License Exam With Correct Answers
Which vof vthe vfollowing vstatement vis vCorrect vabout van vagent vwho vis vtaking van
vinsurance vapplication? v- vCORRECT✅✅The vagent vshould vhave vthe vapplicant
vinitial vany vchanges vmade von vthe vapplication
P vowns va v$25,000 vLife vPolicy vthat vpays vthe vface vamount vto vhim vif vhe vlive vto vage
v70, vor vto vhis vbeneficiary vif vhe vdies vbefore vage v70. vWhat vkind vof vpolicy vdoes vP
vown? v- vCORRECT✅✅Whole vlife vpaid vup vat vAge v70
How vmany vdays vis va vtemporary vproducer's vlicense vvalid v- vCORRECT✅✅180
T vapplied vfor va vDisability vincome vpolicy vand vhas va vhistory vof vback vinjuries. vThe
vinsurer vissued vthe vpolicy vwith va vstatement vthat vexcludes vcoverage vfor vback
vinjuries. vThis vstatement vis vcalled va(n) v- vCORRECT✅✅Impairment vrider
The vconsolidated vOmnibus vBudget vreconciliation vAct v(COBRA) vgives vworkers v(and
vtheir vfamilies) vwhose vemployment vhas vbeen vterminated vthe vright vto: v-
vCORRECT✅✅Continue vgroup vhealth vbenefits
How vdoes va vtypical vVariable vLife vpolicy vinvestment vaccount vgrow? v-
vCORRECT✅✅through vmutual vfunds, vstocks, vbonds
Many vsmall vbusiness vowners vworry vhow vtheir vbusiness vwould vsurvive vfinancially vif
vthe vowner vbecomes vdisabled. vThe vpolicy vwhich vBEST vaddresses vthis vconcern vis:
v- vCORRECT✅✅Business vOverhead vExpense
A vLicensee vmust vnotify vthe vCommissioner vwithin v_ vdays vof van vaddress vchange. v-
vCORRECT✅✅30
A vsole vproprietor vmay vuse vthis vplan vONLY vif vthe vemployees vof vthis vbusiness vare
vincluded v- vCORRECT✅✅Keogh vpension vplan
Which vpremium vschedule vresults vin vthe vlowest vcost vto vthe vpolicyowner? v-
vCORRECT✅✅Annual
T vwould vlike vto vbe vassured v$10,000 vis vavailable vin v10 vyears vto vreplace va vroof von
vhis vhouse. vWhat vkind vof v$10,000 vpolicy vshould vT vpurchase? v-
vCORRECT✅✅Ten vyear vEndowment
A vstudent vpilot vcan vpay vregular vpremium vcosts vfor vher vlife vinsurance vpolicy vwith
vthe vaddition vof vwhich vof vthe vfollowing v- vCORRECT✅✅Aviation vexclusion
,K vpays von va v$20,000 v20-Year vEndowment vpolicy vfor v10 vyears vand vdies vfrom van
vautomobile vaccident. vHow vmuch vwill vthe vinsurance vcompany vpay vthe vbeneficiary?
v- vCORRECT✅✅$20,000 vdeath vbenefit
K vfailed vto vpay va vrenewal vpremium vwithin vthe vtime vgranted vby vthe vinsurer. vK vthen
vsends vin va vpayment vwhich vthe vinsurer vsubsequently vaccepts. vWhich vpolicy
vprovision vspecifies vthat vcoverage vmay vbe vrestored vin vthis vsituation? v-
vCORRECT✅✅Reinstatement
The vsections vof van vinsurance vcontract vwhich vlimit vcoverage vare vcalled v-
vCORRECT✅✅exclusions
what vis vthe vinitial vsource vof vunderwriting vfor van vinsurance vpolicy? v-
vCORRECT✅✅Application vcontaining vstatements vfrom vthe vinsured
B vhas va v$100,000 vAccidental vDeath vand vDismemberment vpolicy vthat vpays vtriple
vindemnity vfor vcommon vcarrier vdeath. vIf vB vis vkilled vfrom van vaccident von va
vcommercial vflight, vwhat vwill vthe vpolicy vpay vB's vbeneficiary? v-
vCORRECT✅✅$300,000
Which vof vthe vfollowing vBest vdescribes vhow va vpolicy vthat vuses vthe v"accidental
vbodily vinjury" vdefinition vof van vaccident vdiffers vfrom vone vthat vuses vthe v"accidental
