DELAWARE LIFE INSURANCE EXAM
2025/2026 QUESTIONS AND ANSWERS
100% PASS
What is the benefit of choosing extended term as a nonforfeiture option? - ANS It has the
highest amount of insurance protection
Upon the death of the insured, the primary beneficiary discovers that the insured chose the
interest only settlement option. What does this mean? - ANS The beneficiary will only receive
payments of the interest earned on the death benefit
If a life insurance policy has an irrevocable beneficiary designation, - ANS the beneficiary can
only be changed with written permission of the beneficiary
Which of the following terms means a result of calculation based on the average number of
months the insured is projected to live due to medical history and mortality factors - ANS life
expectancy
Which is NOT true about beneficiary designations? - ANS The beneficiary must have insurable
interest in the insured.
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
,which of the following is true regarding taxation of dividends in participating policies? -
ANS dividends are not taxable
An insured will be allowed to reactivate her lapsed life insurance policy if action is taken within a
certain period of time, and proof of insurability is provided. Which policy provision allows this? -
ANS reinstatement provision
Which of the following allows the insurer to relieve a minor insured from premium payments if
the minor's parent have died or become disabled? - ANS payor benefit
The policyowner wants to make sure that upon his death, the life policy will pay a portion of the
proceeds annually to his spouse, but that the principal will be paid to their children when they
reach a certain age. Which settlement option should the policyowner choose? - ANS interest
only option
a prospective insured receives a conditional receipt but dies before the policy is issued. the
insurer will - ANS pay the policy proceeds only if it would have issued the policy
a domestic insurer issuing variable contracts must establish one or more - ANS separate
accounts
Which life insurance settlement option guarantees payments for the lifetime of the recipient,
but also specifies a guaranteed period, during which, if the original recipient dies, the payments
will continue to a designated beneficiary? - ANS Life income with period certain
within how many days of requesting an investigative consumer report must an insurer notify the
consumer in writing that the report will be obtained? - ANS 3 days
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
, when a life insurance policy was issued, the policyowner designated a primary and a contingent
beneficiary.
Several years later, both the insured and the primary beneficiary died in the same car accident,
and it was impossible to determine who died first.
Which of the following would receive the death benefit? - ANS the insured's contingent
beneficiary
which of the following is TRUE regarding the premium in term policies? - ANS the premium is
level
all of the following are examples of third-party ownership of a life insurance policy EXCEPT -
ANS an insured borrows money from the bank and makes a collateral assignment of a part of
the death benefit to secure the loan
which of the following types of policies will provide permanent protection? - ANS whole life
The type of settlement option which pays throughout the lifetimes of two or more beneficiaries
is called - ANS joint and survivor
which of the following is NOT true regarding equity indexed annuities - ANS they earn lower
interest rates than fixed annuities
An insured purchased a 10-year level term life policy that is guaranteed renewable and
convertible. What happens at the end of the 10-year term? - ANS the insured may renew the
policy for another 10 years, but at a higher premium rate
all of the following are true regarding the guaranteed insurability rider EXCEPT - ANS The
rider is available to all insured
3 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
2025/2026 QUESTIONS AND ANSWERS
100% PASS
What is the benefit of choosing extended term as a nonforfeiture option? - ANS It has the
highest amount of insurance protection
Upon the death of the insured, the primary beneficiary discovers that the insured chose the
interest only settlement option. What does this mean? - ANS The beneficiary will only receive
payments of the interest earned on the death benefit
If a life insurance policy has an irrevocable beneficiary designation, - ANS the beneficiary can
only be changed with written permission of the beneficiary
Which of the following terms means a result of calculation based on the average number of
months the insured is projected to live due to medical history and mortality factors - ANS life
expectancy
Which is NOT true about beneficiary designations? - ANS The beneficiary must have insurable
interest in the insured.
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
,which of the following is true regarding taxation of dividends in participating policies? -
ANS dividends are not taxable
An insured will be allowed to reactivate her lapsed life insurance policy if action is taken within a
certain period of time, and proof of insurability is provided. Which policy provision allows this? -
ANS reinstatement provision
Which of the following allows the insurer to relieve a minor insured from premium payments if
the minor's parent have died or become disabled? - ANS payor benefit
The policyowner wants to make sure that upon his death, the life policy will pay a portion of the
proceeds annually to his spouse, but that the principal will be paid to their children when they
reach a certain age. Which settlement option should the policyowner choose? - ANS interest
only option
a prospective insured receives a conditional receipt but dies before the policy is issued. the
insurer will - ANS pay the policy proceeds only if it would have issued the policy
a domestic insurer issuing variable contracts must establish one or more - ANS separate
accounts
Which life insurance settlement option guarantees payments for the lifetime of the recipient,
but also specifies a guaranteed period, during which, if the original recipient dies, the payments
will continue to a designated beneficiary? - ANS Life income with period certain
within how many days of requesting an investigative consumer report must an insurer notify the
consumer in writing that the report will be obtained? - ANS 3 days
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
, when a life insurance policy was issued, the policyowner designated a primary and a contingent
beneficiary.
Several years later, both the insured and the primary beneficiary died in the same car accident,
and it was impossible to determine who died first.
Which of the following would receive the death benefit? - ANS the insured's contingent
beneficiary
which of the following is TRUE regarding the premium in term policies? - ANS the premium is
level
all of the following are examples of third-party ownership of a life insurance policy EXCEPT -
ANS an insured borrows money from the bank and makes a collateral assignment of a part of
the death benefit to secure the loan
which of the following types of policies will provide permanent protection? - ANS whole life
The type of settlement option which pays throughout the lifetimes of two or more beneficiaries
is called - ANS joint and survivor
which of the following is NOT true regarding equity indexed annuities - ANS they earn lower
interest rates than fixed annuities
An insured purchased a 10-year level term life policy that is guaranteed renewable and
convertible. What happens at the end of the 10-year term? - ANS the insured may renew the
policy for another 10 years, but at a higher premium rate
all of the following are true regarding the guaranteed insurability rider EXCEPT - ANS The
rider is available to all insured
3 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
