TENNESSEE LIFE AND HEALTH EXAM 2024 WITH 100% CORRECT ANSWERS

TENNESSEE LIFE AND HEALTH EXAM 2024 WITH 100% CORRECT ANSWERS Insurance policies are offered on a "take it or leave it" basis, which make them a. Conditional Contracts b. Aleatory Contracts c. Unilateral Contracts d. Contracts of Adhesion - correct answer d. Contracts of Adhesion All of these statements about Equity Indexed Life Insurance are correct EXCEPT a. Cash value has a minimum rate of accumulation b. If the gain on the index goes beyond the policy's minimum rate of return, the cash value will mirror that of the index c. The premiums can be lowered or raised, based on investment performance d. Tied to an equity index such as the S&P 500 - correct answer c. The premiums can be lowered or raised, based on investment performance P is the insured on a participating life policy. Which statement is true if P's premiums are waived due to a disability? a. P cannot borrow against the policy's cash value while disabled b. P will have to pay income taxes on the amount of premiums waived c. P will still receive declared dividends d. P cannot assign ownership of the policy while premiums are being waived - correct answer c. P will still receiv