EXAMFX LIFE AND HEALTH EXAM NEWEST ACTUAL EXAM COMPLETE 300 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY

EXAMFX LIFE AND HEALTH EXAM NEWEST ACTUAL EXAM COMPLETE 300 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY Practice questions for this set Learn 1 / 7 Study with Learn d) The trust that a client places in the producer in regard to handling premiums. An agent acts in a fiduciary capacity, based upon trust and confidence, when handling the financial affairs of their customers, including the handling of premiums. Choose matching term 1 7. Which of the following is an example of a producer's fiduciary duty? (Choose from the following options) 1. An obligation to state every known fact about the policy the producer is selling. 2. A duty to base all transactions upon the principle of Utmost Good Faith. 12/16/24, 8:21 AM EXAMFX LIFE AND HEALTH EXAM NEWEST ACTUAL EXAM COMPLETE 300 QUESTIONS AND CORRECT DETAI… 3. The obligation to tell the truth to the best of one's knowledge 4. The trust that a client places in the producer in regard to handling premiums. 2 2. Which option is being utilized when the insurer accumulates dividends at interest and then uses the accumulated dividends, plus interest, and the policy cash value to pay the policy up early? (Choose from the following options) 1. Paid-up additions 2. Dividend Accumulation option 3. Paid-up option 4. Accumulation at Interest 3 61. Which of the following is TRUE for both equity indexed annuities and fixed annuities? (Choose from the following options) 1. They are both tied to an equity index. 2. Both are considered to be more risky than variable annuities. 3. They invest on a conservative basis. 4. They have a guaranteed minimum interest rate. 4 10. All of the following are true regarding a decreasing term policy EXCEPT (Choose from the following options) 1. The death benefit is $0 at the end of the policy term. 2. The contract pays only in the event of death during the term and there is no cash value. 3. The face amount steadily declines throughout the duration of the contract. 4. The payable premium amount steadily declines throughout the duration of the contract. 12/16/24, 8:21 AM EXAMFX LIFE AND HEALTH EXAM NEWEST ACTUAL EXAM COMPLETE 300 QUESTIONS AND CORRECT DETAI… Terms in this set (100) 1. What is the maximum civil penalty for violating the Superintendent's cease and desist order? (Choose from the following options) 1. $1,000 2. $5,000 3. $10,000 4. $15,000 3. $10,000 Don't know? 12/16/24, 8:21 AM EXAMFX LIFE AND HEALTH EXAM NEWEST ACTUAL EXAM COMPLETE 300 QUESTIONS AND CORRECT DETAI… 2. Which option is being utilized when the insurer accumulates dividends at interest and then uses the accumulated dividends, plus interest, and the policy cash value to pay the policy up early? (Choose from the following options) 1. Paid-up additions 2. Dividend Accumulation option 3. Paid-up option 4. Accumulation at Interest 1. Paid-up additions 12/16/24, 8:21 AM EXAMFX LIFE AND HEALTH EXAM NEWEST ACTUAL EXAM COMPLETE 300 QUESTIONS AND CORRECT DETAI… 3. An insured owns a $50,000 whole life policy. At age 47, the insured decides to cancel his policy and exercise the extended term option for the policy's cash value, which is currently $20,000. What would be the face amount of the new term policy? (Choose from the following options) 1. $20,000 2. $25,000 3. $50,000 4. The face amount will be determined by the insurer. $50,000 The face of the term policy would be the same as the face amount provided under the whole life policy. 12/16/24, 8:21 AM EXAMFX LIFE AND HEALTH EXAM NEWEST ACTUAL EXAM COMPLETE 300 QUESTIONS AND CORRECT DETAI… 4. After a back injury, an insured is disabled for a year. His insurance policy carries a Disability Income Benefit rider. Which of the following benefits will he receive? (Choose from the following options) 1. Payments for life 2. Yearly premium waiver and income 3. Monthly premium waiver and monthly income 4. Percentage of medical costs paid by the insurer Monthly premium waiver and monthly income The Disability Income Benefit rider waives the policy premiums, just like the Waiver of Premium rider. Unlike the Waiver of Premium rider, it also allows the insured to receive a weekly or monthly income during the disability period. 12/16/24, 8:21 AM EXAMFX LIFE AND HEALTH EXAM NEWEST ACTUAL EXAM COMPLETE 300 QUESTIONS AND CORRECT DETAI… 5. A father owns a life insurance policy on his 15-year-old daughter. The policy contains the optional Payor Benefit rider. If the father becomes disabled, what will happen to the life insurance premiums? (Choose from the following options) 1. The premiums will become tax deductible until the insured's 18th birthday. 2. Since it is the policyowner, and not the insured, who has become disabled, the life insurance policy will not be affected. 3. The insured will have to pay premiums for 6 months. If at the end of this period the father is still disabled, the insured will be refunded the premiums. 4. The insured's premiums will be waived until she is 21. d) The insured's premiums will be waived until she is 21. If the payor (usually a parent or guardian) becomes disabled for at least 6 months or dies, the insurer will waive the premiums until the minor reaches a certain age, such as 21.