vmeans" vdefinition? v- vCORRECT✅✅less vrestrictive
K vbecomes vill vafter vtraveling voverseas vand vis vunable vto vwork vfor v3 vmonths. vWhat
vkind vof vpolicy vwould vcover vher vloss vof vincome? v- vCORRECT✅✅Disability
vIncome
Which vprovision vprevents van vinsurer vfrom vchanging vthe vterms vof vthe vcontract vwith
vthe vpolicyowner vby vreferring vto vdocuments vnot vfound vwithin vthe vpolicy vitself? v-
vCORRECT✅✅Entire vContract vProvision
The vprovision vthat vdefines vto vwhom vthe vinsurer vwill vpay vbenefits vto vis vcalled v-
vCORRECT✅✅Payment vof vclaims
Why vmust van vinsurance vapplicant vanswer vall vquestions von vthe vapplication? v-
vCORRECT✅✅statements vand vrepresentations von vthe vapplication vare vpart vof vthe
vconsideration vfor vissuing va vpolicy
Which vof vthe vfollowing vbest vdescribes va vcontingent vbeneficiary? v-
vCORRECT✅✅Person vdesignated vby vthe vinsured vto vreceive vpolicy vproceed vin
vthe vevent vthat vthe vprimary vbeneficiary vdies vbefore vthe vinsured
, J vchooses va vmonth vpremium vpayment vmode von vhis vWhole vLife vInsurance vpolicy.
vWhich vof vthese vstatements vis vcorrect? v- vCORRECT✅✅The vgross vpremium vis
vhigher von va vmonthly vpayment vmode vas vcompared vto vbeing vpaid vannually
Jill vis vcovered vunder vtwo vGroup vHealth vpolicies, vone vthrough vher vemployer vand
vone vthrough vher vhusband's vemployer. vIf vJill vsuffers va vloss, vwhich vpolicy vprovision
vdictates vthe vprimary vcoverage? v- vCORRECT✅✅Coordination vof vBenefits
An vinsurer vmust vprovide van vinsured vwith vclaim vforms vwithin_ vdays vafter vreceiving
vnotice vof va vloss v- vCORRECT✅✅15
Which vof vthese vlife vinsurance vriders vallows vthe vapplicant vto vhave vexcess
vcoverage? v- vCORRECT✅✅Term vRider
All vLong vterm vcare vpolicies vpurchased vin vIndiana vMUST vcontain va vfree vlook
vperiod vof v- vCORRECT✅✅30 vdays
The vfirst vportion vof va vcovered vMajor vMedical vinsurance vexpense vthat vthe vinsured
vis vrequired vto vpay vis vcalled vthe v- vCORRECT✅✅Initial vdeductible
When va vmisrepresentation von va vlife vinsurance vpolicy vapplication vis vdiscovered,
vwhat vaction vmay van vinsurance vcompany vtake? v- vCORRECT✅✅Void vthe vpolicy
vonly vif vit vis vdiscovered vduring vthe vContestable vperiod vand vprove vto vbe vmaterial
In vIndiana, vwhich vof vthe vfollowing vMust vbe vdelivered vto va vpolicyowner vupon vthe
vsale vof van vindividual vlife vinsurance vpolicy? v- vCORRECT✅✅Policy vsummary vand
vBuyer's vGuide
Which vof vthese vis van vexample vof vtwisting? v- vCORRECT✅✅A vproducer
vmisrepresents va vpolicy vto vinduce va vpolicyowner vto vsurrender van vexisting vpolicy
An vindividual vDisability vIncome vinsurance vapplicant vmay vbe vrequired vto vsubmit vall
vof vthe vfollowing vinformation vEXCEPT v- vCORRECT✅✅Spouse voccupation
Under va vtrustee vgroup vlife vpolicy, vwho vwould vbe veligible vfor va vcertificate vof
vcoverage? v- vCORRECT✅✅Employee
What vtype vof vlife vinsurance vare vcredit vpolicies vissued vas v- vCORRECT✅✅Term
A vuniversal vlife vpolicy vis vsometimes vreferred vto vas van vunbundled vlife vpolicy
vbecause vthe vowner vcan vsee vthe vinterest vearned, vexpense vcharges, vand vthe v-
vCORRECT✅✅commission vrate
How voften vmust van vinsurance vproducer's vlicense vin vIndiaa vbe vrenewed v-
