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IOWA INSURANCE-LIFE EXAM2024/2025 UPDATE MOST TESTED COMPREHENSIVE QUESTIONS AND VERIFIED CORRECT ANSWERS GRADE A+ GET IT 100% RIGHT,,,Alpha$15.99
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IOWA INSURANCE-LIFE EXAM2024/2025
UPDATE
MOST TESTED COMPREHENSIVE QUESTIONS AND
VERIFIED CORRECT ANSWERS GRADE A+ GET IT
100% RIGHT
Purpose of life insurance - (correct answer) pay a death
benefit to beneficiaries when the insured dies
Life insurance for personal use - (correct answer)
death benefit serves to replace the insured's future loss income
and pay expenses that occur upon death, living benefits
Group insurance vs. individual - (correct answer) -
covers many non-related people
-less expensive per person
Group insurance eligibility - (correct answer) -group cannot
be formed for the express purpose of purchasing it
-employers
-labor unions
-trade and professional association groups
,individual insurance - (correct answer) covers one individual
ordinary life insurance - (correct answer) face amounts
grater than $25,000, premiums are payable monthly, quarterly,
semi annually, annually; includes every type of life insurance
and annuity product, flexible options
industrial life insurance - (correct answer) "burial
insurance", small face amounts 1000 or 2500 to 10,000;
premiums paid frequently, no medical exam, agent meets
personally with policy owner to collect premium
permanent life insurance - (correct answer) provides life ins
for the insured's entire life; coverage is provided until insured
dies or reaches 120 years old
True or false: Level premium of permanent life insurance - once
the policy is issued premiums remain level for the full duration
of policy coverage - (correct answer) true
Permanent life insurance accumulation element within the
policy is __________ ____________ - (correct answer) cash
value
, Term life insurance - (correct answer) coverage is
temporary, time limit can be as short as one year, as long as
20+ years or until the insured reaches a specific age (ex. 65). No
cash value, costs less than permanent life, premiums increase
with age
Participating vs nonparticipating life insurance - (correct
answer) par - issued by mutual ins co's, policyowner is eligible
for policy dividends declared by the insurance co; dividends are
paid from insurers divisible surplus
non par - issued by stock ins co, no policy dividends
fixed life insurance - (correct answer) insurer guarantees
fixed death benefit and min rate of return on policy's cash
value, premiums are invested in co's general account
variable life insurance - (correct answer) premiums are
invested in investment sub accounts managed by the insurer -
guarantees min death benefit (face amount of policy); cash
values and death benefit raise and fall based on sub accounts
investment
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