Pearson Vue Comprehensive Exam Part 1 Questions And Answers Already Passed!!

Admitted life insurance must pay interest, at a rate specified by life, on death benefits from the date of the insured's death, through how many days following the date the insurer receives the claim? a. 15 days b. 20 days c. 30 days d. 31 days - Answer c. 30 days The policy loan amount cannot exceed the __________________. a. The cumulative premiums paid b. The loan balance c. Available cash surrender value d. The face amount of the policy - Answer c. Available cash surrender value The State's ______________ branch enforces the existing statues that have been in place. a. Executive b. Judicial c. Electoral d. Legislativec - Answer c. Executive A(n)___________ plan calls for the business to purchase life insurance policies on each of the business owners. a. Cross Purchase b. Entity c. Group d. Credit Protection - Answer b. EntityWhich of the following is true about group life insurance death benefits? a. If a person dies during the conversion period and no premium has been paid, no death benefit will be paid b. If no beneficiary is named on a policy, the death benefit will not pay for the burial expenses c. The death benefit is not liable to garnishment or debts without the insured's directive d. A beneficiary of a group life policy must share the proceeds with a judgement from a judicial proceeding - Answer c. The death benefit is not liable to garnishment or debts without the insured's directive All of the follow are TRUE regarding non-qualified retirement plans, except: a. Contributions are not tax deductible b. Upon withdrawal only the earnings are subject to taxation. c. Contributions are immediately tax deductible d. Earnings can be tax deferred until withdrawn - Answer c. Contributions are immediately tax deductible All of the following are correct pertaining to Decreasing Term, except: a. The premium declines throughout the term of the policy b. Its most common uses is in credit life insurance c. The death benefit decreases d. The premium stays level - Answer a. The premium declines throughout the term of the policy