Life Insurance Primerica questions and answers latest top score.

Life Insurance Primerica questions and answers latest top score. Which will be included in a policy summary? - correct answers.Premium amounts and surrender values Why should the producer personally deliver the policy when the first premium has already been paid? - correct answers.To help the insured understand all aspects of the contract An insurance contract requires that both the insured and the insurer meet certain conditions in order for the contract to be enforceable. What contract characteristic does this describe? - correct answers.Conditional If a policy includes a free-look period of at least 10 days, the Buyer's Guide may be delivered to the applicant - correct answers.With the policy If an applicant for a life insurance policy is found to be a substandard risk, the insurance company is most likely to - correct answers.Charge a higher premium Which of the following best details the underwriting process for life insurance? - correct answers.Selection, classification, and rating of risks Upon policy delivery, the producer may be required to obtain any of the following EXCEPT - correct answers.Signed waiver of premium Which of the following is a risk classification used by underwriters for insurance? - correct answers.Standard Which of the following documents delivered to the policy owner includes information about premium amounts, cash values, surrender values, and death benefits for specific policy years? - correct answers.A policy summary When both parties to a contract must perform certain duties and follow rules of conduct to make the contract enforceable, the contract is - correct answers.Conditional Representations are written or oral statements made by the applicant that are - correct answers.Considered true to the best of the applicant's knowledge Most agents try to collect the initial premium for submission with the application. When an agent collects the initial premium from the applicant, the agent should issue the applicant a - correct answers.Premium receipt All of the following are duties and responsibilities of producers at the time of application EXCEPT - correct answers.Change any incorrect statement on the application by personally initialing next to the corrected statement (must be initialed by the applicant) In insurance policies, the insured is not legally bound to any particular action in the insurance contract, but the insurer is legally obligated to pay losses covered by the policy. What contract element does this describe? - correct answers.Unilateral An insurer neglects to pay a legitimate claim that is covered under the terms of the policy. Which of the following insurance principles has the insurer violated? - correct answers.Consideration Which of the following is TRUE regarding the premium in term policies? - correct answers.The premium is level Which of the following terms best describe the coverage provided by term policies, as compared to any other form of protection? - correct answers.Greatest Which of the following types of insurance policies would provide the greatest amount of protection for a temporary period during which an insured will have limited financial resources? - correct answers.Term A Return of Premium term life policy is written as what type of term coverage? - correct answers.Increasing All of the following are true regarding a decreasing term policy EXCEPT - correct answers.The payable premium amount steadily declines throughout the duration of the contract What does "level" refer to in level term insurance? - correct answers.Face amount Which best describes annually renewable term insurance? - correct answers.It is level term insurance What characteristic makes whole life permanent protection? - correct answers.Coverage until death or age 100 Which of the following types of policies will provide permanent protection? - correct answers.Whole life A Straight Life policy has what type of premium? - correct answers.A level annual premium for the life of the insured Which statement is NOT true regarding a Straight Life Policy? - correct answers.It's premium steadily decreases over time, in response to its growing cash value Which of the following policies would be classified as a traditional level premium contract? - correct answers.Straight Life An insurance policy that only requires a payment of premium at its inception, provides insurance protection for the life of the insured, and matures at the insured's age of 100 is called - correct answers.Single premium whole life Your client wants both protection and savings from the insurance, and is willing to pay premiums until retirement at age 65. What would be the right policy for this client? - correct answers.Limited pay whole life Which statement is NOT true regarding a Straight Life policy? - correct answers.It's premium steadily decreases over time, in response to its growing cash value Under a 20-pay whole life policy, in order for the policy to pay the death benefit to a beneficiary, the premiums must be paid - correct answers.For 20 years or until death, whichever occurs first 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 answers.Universal life The death protection component of Universal Life Insurance is always - correct answers.Annually Renewable Term The policy owner of a Universal Life Policy may skip paying the premium and the policy will not lapse as long as - correct answers.The policy contains sufficient cash value to cover the cost of insurance Which of the following policies would have an IRS required corridor or gap between the cash value and the death benefit? - correct answers.Universal Life- Option A The death benefit under the Universal Life Option B - correct answers.Gradually increases each year by the amount that the cash value increases What kind of policy allows withdrawals or partial surrenders? - correct answers.Universal Life What is the purpose of establishing the target premium for a universal life policy? - correct answers.To keep the policy in force Which of the following best defines target premium in a universal life policy? - correct answers.The recommended amount to keep the policy in force throughout its lifetime Which of the following would help prevent a universal life policy from lapsing? - correct answers.Target premium A Universal Life insurance policy is best described as a/an - correct answers.Annually Renewable Term policy with a cash value account During partial withdrawal from a universal life policy, which portion will be taxed? - correct answers.Interest Which type of life insurance policy allows the policy owner to pay more or less than the premium? - correct answers.Universal Life For variable products, underlying assets must be kept in - correct answers.A separate account What are the two components of a universal policy? - correct answers.Insurance and cash account Which Universal Life option has a gradually increasing cash value and a level death benefit? - correct answers.Option A The death benefit in a variable universal life policy - correct answers.Depends on the performance of a separate account An insured purchased a variable life insurance policy with a face amount of $50,000. Over the life of the policy, stock performance declined and the cash value fell to $10,000. If the insured dies, how much will be paid out? - correct answers.$50,000