Life-Only Agent Exam 2026 Questions
and Answers
AN example of a moral hazard in relation to a life insurance application would be:
- Correct Answer -Misstating your health history to an insurance company.
John applies for a variable annuity and does not request that the premiums be
immediately invested in a stock or bond portfolio. After the annuity is issued, John
returns the annuity contract to the insurer within the free look period. What will
John receive from the insurer? - Correct Answer -The entire premium
In life insurance policies, naming beneficiaries is an important part of the
application process. Choose from below the best description of a contingent
beneficiary. - Correct Answer -One with the first right to receive proceeds if there
is no surviving primary beneficiary and the insured dies.
Of the following, which best describes an annuity? - Correct Answer -It has an
obligation that is different to the insurance company for both the accumulation
period and the liquidation period.
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,After receiving your insurance license, if you change your address, you are to
notify the Commissioner: - Correct Answer -immediately
All of the following are used in determining life insurance rates, EXCEPT:
> Insurance company expenses
> Mortality
> Investment and interest return
> Policy reserves - Correct Answer -Policy reserves
The best description of a hazard is a/an: - Correct Answer -Condition that may
increase the chance that a loss may occur.
The term "consideration" applies to the issuance of an insurance policy. Choose the
best description of this term from the choices below:
> The amount of death benefit.
> The time the underwriting department gives the application
> The face amount of the policy one year from the date of issue.
> None of the above - Correct Answer -none of the above
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, In group life insurance, who is issued a certificate of insurance? - Correct Answer -
The Participant
All of the following statements apply to the child coverage in a family policy,
EXCEPT
> Child coverage is convertible to whole life coverage
> Child coverage is term insurance
> Children are covered until reaching a specified age
> Coverage applies only to children born before the policy is issued - Correct
Answer -Coverage applies only to children born before the policy is issued
What is one difference between group life and individual life underwriting? -
Correct Answer -Individual life insurance requires the applicant to answer medical
questions.
In financial planning, what is the Human Life Value concept based on? - Correct
Answer -Income
A written contract attempts to indemnify another party against loss, damage, or
liability arising from a contingent or unknown event. This describes: - Correct
Answer -Insurance
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and Answers
AN example of a moral hazard in relation to a life insurance application would be:
- Correct Answer -Misstating your health history to an insurance company.
John applies for a variable annuity and does not request that the premiums be
immediately invested in a stock or bond portfolio. After the annuity is issued, John
returns the annuity contract to the insurer within the free look period. What will
John receive from the insurer? - Correct Answer -The entire premium
In life insurance policies, naming beneficiaries is an important part of the
application process. Choose from below the best description of a contingent
beneficiary. - Correct Answer -One with the first right to receive proceeds if there
is no surviving primary beneficiary and the insured dies.
Of the following, which best describes an annuity? - Correct Answer -It has an
obligation that is different to the insurance company for both the accumulation
period and the liquidation period.
©COPYRIGHT 2025 ALL RIGHTS RESERVED 1
,After receiving your insurance license, if you change your address, you are to
notify the Commissioner: - Correct Answer -immediately
All of the following are used in determining life insurance rates, EXCEPT:
> Insurance company expenses
> Mortality
> Investment and interest return
> Policy reserves - Correct Answer -Policy reserves
The best description of a hazard is a/an: - Correct Answer -Condition that may
increase the chance that a loss may occur.
The term "consideration" applies to the issuance of an insurance policy. Choose the
best description of this term from the choices below:
> The amount of death benefit.
> The time the underwriting department gives the application
> The face amount of the policy one year from the date of issue.
> None of the above - Correct Answer -none of the above
©COPYRIGHT 2025 ALL RIGHTS RESERVED 2
, In group life insurance, who is issued a certificate of insurance? - Correct Answer -
The Participant
All of the following statements apply to the child coverage in a family policy,
EXCEPT
> Child coverage is convertible to whole life coverage
> Child coverage is term insurance
> Children are covered until reaching a specified age
> Coverage applies only to children born before the policy is issued - Correct
Answer -Coverage applies only to children born before the policy is issued
What is one difference between group life and individual life underwriting? -
Correct Answer -Individual life insurance requires the applicant to answer medical
questions.
In financial planning, what is the Human Life Value concept based on? - Correct
Answer -Income
A written contract attempts to indemnify another party against loss, damage, or
liability arising from a contingent or unknown event. This describes: - Correct
Answer -Insurance
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