Final /
Exam -
/ // /
Pennsylvania
/ /
Life
/ /
Only
/ /
Exam Questions With Correct Answers
/ // // // //
//
Which /
/contract //element //is //insurable //interest //a //component //of? //- //VERIFIED //ANSWER(S)✔😊
Legal //purpose
When /
/calculating /
/the //amount //of //life //insurance //needed //for //an //income //earner, //what //has //to //be //determined
//when //using //the //Needs //Approach? //- //VERIFIED //ANSWER(S)✔😊
The //family's //financial //objectives //if //the //income //earner //were //to //die //or //become //disabled
Agreements /
/made /
/by /
/terminally /
/ill /
/persons /
/to /
/sell /
/their /
/life /
/insurance /
/policies /
,at //a //discount //in //order //to //pay //medical //expenses //are //called //- //VERIFIED //ANSWER(S)✔😊
/
Viatical //settlements
______ //is //NOT //an //element //of //a //valid //contract. //- //VERIFIED //ANSWER(S)✔😊
Countersignature
A/
/licensee /
/can /
/have /
/his/her //license //denied //or //revoked //by //the //Commissioner //if //- //VERIFIED //ANSWER(S)✔😊
the //licensee //has //committed //insurance-related //fraud //or //dishonesty
When //
a/
/producer /
/offers /
/something /
/of /
/value /
/in /
/return /
/for /
/the /
/purchase /
/of /
/an /
/insurance /
/policy, //which //prohibited //sales //practice //has //been //committed? //- //VERIFIED //ANSWER(S)✔😊
Inducement
The /
/coverage, /
/conditions, /
, /and /
/limitations /
/in /
/the /
/master /
/policy /
/of //a //group //contract //can //be //found //in //which //document? //- //VERIFIED //ANSWER(S)✔😊
Certificate //of //coverage //and //benefits
What //is //an //insurance //policy's //grace //period? //- //VERIFIED //ANSWER(S)✔😊
Period //of //time //after //the //premium //is //due //but //the //policy //remains //in //force
Which /
/of /
/these /
/factors //help //determine //an //insured's //life //insurance //premium? //- //VERIFIED //ANSWER(S)✔😊
avocation //(hobby)
If /
/an /
/insured's /
/age /
/on //
a/
/life /
/insurance /
/policy /
/has /
/been /
/misstated, //what //is //the //insurer's //liability //if //the //insured //dies? //- //VERIFIED //ANSWER(S)✔😊
A/
/prorated /
/death /
/benefit /
/based /
Exam -
/ // /
Pennsylvania
/ /
Life
/ /
Only
/ /
Exam Questions With Correct Answers
/ // // // //
//
Which /
/contract //element //is //insurable //interest //a //component //of? //- //VERIFIED //ANSWER(S)✔😊
Legal //purpose
When /
/calculating /
/the //amount //of //life //insurance //needed //for //an //income //earner, //what //has //to //be //determined
//when //using //the //Needs //Approach? //- //VERIFIED //ANSWER(S)✔😊
The //family's //financial //objectives //if //the //income //earner //were //to //die //or //become //disabled
Agreements /
/made /
/by /
/terminally /
/ill /
/persons /
/to /
/sell /
/their /
/life /
/insurance /
/policies /
,at //a //discount //in //order //to //pay //medical //expenses //are //called //- //VERIFIED //ANSWER(S)✔😊
/
Viatical //settlements
______ //is //NOT //an //element //of //a //valid //contract. //- //VERIFIED //ANSWER(S)✔😊
Countersignature
A/
/licensee /
/can /
/have /
/his/her //license //denied //or //revoked //by //the //Commissioner //if //- //VERIFIED //ANSWER(S)✔😊
the //licensee //has //committed //insurance-related //fraud //or //dishonesty
When //
a/
/producer /
/offers /
/something /
/of /
/value /
/in /
/return /
/for /
/the /
/purchase /
/of /
/an /
/insurance /
/policy, //which //prohibited //sales //practice //has //been //committed? //- //VERIFIED //ANSWER(S)✔😊
Inducement
The /
/coverage, /
/conditions, /
, /and /
/limitations /
/in /
/the /
/master /
/policy /
/of //a //group //contract //can //be //found //in //which //document? //- //VERIFIED //ANSWER(S)✔😊
Certificate //of //coverage //and //benefits
What //is //an //insurance //policy's //grace //period? //- //VERIFIED //ANSWER(S)✔😊
Period //of //time //after //the //premium //is //due //but //the //policy //remains //in //force
Which /
/of /
/these /
/factors //help //determine //an //insured's //life //insurance //premium? //- //VERIFIED //ANSWER(S)✔😊
avocation //(hobby)
If /
/an /
/insured's /
/age /
/on //
a/
/life /
/insurance /
/policy /
/has /
/been /
/misstated, //what //is //the //insurer's //liability //if //the //insured //dies? //- //VERIFIED //ANSWER(S)✔😊
A/
/prorated /
/death /
/benefit /
/based /
