LIFE INSURANCE TEST
QUESTIONS AND CORRECT
K
C
VERIFIED ANSWERS 100%
LO
GUARANTEED PASS A+
GRADED
YC
D
U
ST
, Insurable Receipt - ANS The reciept given to a life insurance applicant when the application
is completed and the initial premium is received is called a(n)
Representations - ANS Statements in the application for insurance that are believed to be
true to the best of the applicants knowledge are
Provide the annuitant with an interest rate that is lesser of the guaranteed or current rate - ANS
An annuity is considered fixed when it does all of the following EXCEPT
Continuous Premium (straight) life - ANS The most common type of whole life insurance
K
where premiums are payable over the whole life of the insured to age 100 is called.
Entire contract - ANS The policy and a copy of the application, along with any riders and
C
amendments, is called the
Not taxable - ANS Money borrowed from the policy's cash value is
LO
All annuities (Variable, Deferreed & Equity Indexed) - ANS
products requires an agent to hold a securities license?
Life income annuity - ANS
Which of the following annuity
Which type of annuity settlement stops when the annuitant dies?
YC
59 1/2 - ANS At what age can a participant receive distributions from a qualified plan without
incurring a 10% penalty
Buy-Sell Agreement - ANS Two business partners own life insurance on each other. If one
partner dies, which of the following contracts will allow the surviving partner to use the death
D
benefit to purchase the deceased's business interests?
Adjustable life - ANS Which type of policy allows the insured to change the amount of the
U
dwah benefit, the amount of premium, or the type of coverage S their needs change?
Either the cash value or the premiums paid, whichever is greater - ANS If an annuitant dies
ST
during the accumulation period, what will the beneficiary receive?
Nonadmitted - ANS Any insurer who is NOT approved to do business in this state is
considered
Insurable Interest Exists - ANS To prevent people from profiting from a loss, insurers is the
certain
Adjusts the death benefit based on the premiums that were paid - ANS If a misstatement of
age is discovered during the processing of a life insurance claim what will the insurer do?
QUESTIONS AND CORRECT
K
C
VERIFIED ANSWERS 100%
LO
GUARANTEED PASS A+
GRADED
YC
D
U
ST
, Insurable Receipt - ANS The reciept given to a life insurance applicant when the application
is completed and the initial premium is received is called a(n)
Representations - ANS Statements in the application for insurance that are believed to be
true to the best of the applicants knowledge are
Provide the annuitant with an interest rate that is lesser of the guaranteed or current rate - ANS
An annuity is considered fixed when it does all of the following EXCEPT
Continuous Premium (straight) life - ANS The most common type of whole life insurance
K
where premiums are payable over the whole life of the insured to age 100 is called.
Entire contract - ANS The policy and a copy of the application, along with any riders and
C
amendments, is called the
Not taxable - ANS Money borrowed from the policy's cash value is
LO
All annuities (Variable, Deferreed & Equity Indexed) - ANS
products requires an agent to hold a securities license?
Life income annuity - ANS
Which of the following annuity
Which type of annuity settlement stops when the annuitant dies?
YC
59 1/2 - ANS At what age can a participant receive distributions from a qualified plan without
incurring a 10% penalty
Buy-Sell Agreement - ANS Two business partners own life insurance on each other. If one
partner dies, which of the following contracts will allow the surviving partner to use the death
D
benefit to purchase the deceased's business interests?
Adjustable life - ANS Which type of policy allows the insured to change the amount of the
U
dwah benefit, the amount of premium, or the type of coverage S their needs change?
Either the cash value or the premiums paid, whichever is greater - ANS If an annuitant dies
ST
during the accumulation period, what will the beneficiary receive?
Nonadmitted - ANS Any insurer who is NOT approved to do business in this state is
considered
Insurable Interest Exists - ANS To prevent people from profiting from a loss, insurers is the
certain
Adjusts the death benefit based on the premiums that were paid - ANS If a misstatement of
age is discovered during the processing of a life insurance claim what will the insurer do?