vCORRECT✅✅Every vtwo vyears
Which vof vthe vfollowing vstatement vis vCorrect vabout van vagent vwho vis vtaking van
vinsurance vapplication? v- vCORRECT✅✅The vagent vshould vhave vthe vapplicant
vinitial vany vchanges vmade von vthe vapplication
P vowns va v$25,000 vLife vPolicy vthat vpays vthe vface vamount vto vhim vif vhe vlive vto vage
v70, vor vto vhis vbeneficiary vif vhe vdies vbefore vage v70. vWhat vkind vof vpolicy vdoes vP
vown? v- vCORRECT✅✅Whole vlife vpaid vup vat vAge v70
How vmany vdays vis va vtemporary vproducer's vlicense vvalid v- vCORRECT✅✅180
T vapplied vfor va vDisability vincome vpolicy vand vhas va vhistory vof vback vinjuries. vThe
vinsurer vissued vthe vpolicy vwith va vstatement vthat vexcludes vcoverage vfor vback
vinjuries. vThis vstatement vis vcalled va(n) v- vCORRECT✅✅Impairment vrider
The vconsolidated vOmnibus vBudget vreconciliation vAct v(COBRA) vgives vworkers v(and
vtheir vfamilies) vwhose vemployment vhas vbeen vterminated vthe vright vto: v-
vCORRECT✅✅Continue vgroup vhealth vbenefits
How vdoes va vtypical vVariable vLife vpolicy vinvestment vaccount vgrow? v-
vCORRECT✅✅through vmutual vfunds, vstocks, vbonds
Many vsmall vbusiness vowners vworry vhow vtheir vbusiness vwould vsurvive vfinancially vif
vthe vowner vbecomes vdisabled. vThe vpolicy vwhich vBEST vaddresses vthis vconcern vis:
v- vCORRECT✅✅Business vOverhead vExpense
A vLicensee vmust vnotify vthe vCommissioner vwithin v_ vdays vof van vaddress vchange. v-
vCORRECT✅✅30
A vsole vproprietor vmay vuse vthis vplan vONLY vif vthe vemployees vof vthis vbusiness vare
vincluded v- vCORRECT✅✅Keogh vpension vplan
Which vpremium vschedule vresults vin vthe vlowest vcost vto vthe vpolicyowner? v-
vCORRECT✅✅Annual
T vwould vlike vto vbe vassured v$10,000 vis vavailable vin v10 vyears vto vreplace va vroof von
vhis vhouse. vWhat vkind vof v$10,000 vpolicy vshould vT vpurchase? v-
vCORRECT✅✅Ten vyear vEndowment
A vstudent vpilot vcan vpay vregular vpremium vcosts vfor vher vlife vinsurance vpolicy vwith
vthe vaddition vof vwhich vof vthe vfollowing v- vCORRECT✅✅Aviation vexclusion
,K vpays von va v$20,000 v20-Year vEndowment vpolicy vfor v10 vyears vand vdies vfrom van
vautomobile vaccident. vHow vmuch vwill vthe vinsurance vcompany vpay vthe vbeneficiary?
v- vCORRECT✅✅$20,000 vdeath vbenefit
K vfailed vto vpay va vrenewal vpremium vwithin vthe vtime vgranted vby vthe vinsurer. vK vthen
vsends vin va vpayment vwhich vthe vinsurer vsubsequently vaccepts. vWhich vpolicy
vprovision vspecifies vthat vcoverage vmay vbe vrestored vin vthis vsituation? v-
vCORRECT✅✅Reinstatement
The vsections vof van vinsurance vcontract vwhich vlimit vcoverage vare vcalled v-
vCORRECT✅✅exclusions
what vis vthe vinitial vsource vof vunderwriting vfor van vinsurance vpolicy? v-
vCORRECT✅✅Application vcontaining vstatements vfrom vthe vinsured
B vhas va v$100,000 vAccidental vDeath vand vDismemberment vpolicy vthat vpays vtriple
vindemnity vfor vcommon vcarrier vdeath. vIf vB vis vkilled vfrom van vaccident von va
vcommercial vflight, vwhat vwill vthe vpolicy vpay vB's vbeneficiary? v-
vCORRECT✅✅$300,000
Which vof vthe vfollowing vBest vdescribes vhow va vpolicy vthat vuses vthe v"accidental
vbodily vinjury" vdefinition vof van vaccident vdiffers vfrom vone vthat vuses vthe v"accidental
vmeans" vdefinition? v- vCORRECT✅✅less vrestrictive
