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LIFE INSURANCE Study guides, Class notes & Summaries
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Life Insurance Study Exam- Georgia |correctly answered questions
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An insurance producer selling a Variable Annuity whose cash value depends on the performance of an underlying investment account must be registered with: - ANSWER; The Financial Industry Regulatory Authority (FINRA, formerly the NASD) 
 
A life insurance policy whose cash value will fluctuate depending upon the performance of a separate account is: - ANSWER; Variable Life 
 
John Livingston owns a 30-Pay Life policy that he purchased at the age of 30. The cash value will equal the face amount of...
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Life Insurance Exam-Illinois questions with 100% correct answers 2023 passed
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Life Insurance Exam-IllinoisPooling of Risks - correct answer A large group of people contribute money to a fund out of which their losses can be paid 
 
Policyowner - correct answer is the person or org that applies for the policy and pays the premium 
 
Actuarial Tables - correct answer Are statistical tables that are used when calculating premium rates and mortality loss reserves 
 
Life Insurance Policies transfer: - correct answer financial risks of premature death on a defined amount 
 
Lo...
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Life Insurance (North Carolina) Exam Prep with 100% Correct Answers | Latest Update
- Exam (elaborations) • 27 pages • 2024
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Life Insurance (North Carolina) Exam Prep with 100% Correct 
Answers | Latest Update
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LIFE INSURANCE Study Questions with Complete Solutions |Latest Update 2024
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ife income with period certain - ANSWER What annuity settlement option provides 
income payments to the annuitant for the duration of his or her life, and also 
guarantees payment for a specified number of years when if the annuitant dies, it will 
go to the beneficiary?
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CALIFORNIA LIFE INSURANCE EXAM with Study Questions and Correct Answers
- Exam (elaborations) • 48 pages • 2024
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An insurer that operates for one or more social, educational, charitable, benevolent, or 
religious purposes for the benefit of its members is known as a 
a) Reciprocal insurer. 
b) Stock insurer. 
c) Fraternal insurer. 
d) Mutual insurer. - ANSWER C 
Life insurance creates an immediate estate. Which of the following best explains this 
statement? 
The policy has cash values and nonforfeiture values. 
b) The policy generates immediate cash value. 
c) The death benefit will always be paid to the ...
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LIFE INSURANCE EXAM with Study Terms & Questions and Correct Answers
- Exam (elaborations) • 41 pages • 2024
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CCELERATED BENEFITS - ANSWER Riders attached to life insurance policies that allow death 
benefits to be used to cover nursing or convalescent home expenses 
ACCIDENTAL DEATH BENEFITS - ANSWER A policy rider that states that the cause of death will 
be analyzed to determine if it complies with the policy description of accidental death 
ACCIDENTAL DEATH INSURANCE - ANSWER An insurance policy that provides payment if the 
insured's death is the result of an accident
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PA LIFE INSURANCE EXAM with Questions and Correct Answers
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Karen is a producer who has obtained personal information about a client without having a 
legitimate reason to do so. Under the McCarran-Ferguson Act, what is the minimum penalty for 
this? - ANSWER $10,000 or up to one year in jail 
A type of insurer that is owned by its policyowners is called - ANSWER Mutual insurer 
What is considered to be the primary reason for buying life insurance? - ANSWER Provide death 
benefits
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Kentucky LIFE INSURANCE EXAM with Questions and Correct Answers
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Elements of a Contract - ANSWER Competent parties, legal purpose, offer and acceptance, 
consideration 
Waiver - ANSWER Voluntary giving up of a known right or privilege, can be express or implied 
Estoppel - ANSWER A person is prohibited by virtue of his own past actions from claiming a 
right that would work to the detriment of another who relied on the past conduct 
Aleatory Contract - ANSWER a contract where the values exchanged may not be equal but 
depend on an uncertain event
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Alabama LIFE INSURANCE EXAM with Study Questions and Correct Answers
- Exam (elaborations) • 20 pages • 2024
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A ____________ company is one that is domiciled in another state and has Not received a 
license to do business in Alabama. - ANSWER Foreign Nonamitted 
A 15-year mortgage - ANSWER 15 year decreasing term 
A collateral assignment allows a policy owner to assign: - ANSWER A portion of the policy 
provides to the assignee
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LIFE INSURANCE Exam | Questions with Complete Solutions |Latest Update 2024
- Exam (elaborations) • 18 pages • 2024
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An individual applied for an insurance policy and paid the initial premium. The insurer issued a 
conditional receipt. Five days later the applicant and t submit a medical exam. If the policy was 
issued, what would be the policy's effective date? 
A. The date of policy delivery 
B. The date of the Issue 
C. The date of application 
D. The date of the medical exam - ANSWER D. The date of the medical exam
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SC LIFE INSURANCE EXAM with Study Questions and Correct Answers
- Exam (elaborations) • 26 pages • 2024
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The balance of the loan will be taken out of the death benefit - ANSWER If a policy has a 
automatic loan provision, what happens if the insured dies before the loan is paid back? 
Inspection Report - ANSWER An insurer receives a report regarding potential insured that 
includes financial status, hobbies, and habits. What type of report is that? 
Spendthrift Clause - ANSWER The clause that protects the proceeds of a life insurance policy 
from creditors after the death of the insured is known as
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Xcel LIFE INSURANCE EXAM with Study Questions and Correct Answers
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Replacement regulation is designed to protect - ANSWER Policyowners from mirepresentation 
and loss of benefits 
All Health Benefit Plans issued after January 1, 2014 must provide - ANSWER Preventative 
health services 
Which of these will have the highest monthly payout upon annuitization - ANSWER Straight life 
Which of the following is included in the entire contract according ti the entire contract 
provison? - ANSWER Clauses
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