TN LIFE PRODUCER FINAL EXAM 2024 ACTUAL EXAM COMPLETE ACCURATE EXAM QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS)

TN LIFE PRODUCER FINAL EXAM 2024 ACTUAL EXAM COMPLETE ACCURATE EXAM QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) Practice questions for this set Learn 1 / 7 Study with Learn Avoid a policy lapse Choose matching term 1 A(n) _______ ________ Life policy combines investment choices with a form of Term coverage: Straight Whole Variable Universal Variable Term Adjustable Universal 2 Which of the following are Equity Indexed annuities typically invest in? Corporate Bonds Money Market Accounts 12/15/24, 11:19 PM TN LIFE PRODUCER FINAL EXAM 2024 ACTUAL EXAM COMPLETE ACCURATE EXAM QUESTIONS WITH DETAILED VERI… Terms in this set (101) Municipal Bonds S&P 500 3 The automatic Premium Loan Provision is designed to: -Provide a source of revenue to the insurance company -Avoid a policy lapse -Allow a policyowner to request a policy loan -allow a policyowner to take out additional coverage without evidence of insurability 4 How does a typical Variable Life Policy investment account grow? Tied to the price of gold Through mutual funds, stocks, bonds Based on returns from insurer's general account Tied to Treasury Bills Don't know? 12/15/24, 11:19 PM TN LIFE PRODUCER FINAL EXAM 2024 ACTUAL EXAM COMPLETE ACCURATE EXAM QUESTIONS WITH DETAILED VERI… The automatic Premium Loan Provision is designed to: -Provide a source of revenue to the insurance company -Avoid a policy lapse -Allow a policyowner to request a policy loan -allow a policyowner to take out additional coverage without evidence of insurability Avoid a policy lapse All of these are considered a producers breach of fiduciary duty EXCEPT: Misappropriation of premiums Conversion of premiums Improper withholding of premiums Allowing premiums to be submitted electronically Allowing premiums to be submitted electronically 12/15/24, 11:19 PM TN LIFE PRODUCER FINAL EXAM 2024 ACTUAL EXAM COMPLETE ACCURATE EXAM QUESTIONS WITH DETAILED VERI… A(n) _______ ________ Life policy combines investment choices with a form of Term coverage: Straight Whole Variable Universal Variable Term Adjustable Universal Variable Universal When engaged in an insurance transaction in Tennessee, the producer represents the: insured Commissioner beneficiary insurer Insurer What is the maximum number of employees (earning at least $5,000) that an employer can have in order to start a SIMPLE retirement plan? 25 50 100 250 100 12/15/24, 11:19 PM TN LIFE PRODUCER FINAL EXAM 2024 ACTUAL EXAM COMPLETE ACCURATE EXAM QUESTIONS WITH DETAILED VERI… Who has the right to change a revocable beneficiary? Beneficiary Agent Insurance Agency Policyowner Policyowner An architecture firm would stand to lose a lot of money in the event of the death of its project manager. Which type of policy should the firm purchase on its project manager? Universal Life insurance Key Person insurance Graded insurance Executive insurance Key Person insurance 12/15/24, 11:19 PM TN LIFE PRODUCER FINAL EXAM 2024 ACTUAL EXAM COMPLETE ACCURATE EXAM QUESTIONS WITH DETAILED VERI… What benefit does the Payor clause on a Juvenile Life policy provide? -Allows payor to assign ownership in the event payor becomes disabled -Allows payor to increase face amount without providing evidence of insurability -Premiums are waived if juvenile becomes disabled -Premiums are waived if payor becomes disabled Premiums are waived if the payor becomes disabled All of the following are considered to be typical characteristics describing the nature of an insurance contract, EXCEPT: Bilateral Unilateral Aleatory Adhesion Bilateral 12/15/24, 11:19 PM TN LIFE PRODUCER FINAL EXAM 2024 ACTUAL EXAM COMPLETE ACCURATE EXAM QUESTIONS WITH DETAILED VERI… Typically a life insurance death benefit is paid as a lump-sum payment. A(n) _________ option is a method of distributing a Life Insurance policy's death benefit OTHER than by a lump sum payment. Settlement Dividend Conversion Aleatory Settlement Which of the following statements is CORRECT about accelerated death benefits? -The full face amount is available as an accelerated benefit -Those on Social Security disability automatically qualify for this benefit -This provision is usually provided with an increase in premium -Must have a terminal illness to qualify Must have a terminal illness to qualify 12/15/24, 11:19 PM TN LIFE PRODUCER FINAL EXAM 2024 ACTUAL EXAM COMPLETE ACCURATE EXAM QUESTIONS WITH DETAILED VERI… A life insurance policy would be considered a wagering contract WITHOUT insurable interest premium payment agent solicitation constructive delivery insurable interest Which of the following combination plans is designed to protect an insured from an unpaid mortgage balance upon premature death? Survivorship Life Family Plan Joint Life Whole life and Level Term Rider Joint life Which rider provides coverage for a child under a parent's life insurance policy? Spouse term rider Base insured rider Payor benefit rider Child term rider Child term rider