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Trad IC Reviewer Exam 2023 with complete solution
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Trad IC Reviewer Exam 2023 with complete solution
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Trad IC Reviewer1.Prepare routine proposals for life insurance coverage: A life insurance
agent is permitted to
2. Insurance protection will be limited to a specified period: Claire is
consid- ering either endowment or term life policies to purchase. What
similarities do both policies share?
3. Makes a collateral assignment: A client tells you that his bank
wants him to use life insurance policy so that his bank loan will be
paid off if he dies. You recommend that he
4. Face Amount: If premium are being waived under a waiver of
premium benefit and the insured dies the proceeds will be the
5. The cash surrender value: A living benefit in an insurance policy is
6. To establish that there is a genuine risk: Insurable Interest is necessary
when a person insures another
7. Cash Value: If a policy holder wants to get the maximum immediate
value from his non-participating policy by surrendering it, which of the
following would he get?
8. To convey to the company the desire of the applicant to obtain
insurance-
: Your client George wants to apply for a life insurance policy, as his
advisor, you would advise him to do all of the following. Which one will
you NOT advise him to do?
,9. The premium on a participating life insurance policy is: Higher than
a non-participating policy
10.Protection for the life of the policyholder with premiums payable for
a limited term of years: A limited pay life policy provides:
11.The face amount adjusted for misstatement of age: Philips bought a
policy on the life of his wife and was not able to clarify to the
insurance company that his wife was a year older when they bought
their life insurance policy. What will the insurance company pay in
case his wife dies?
12.Death of the employee regardless of cause except suicide during the
first year (sometimes two years): Group life insurance covers
13.Irrevocable Beneficiary: Your client tells you that when his father
died, re- ceived P500,000 free of Estate Tax and that he had not even
known that this policy existed. Which of the following classifications
did your client fall under?
14.Absolute Assignee: Paul has recently retired and now wants to
pass his present life insurance policy which is payable to his estate
to his son who will
, assume the premium payments. Which of the following will he have to
appoint his son to achieve his desire and protect him from Estate Tax
Liability?
15. It would be seven years before the court could declare him legally
dead.-
: Mr. Sy walked out of his house one night and was never heard of
again. His wife wanted to make a claim on his life insurance policy as
she believes that he is dead. Which of the following statements is
correct in this case?
16.Premiums charged to persons who are considered to be higher-than-
av- erage risk categories: In life insurance "the term "substandard
rates" generally is used to refer to
17.Cash value of the policy: Life insurance policy loans are limited to an
amount which with interest will not exceed the
18.Discontinue premium payments: What happens to a policy when an
irrevo- cable beneficiary has been designated the insured?
19.Spread over a large number of people: The fundamental advantage
of the use of life insurance as a means of meeting economic losses is
that through life insurance these losses are
20.Increase the present loan by the interest: What will happen if the
insured fails to pay the interest on a policy loan during policy
anniversary?
21.No, beneftis agreed upon at the inception of the policy may not be
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