TN LIFE PRODUCER FINAL EXAM NEWEST 2024 ACTUAL EXAM COMPLETE 100 QUESTIONS AND CORRECT
DETAILED ANSWERS
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 - (answer) 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 - (answer) Allowing premiums to be submitted
electronically
A(n) _______ ________ Life policy combines investment choices with a form of Term coverage:
Straight Whole
Variable Universal
Variable Term
Adjustable Universal - (answer) Variable Universal
When engaged in an insurance transaction in Tennessee, the producer represents the:
insured
Commissioner
beneficiary
insurer - (answer) 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
,TN LIFE PRODUCER FINAL EXAM NEWEST 2024 ACTUAL EXAM COMPLETE 100 QUESTIONS AND CORRECT
DETAILED ANSWERS
50
100
250 - (answer) 100
Who has the right to change a revocable beneficiary?
Beneficiary
Agent
Insurance Agency
Policyowner - (answer) 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 - (answer) Key Person insurance
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 - (answer) 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
, TN LIFE PRODUCER FINAL EXAM NEWEST 2024 ACTUAL EXAM COMPLETE 100 QUESTIONS AND CORRECT
DETAILED ANSWERS
Adhesion - (answer) Bilateral
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 - (answer) 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 - (answer) Must have a terminal illness to qualify
A life insurance policy would be considered a wagering contract WITHOUT
insurable interest
premium payment
agent solicitation
constructive delivery - (answer) 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 - (answer) Joint life
Which rider provides coverage for a child under a parent's life insurance policy?
DETAILED ANSWERS
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 - (answer) 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 - (answer) Allowing premiums to be submitted
electronically
A(n) _______ ________ Life policy combines investment choices with a form of Term coverage:
Straight Whole
Variable Universal
Variable Term
Adjustable Universal - (answer) Variable Universal
When engaged in an insurance transaction in Tennessee, the producer represents the:
insured
Commissioner
beneficiary
insurer - (answer) 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
,TN LIFE PRODUCER FINAL EXAM NEWEST 2024 ACTUAL EXAM COMPLETE 100 QUESTIONS AND CORRECT
DETAILED ANSWERS
50
100
250 - (answer) 100
Who has the right to change a revocable beneficiary?
Beneficiary
Agent
Insurance Agency
Policyowner - (answer) 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 - (answer) Key Person insurance
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 - (answer) 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
, TN LIFE PRODUCER FINAL EXAM NEWEST 2024 ACTUAL EXAM COMPLETE 100 QUESTIONS AND CORRECT
DETAILED ANSWERS
Adhesion - (answer) Bilateral
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 - (answer) 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 - (answer) Must have a terminal illness to qualify
A life insurance policy would be considered a wagering contract WITHOUT
insurable interest
premium payment
agent solicitation
constructive delivery - (answer) 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 - (answer) Joint life
Which rider provides coverage for a child under a parent's life insurance policy?
