Pearson Vue Comprehensive Exam

B. Survivor protection, estate creation and conservation, cash accumulation and liquidity What are the personal uses of life insurance? A. Insured protection, estate creation and cash accumulation B. Survivor protection, estate creation and conservation, cash accumulation and liquidity C. Cash accumulation, estate depletion and liquidity D. Beneficiary protection, liquidity, estate creation, and cash accumulation D. Immediately after receiving written proof of loss Upon the submission of a death claim under a life insurance policy, when should the insurer pay the policy benefit? A. Within 2 years pf the date of loss B. On the next anniversary of the policy C. After the estate of the insured has been settled D. Immediately after receiving written proof of loss A. Admitted Which of the following is the closet term to an "authorized" insurer? A. Admitted B. Certified C. Legal D. Licensed B. Interest only option The policyowner wants to make sure that upon his death, the life policy will pay a portion of the proceeds annually to his spouse, but their children when they reach a certain age. Which settlement option should the policyowner choose? A. Life income with period certain B. Interest only option C. Joint and survivor D. Fixed amount option C. Distributions are taxable When contributions to an immediate annuity are made with before-tax dollars, which of the following is true of the distributions? A. There are no distributions B. Distributions are nontaxable C. Distributions are taxable D