Insurance Exam Practice Exam:
Questions and Answers
26 - ANS-On group life insurance, dependent children may be covered up to age:
3 - ANS-Where replacement is involved, every life insurer that uses an agent in a life
insurance or annuity sale shall send to the existing life insurer a written communication
advising of the replacement within ____ working days of the date the application was
received.
40 - ANS-Under social security, being fully insured entitles a worker and family to full
benefits. To achieve fully insured status, an individual must attain at least ____ quarters of
coverage.
A buy/sell agreement - ANS-If a corporation and a shareholder enter into an agreement that
requires the corporation to buy the shareholder's shares upon his or her death, they have
entered into:
Absolute assignment - ANS-When making a life settlement, a policyowner will permanently
transfer all rights of ownership in the policy to another party by making a(n):
Absolute assignment - ANS-When making a life settlement, a policyowner will permanently
transfer all rights of ownership in the policy to another party by making a(n):
After the policy has been in effect for a specified period of time - ANS-The incontestability
clause in a life insurance policy protects the insured by preventing an insurer from denying a
claim:
Applicant - ANS-Which of the following completes the application for life insurance?
Change the beneficiary
Assign or transfer ownership in the policy
Take a loan - ANS-The owner of a life insurance policy may do all of the following
Dressing and eating - ANS-Under a long-term care rider, which of the following are
considered to be activities of daily living?
Extended term
Cash surrender
Reduced paid-up - ANS-All of following are required nonforfeiture options or provisions on a
cash value life insurance policy:
Fixed amount - ANS-If the beneficiary of a life insurance policy wants $1,000 per month for
as long as the money lasts, they should choose the ________ settlement option.
Group (Life Insruance) - ANS-Which of the following would not be considered to be ordinary
life insurance?
Insured - ANS-The person upon whose life a life insurance policy is based is known as the:
Insured - ANS-The person upon whose life an annuity is based is known as the:
Interest only - ANS-Which of the following life insurance settlement options enables the
beneficiary to conserve the proceeds of a life insurance policy?
Questions and Answers
26 - ANS-On group life insurance, dependent children may be covered up to age:
3 - ANS-Where replacement is involved, every life insurer that uses an agent in a life
insurance or annuity sale shall send to the existing life insurer a written communication
advising of the replacement within ____ working days of the date the application was
received.
40 - ANS-Under social security, being fully insured entitles a worker and family to full
benefits. To achieve fully insured status, an individual must attain at least ____ quarters of
coverage.
A buy/sell agreement - ANS-If a corporation and a shareholder enter into an agreement that
requires the corporation to buy the shareholder's shares upon his or her death, they have
entered into:
Absolute assignment - ANS-When making a life settlement, a policyowner will permanently
transfer all rights of ownership in the policy to another party by making a(n):
Absolute assignment - ANS-When making a life settlement, a policyowner will permanently
transfer all rights of ownership in the policy to another party by making a(n):
After the policy has been in effect for a specified period of time - ANS-The incontestability
clause in a life insurance policy protects the insured by preventing an insurer from denying a
claim:
Applicant - ANS-Which of the following completes the application for life insurance?
Change the beneficiary
Assign or transfer ownership in the policy
Take a loan - ANS-The owner of a life insurance policy may do all of the following
Dressing and eating - ANS-Under a long-term care rider, which of the following are
considered to be activities of daily living?
Extended term
Cash surrender
Reduced paid-up - ANS-All of following are required nonforfeiture options or provisions on a
cash value life insurance policy:
Fixed amount - ANS-If the beneficiary of a life insurance policy wants $1,000 per month for
as long as the money lasts, they should choose the ________ settlement option.
Group (Life Insruance) - ANS-Which of the following would not be considered to be ordinary
life insurance?
Insured - ANS-The person upon whose life a life insurance policy is based is known as the:
Insured - ANS-The person upon whose life an annuity is based is known as the:
Interest only - ANS-Which of the following life insurance settlement options enables the
beneficiary to conserve the proceeds of a life insurance policy?
