Pearson Vue Insurance Practice Exam correctly answered 2023

Pearson Vue Insurance Practice Exam correctly answered 2023 Under the social security retirement benefits, all of the following factors will influence how much a retiring individual will receive as a monthly income benefit except the individual's - correct answer Sex In life insurance, insurance interest must exist at the time the - correct answer Producer writes an application on a proposed insured Which of the following statements is NOT correct about representations? - correct answer They are true in every respect An insurance producer takes an application for a life insurance policy but does not collect the initial premium. On delivery of the policy to the proposed insured, the producer must collect the initial premium and which of the following? - correct answer The insured's signed statement of continued good health Which of the following retirement plans is tax-qualified? - correct answer Defined contribution Which of the following statements is correct about the paid-up additions in a participating whole life policy? - correct answer They are purchased on an attained age basis The right to change a beneficiary designation is reserved for the: - correct answer Policyowner Which of the following provisions in a life policy specifies the manner in which proceeds will be paid to a beneficiary on the death of the insured? - correct answer Settlement options Two business partners own life insurance on each other. If one partner dies, which of the following contracts will allow the other partner to buy 100 percent of the business interest? - correct answer buy-sell agreement The waiver of premium provision of a life policy allows the insurer to take which of the following actions? - correct answer waive an insured's premiums if the insured becomes totally disabled before a certian age A life insurance application is incomplete if it is missing the signature of which of the following? - correct answer The proposed adult insured Which of the following statements is correct about group life conversion privileges? - correct answer Death during the conversion period is covered if the departing employee chose not to conver the policy. In the event of an insured's death, which of the following provides an income for the family during a designated period of time followed by a lump sum death benefit? - correct answer Family income rider A policyowner names his wife as the primary beneficiary of his Universal Life policy on a revocable basis. He also names his three children as his secondary beneficiaries and his estate as his tertiary beneficiary. If the policyowner's wife predeceases him, and then he dies, who will receive the policy proceeds? - correct answer children A contract that has as its basic function the systematic liquidation of accumulated assets through periodic payments is called an - correct answer annuity All of the following policies may be examples of third party ownership except - correct answer Modified Life Group Life Split-dollar Life Key Employee Life Answer: Modified Life Which of the following group life plan requires at least 75 percent of the eligible members to participate? - correct answer Contributory