Illinois Life Insurance Exam 2025/2026
Exam Questions and Answers | A+
Score Assured
Lloyd's of London - 🧠 ANSWER ✔✔NOT an insurer but rather a syndicate
of individuals and companies that underwrite insurance.
1945 McCarran and Ferguson Act - 🧠 ANSWER ✔✔This law made it clear
that the states' continued regulation of insurance was in the public's best
interest. However, it also made possible the application of federal antitrust
laws to the extent that [the insurance business] is not regulated by state
law.
1970 Fair Credit Reporting Act - 🧠 ANSWER ✔✔Requires fair and accurate
reporting of information about consumers, including applications for
,insurance. Insurers must inform applicants about any investigations that
are being made upon completion of the application.
Which type of annuity guarantees a stated number of income payments,
whether or not the annuitant is still alive to receive them? - 🧠 ANSWER
✔✔Life annuity certain
Which type of rider will waive the premium on a child's life insurance policy
if the parent paying the premium dies? - 🧠 ANSWER ✔✔Payor Benefit
Which of the following types of insurance may a limited lines producer sell?
endowment
disability
industrial life
whole life - 🧠 ANSWER ✔✔Industrial Life
An employee under a group insurance policy has the right to name a
beneficiary and the right to - 🧠 ANSWER ✔✔Convert to an individual policy
in the event of employment termination
When a producer submits an insurance application, the application is
REQUIRED to contain the producer's:
,home address
social security number
sales commission rate
name and signature - 🧠 ANSWER ✔✔Name and signature
When calculating the amount of life insurance needed for an income
earner, what has to be determined when using the Needs Approach?
- The family's financial objectives if the income earner were to die or
become disabled
- The income earner's credit score
- The insurance company's financial rating
- The income earner's future projected income - 🧠 ANSWER ✔✔The
family's financial objectives if the income earner were to die or become
disabled
The conversion privilege under a group life plan allows an employee to
convert to a(n) - 🧠 ANSWER ✔✔individual plan upon employment
termination
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
3
, An interest-sensitive life insurance policyowner may be able to withdraw
the policy's cash value interest free. The provision that allows this is called
- partial surrender
- accelerated death benefit
- subrogation
- automatic premium loan - 🧠 ANSWER ✔✔Partial surrender
Which of these riders will pay a death benefit if the insured's spouse dies?
-family term insurance rider
-guaranteed insurability rider
-family whole insurance rider
-payor benefit rider - 🧠 ANSWER ✔✔family term insurance rider
A family term insurance rider provides a death benefit if the spouse of the
insured dies.
Exam Questions and Answers | A+
Score Assured
Lloyd's of London - 🧠 ANSWER ✔✔NOT an insurer but rather a syndicate
of individuals and companies that underwrite insurance.
1945 McCarran and Ferguson Act - 🧠 ANSWER ✔✔This law made it clear
that the states' continued regulation of insurance was in the public's best
interest. However, it also made possible the application of federal antitrust
laws to the extent that [the insurance business] is not regulated by state
law.
1970 Fair Credit Reporting Act - 🧠 ANSWER ✔✔Requires fair and accurate
reporting of information about consumers, including applications for
,insurance. Insurers must inform applicants about any investigations that
are being made upon completion of the application.
Which type of annuity guarantees a stated number of income payments,
whether or not the annuitant is still alive to receive them? - 🧠 ANSWER
✔✔Life annuity certain
Which type of rider will waive the premium on a child's life insurance policy
if the parent paying the premium dies? - 🧠 ANSWER ✔✔Payor Benefit
Which of the following types of insurance may a limited lines producer sell?
endowment
disability
industrial life
whole life - 🧠 ANSWER ✔✔Industrial Life
An employee under a group insurance policy has the right to name a
beneficiary and the right to - 🧠 ANSWER ✔✔Convert to an individual policy
in the event of employment termination
When a producer submits an insurance application, the application is
REQUIRED to contain the producer's:
,home address
social security number
sales commission rate
name and signature - 🧠 ANSWER ✔✔Name and signature
When calculating the amount of life insurance needed for an income
earner, what has to be determined when using the Needs Approach?
- The family's financial objectives if the income earner were to die or
become disabled
- The income earner's credit score
- The insurance company's financial rating
- The income earner's future projected income - 🧠 ANSWER ✔✔The
family's financial objectives if the income earner were to die or become
disabled
The conversion privilege under a group life plan allows an employee to
convert to a(n) - 🧠 ANSWER ✔✔individual plan upon employment
termination
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
3
, An interest-sensitive life insurance policyowner may be able to withdraw
the policy's cash value interest free. The provision that allows this is called
- partial surrender
- accelerated death benefit
- subrogation
- automatic premium loan - 🧠 ANSWER ✔✔Partial surrender
Which of these riders will pay a death benefit if the insured's spouse dies?
-family term insurance rider
-guaranteed insurability rider
-family whole insurance rider
-payor benefit rider - 🧠 ANSWER ✔✔family term insurance rider
A family term insurance rider provides a death benefit if the spouse of the
insured dies.
