Primerica Life Insurance 2023 Exam Prep (Questions and Verified Answers) New Update
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Course
Primerica Life Insurance
Institution
Primerica Life Insurance
Primerica Life Insurance 2023 Exam Prep (Questions and Verified Answers) New Update
1. What is the risk classification for those who are insurable, but present a higher than average risk?
~ Answer: Substandard
2. At age 25, an individual purchased a decreasing term policy. What doe...
Primerica Life Insurance 2023 Exam Prep (Ques tions and Verified Answers ) New Update 1. What is the risk classification for those who are insurable, but present a higher than average risk? ~ Answer: Substandard 2. At age 25, an individual purch ased a decreasing term policy. What does that say about the coverage and the premium? ~ Answer: The coverage decreases but the premium stays the same. 3. Underwriting is the process of ~ Answer: Determining the insurance company's risk regarding a proposed insured. 4. A whole life product that covers two lives and provides for payment of the death benefit on the death of the first insured is called ~ Answer: Joint Life. 5. A producer delivers a policy to an insured, but nine days later the insured returns the policy and wants a complete refund. What provision allows the insured to return the policy? ~ Answer: Free Look 6. Which of the following retirement plans is a special tax favored plan for nonprofit, charitable, educational or religious groups? ~ Answer: 403(b) Tax -sheltered Annuity (TSA) 7. The MIB is a nonprofit trade association that maintains ~ Answer: Medical information on applicants for life and health insurance. 8. What is the purpose of the grace period in life insurance policies? ~ Answer: To protect the policyowner against an unintentional lapse of the policy 9. period of time, and the policyowner What type of permanent insurance allows the policyowner to pay for a policy in a specified does not have to make any more premium payments for the life of the policy? ~ Answer: Limited Payment 10. What does the payor benefit rider protect? ~ Answer: Premium payments for a juvenile policy 11. How long does an employee have to convert a group policy to an individual policy without evidence of insurability?
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