K vbecomes vill vafter vtraveling voverseas vand vis vunable vto vwork vfor v3 vmonths. vWhat
vkind vof vpolicy vwould vcover vher vloss vof vincome? v- vCORRECT✅✅Disability
vIncome
Which vprovision vprevents van vinsurer vfrom vchanging vthe vterms vof vthe vcontract vwith
vthe vpolicyowner vby vreferring vto vdocuments vnot vfound vwithin vthe vpolicy vitself? v-
vCORRECT✅✅Entire vContract vProvision
The vprovision vthat vdefines vto vwhom vthe vinsurer vwill vpay vbenefits vto vis vcalled v-
vCORRECT✅✅Payment vof vclaims
Why vmust van vinsurance vapplicant vanswer vall vquestions von vthe vapplication? v-
vCORRECT✅✅statements vand vrepresentations von vthe vapplication vare vpart vof vthe
vconsideration vfor vissuing va vpolicy
Which vof vthe vfollowing vbest vdescribes va vcontingent vbeneficiary? v-
vCORRECT✅✅Person vdesignated vby vthe vinsured vto vreceive vpolicy vproceed vin
vthe vevent vthat vthe vprimary vbeneficiary vdies vbefore vthe vinsured
, J vchooses va vmonth vpremium vpayment vmode von vhis vWhole vLife vInsurance vpolicy.
vWhich vof vthese vstatements vis vcorrect? v- vCORRECT✅✅The vgross vpremium vis
vhigher von va vmonthly vpayment vmode vas vcompared vto vbeing vpaid vannually
Jill vis vcovered vunder vtwo vGroup vHealth vpolicies, vone vthrough vher vemployer vand
vone vthrough vher vhusband's vemployer. vIf vJill vsuffers va vloss, vwhich vpolicy vprovision
vdictates vthe vprimary vcoverage? v- vCORRECT✅✅Coordination vof vBenefits
An vinsurer vmust vprovide van vinsured vwith vclaim vforms vwithin_ vdays vafter vreceiving
vnotice vof va vloss v- vCORRECT✅✅15
Which vof vthese vlife vinsurance vriders vallows vthe vapplicant vto vhave vexcess
vcoverage? v- vCORRECT✅✅Term vRider
All vLong vterm vcare vpolicies vpurchased vin vIndiana vMUST vcontain va vfree vlook
vperiod vof v- vCORRECT✅✅30 vdays
The vfirst vportion vof va vcovered vMajor vMedical vinsurance vexpense vthat vthe vinsured
vis vrequired vto vpay vis vcalled vthe v- vCORRECT✅✅Initial vdeductible
When va vmisrepresentation von va vlife vinsurance vpolicy vapplication vis vdiscovered,
vwhat vaction vmay van vinsurance vcompany vtake? v- vCORRECT✅✅Void vthe vpolicy
vonly vif vit vis vdiscovered vduring vthe vContestable vperiod vand vprove vto vbe vmaterial
In vIndiana, vwhich vof vthe vfollowing vMust vbe vdelivered vto va vpolicyowner vupon vthe
vsale vof van vindividual vlife vinsurance vpolicy? v- vCORRECT✅✅Policy vsummary vand
vBuyer's vGuide
Which vof vthese vis van vexample vof vtwisting? v- vCORRECT✅✅A vproducer
vmisrepresents va vpolicy vto vinduce va vpolicyowner vto vsurrender van vexisting vpolicy
An vindividual vDisability vIncome vinsurance vapplicant vmay vbe vrequired vto vsubmit vall
vof vthe vfollowing vinformation vEXCEPT v- vCORRECT✅✅Spouse voccupation
Under va vtrustee vgroup vlife vpolicy, vwho vwould vbe veligible vfor va vcertificate vof
vcoverage? v- vCORRECT✅✅Employee
What vtype vof vlife vinsurance vare vcredit vpolicies vissued vas v- vCORRECT✅✅Term
A vuniversal vlife vpolicy vis vsometimes vreferred vto vas van vunbundled vlife vpolicy
vbecause vthe vowner vcan vsee vthe vinterest vearned, vexpense vcharges, vand vthe v-
vCORRECT✅✅commission vrate
How voften vmust van vinsurance vproducer's vlicense vin vIndiaa vbe vrenewed v-
vCORRECT✅✅Every vtwo vyears
