LIFE INSURANCE PRACTICE EXAM WITH CORRE
Insurable cReceipt c- cCORRECT cANS✔✔The creciept cgiven cto ca clife cinsurance capplicant cwhen c
cand cthe cinitial cpremium cis creceived cis ccalled ca(n)
Representations c- cCORRECT cANS✔✔Statements cin cthe capplication cfor cinsurance cthat care cbe
cof cthe capplicants cknowledge care
Provide cthe cannuitant cwith can cinterest crate cthat cis clesser cof cthe cguaranteed cor ccurrent crate c-
cannuity cis cconsidered cfixed cwhen cit cdoes call cof cthe cfollowing cEXCEPT
Continuous cPremium c(straight) clife c- cCORRECT cANS✔✔The cmost ccommon ctype cof cwhole clife
care cpayable cover cthe cwhole clife cof cthe cinsured cto cage c100 cis ccalled.
Entire ccontract c- cCORRECT cANS✔✔The cpolicy cand ca ccopy cof cthe capplication, calong cwith can
ccalled cthe
Not ctaxable c- cCORRECT cANS✔✔Money cborrowed cfrom cthe cpolicy's ccash cvalue cis
All cannuities c(Variable, cDeferreed c& cEquity cIndexed) c- cCORRECT cANS✔✔Which cof cthe cfollow
can cagent cto chold ca csecurities clicense?
Life cincome cannuity c- cCORRECT cANS✔✔Which ctype cof cannuity csettlement cstops cwhen cthe ca
59 c1/2 c- cCORRECT cANS✔✔At cwhat cage ccan ca cparticipant creceive cdistributions cfrom ca cqualif
c10% cpenalty
Buy-Sell cAgreement c- cCORRECT cANS✔✔Two cbusiness cpartners cown clife cinsurance con ceach
cwhich cof cthe cfollowing ccontracts cwill callow cthe csurviving cpartner cto cuse cthe cdeath cbenefit cto c
cbusiness cinterests?
Adjustable clife c- cCORRECT cANS✔✔Which ctype cof cpolicy callows cthe cinsured cto cchange cthe ca
cthe camount cof cpremium, cor cthe ctype cof ccoverage cS ctheir cneeds cchange?
Either cthe ccash cvalue cor cthe cpremiums cpaid, cwhichever cis cgreater c- cCORRECT cANS✔✔If can
caccumulation cperiod, cwhat cwill cthe cbeneficiary creceive?
Insurable cReceipt c- cCORRECT cANS✔✔The creciept cgiven cto ca clife cinsurance capplicant cwhen c
cand cthe cinitial cpremium cis creceived cis ccalled ca(n)
Representations c- cCORRECT cANS✔✔Statements cin cthe capplication cfor cinsurance cthat care cbe
cof cthe capplicants cknowledge care
Provide cthe cannuitant cwith can cinterest crate cthat cis clesser cof cthe cguaranteed cor ccurrent crate c-
cannuity cis cconsidered cfixed cwhen cit cdoes call cof cthe cfollowing cEXCEPT
Continuous cPremium c(straight) clife c- cCORRECT cANS✔✔The cmost ccommon ctype cof cwhole clife
care cpayable cover cthe cwhole clife cof cthe cinsured cto cage c100 cis ccalled.
Entire ccontract c- cCORRECT cANS✔✔The cpolicy cand ca ccopy cof cthe capplication, calong cwith can
ccalled cthe
Not ctaxable c- cCORRECT cANS✔✔Money cborrowed cfrom cthe cpolicy's ccash cvalue cis
All cannuities c(Variable, cDeferreed c& cEquity cIndexed) c- cCORRECT cANS✔✔Which cof cthe cfollow
can cagent cto chold ca csecurities clicense?
Life cincome cannuity c- cCORRECT cANS✔✔Which ctype cof cannuity csettlement cstops cwhen cthe ca
59 c1/2 c- cCORRECT cANS✔✔At cwhat cage ccan ca cparticipant creceive cdistributions cfrom ca cqualif
c10% cpenalty
Buy-Sell cAgreement c- cCORRECT cANS✔✔Two cbusiness cpartners cown clife cinsurance con ceach
cwhich cof cthe cfollowing ccontracts cwill callow cthe csurviving cpartner cto cuse cthe cdeath cbenefit cto c
cbusiness cinterests?
Adjustable clife c- cCORRECT cANS✔✔Which ctype cof cpolicy callows cthe cinsured cto cchange cthe ca
cthe camount cof cpremium, cor cthe ctype cof ccoverage cS ctheir cneeds cchange?
Either cthe ccash cvalue cor cthe cpremiums cpaid, cwhichever cis cgreater c- cCORRECT cANS✔✔If can
caccumulation cperiod, cwhat cwill cthe cbeneficiary creceive?
