Rhode Island Life Insurance exam 2024 with 100% correct answers

universal life policy - correct answer Policy that allows for partial withdrawal (partial surrender) of cash value. Partial Withdrawal - correct answer Partial surrender of a universal life policy Medical Information Bureau (MIB) - correct answer An information database that stores the health histories of individuals who have applied for insurance in the past. Most insurance companies subscribe to this database for underwriting purposes. What does a producer do when it discovers a material health status change in an applicant? - correct answer Return the policy to insurer All of the above affect the income benefit payments of an annuity - correct answer Age, gender, settlement option, and dollar amount used to fund income benefits. Guaranteed Insurability Rider - correct answer Permits Insured to buy specific amounts of additional insurance at specified intervals (usually 3 years) without evidence of insurability Viatical Settlement - correct answer The purchase of an insurance policy before its maturity date by an investor for a percentage of its face value. Often the policyholder is terminally ill. Contract is between Policyowner and Settlement Provider Straight Life (Life Income Only) - correct answer Payments guaranteed for lifetime of the recipient only Life Income Period Certain - correct answer Payments are guaranteed for the lifetime of the recipient or a spe