Louisiana Life Insurance Final Exam 100%
ACCURATE
A viatical transaction is used for which of the following - ANSWER A chronically ill
insured who needs to sell his life insurance policy to a third-party to settle medical and
other bills prior to death
An agent complete an application for insurance on the Addams family Mr. Adams writes
a check for the initial premium and the agent provides Mr. Adams with a conditional
receipt Mr. Adams should understand which of the following - ANSWER He has made
an offer to the insurance company and no insurance is in effect until all requirements for
underwriting his policy or receipt in the policy is approved
The annual renewable term term ART - ANSWER Has no requirements for a proof of
insurability at renewal and a maximum age .
Insurance uses a pre-existing condition clause to prevent - ANSWER Adverse selection
Which of the following is an effective and legal way to deliver a policy - ANSWER
Personal delivery by an agent mailing the policy to the policy owner giving the policy to
an agent of the policy owner
Which of the following statements is not true about the guaranteed insurability riderGIR?
- ANSWER The older the insured gets the more frequent the purchase option dates
What plan would likely meet the needs of two partners who want to create a buy sell
agreement and an inexpensive and simple funding plan? - ANSWER A joint life plan
which will provide a survivor money to buy out the deceased partners heirs.
Which of the following is not a factor in determining the amount of life insurance policy
dividend - ANSWER Morbidity is a fact to use in determining health insurance premiums
not life insurance the correct answer is mobility
Which of the following is not a common use for annuities - ANSWER Pay legal fees
What guarantees states that if the policyholder discontinues payment of premiums the
policyholder can have access to the cash value of the policy policy - ANSWER Non-
forfeiture Provision
A qualified retirement plan that blends in our way with a profit sharing plan and I lost the
employer to deduct up to 25% of contributions made to all employeees It's called a -
ANSWER SEP is available to small employers contributions made two employees are
deductible up to 25% SEP
, Which of the following is true about the waiver of premium rider on an insurance policy -
ANSWER The premiums are waived during the period of the disability there is usually a
waiting period for the benefit to kick in there is an additional premium charge for this
coverage all of the above
Which of the following best describes the annuity period? - ANSWER It is the period
when the cash value is converted to income payments
The commissioner may involve or assist what law enforcement authorities in the
prosecution of any individual or entity suspected of insurance fraud - ANSWER State
local and federal all of the above
Which of the following is not a set up an option in a life insurance policy - ANSWER
Extended term option
Bob is leaving his employer for another position he has a health problem and wishes to
continue his life insurance on an individual basis what should Bob due to continue his
coverage - ANSWER Bob must make a written request within 31 days and the company
will issue the policy outlined in the plane at his current age
Life insurance policies with cash value provide the insured with immediate availability of
funds referred to as - ANSWER Liquidity
An applicant for insurance may pay an initial premium with the application and receive a
document called - ANSWER Conditional receipt
Which of the following statements is not true about a retirement income annuity -
ANSWER It is an ordinary immediate annuity
What type of life insurance program would be a good choice for grandparents to help
their grandson in later years - ANSWER Juvenile life
What law requires that an applicant be notified that an insurance underwriter may
request a report from an investigative agency - ANSWER Fair credit reporting act
Field underwriting is primarily useful to - ANSWER Make observations that could impact
insurability
Which dividend option may offset some or all of the benefit reduction caused by loans
from a participating whole life planned - ANSWER One year term option
Underwriting considerations for group coverage employee which of the following
considerations - ANSWER Groups usually do not have a requirement for medical
exams
ACCURATE
A viatical transaction is used for which of the following - ANSWER A chronically ill
insured who needs to sell his life insurance policy to a third-party to settle medical and
other bills prior to death
An agent complete an application for insurance on the Addams family Mr. Adams writes
a check for the initial premium and the agent provides Mr. Adams with a conditional
receipt Mr. Adams should understand which of the following - ANSWER He has made
an offer to the insurance company and no insurance is in effect until all requirements for
underwriting his policy or receipt in the policy is approved
The annual renewable term term ART - ANSWER Has no requirements for a proof of
insurability at renewal and a maximum age .
Insurance uses a pre-existing condition clause to prevent - ANSWER Adverse selection
Which of the following is an effective and legal way to deliver a policy - ANSWER
Personal delivery by an agent mailing the policy to the policy owner giving the policy to
an agent of the policy owner
Which of the following statements is not true about the guaranteed insurability riderGIR?
- ANSWER The older the insured gets the more frequent the purchase option dates
What plan would likely meet the needs of two partners who want to create a buy sell
agreement and an inexpensive and simple funding plan? - ANSWER A joint life plan
which will provide a survivor money to buy out the deceased partners heirs.
Which of the following is not a factor in determining the amount of life insurance policy
dividend - ANSWER Morbidity is a fact to use in determining health insurance premiums
not life insurance the correct answer is mobility
Which of the following is not a common use for annuities - ANSWER Pay legal fees
What guarantees states that if the policyholder discontinues payment of premiums the
policyholder can have access to the cash value of the policy policy - ANSWER Non-
forfeiture Provision
A qualified retirement plan that blends in our way with a profit sharing plan and I lost the
employer to deduct up to 25% of contributions made to all employeees It's called a -
ANSWER SEP is available to small employers contributions made two employees are
deductible up to 25% SEP
, Which of the following is true about the waiver of premium rider on an insurance policy -
ANSWER The premiums are waived during the period of the disability there is usually a
waiting period for the benefit to kick in there is an additional premium charge for this
coverage all of the above
Which of the following best describes the annuity period? - ANSWER It is the period
when the cash value is converted to income payments
The commissioner may involve or assist what law enforcement authorities in the
prosecution of any individual or entity suspected of insurance fraud - ANSWER State
local and federal all of the above
Which of the following is not a set up an option in a life insurance policy - ANSWER
Extended term option
Bob is leaving his employer for another position he has a health problem and wishes to
continue his life insurance on an individual basis what should Bob due to continue his
coverage - ANSWER Bob must make a written request within 31 days and the company
will issue the policy outlined in the plane at his current age
Life insurance policies with cash value provide the insured with immediate availability of
funds referred to as - ANSWER Liquidity
An applicant for insurance may pay an initial premium with the application and receive a
document called - ANSWER Conditional receipt
Which of the following statements is not true about a retirement income annuity -
ANSWER It is an ordinary immediate annuity
What type of life insurance program would be a good choice for grandparents to help
their grandson in later years - ANSWER Juvenile life
What law requires that an applicant be notified that an insurance underwriter may
request a report from an investigative agency - ANSWER Fair credit reporting act
Field underwriting is primarily useful to - ANSWER Make observations that could impact
insurability
Which dividend option may offset some or all of the benefit reduction caused by loans
from a participating whole life planned - ANSWER One year term option
Underwriting considerations for group coverage employee which of the following
considerations - ANSWER Groups usually do not have a requirement for medical
exams
