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PA Life Insurance License Exam Questions and Answers 100% correct
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PA Life Insurance License Exam
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PA Life Insurance License Exam\an immediate annuity has been purchased with a single premium. when does the annuitant typically begin receiving benefit payments? - answer 1 month
An insurer will accept a premium from the insured and continue the coverage in full force as though it was NOT late during which time period?
Incontestable period
Probation period
Reinstatement period
Grace period - answer Grace period
The grace period is the amount of time an insurer continues coverage in full force and will accept the premium from the insured as though it was NOT late.
A little insurance producer licensed in the commonwealth of PA is authorized to - answer Solicit, Receive and forward applications to insurers
Upon policy delivery, which of the following must a producer have an applicant sign if no
initial premium was collected with the life insurance application? - answer A good health statement
Which contract element is insurable interest a component of? - answer legal purpose
All of these are common exclusions to a life insurance policy EXCEPT - answer accidental death
An insurer's ability to make unpredictable payouts to policyowners is called - answer liquidity
A policy owner may exercise which of these dividend options that uses the dividend to pay all or part of the next premium due - answer Reduction of Premium Dividend Option
when collecting insurance premiums from a client, a producer must - answer forward
premiums to the insurer on a timely basis Jonas is a whole life insurance policyowner and would like to add coverage for his two children. Which of the following products would allow him to accomplish this? - answer Child term rider
Shirley has a $500,000 10-year non-renewable level term life policy. If she dies 15 years after the policy's inception date, how much will her beneficiary receive? - answer nothing
A resident produces license requires each of the following EXCEPT - answer Insurers appointment
What is the automatic continuance of insurance coverage referred to act - answer renewal
Julie has a $100,000 30-year mortgage on her new home. What type of life insurance could she purchase that is designed to pay off the loan balance if she dies within the 30-
year period? - answer Decreasing term insurance
Under a Modified Endowment Contract, what are the likely tax consequences? - answer
Pre-death distributions will become taxable
which of the following protects a policy owner from a misrepresentation caused by an innocent mistake - answer Incontestable Clause
A Modified Endowment Contract (MEC) is best described as - answer A life insurance contract which accumulates cash values higher than the IRS will allow
all of these typically sources of underwriting information for life or health insurance EXCEPT - answer disclosure authorization response
when an insurance company consistently fails to provide reasonable explanations for the denial of a claim, this is called - answer Unfair Settlement
an insurer formed according to the legal requirements of another country is considered -
answer alien insurer
An insurer's claim settlement practices are regulated by the - answer State insurance
departments
agreements made by terminally if persons to self life insurance policies at a discount in order to pay medical expenses are called - answer vatical settlements
a life insurance illustration showing future premiums being paid out if non guaranteed values must disclose that - answer the policy owner may need to resume premium payment is depending on actual results
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