policy is issued - When the policy is delivered