Northwestern Mutual Final Exam Life Insurance License Questions And Answers With Verified Solutions Graded A+
0 view 0 purchase
Course
Northwestern Mutual Life Insurance Lice
Institution
Northwestern Mutual Life Insurance Lice
A business becoming incorporated is an example of risk ____. - transfer
A health insurance applicant is notified that a physical examination is required. Which of the following
statements is correct? - Physical examinations are performed at the expense of the insurer
A health plan offered by pri...
Northwestern Mutual Final Exam Life
Insurance License
A business becoming incorporated is an example of risk ____. - transfer
A health insurance applicant is notified that a physical examination is required. Which of the following
statements is correct? - Physical examinations are performed at the expense of the insurer
A health plan offered by private insurance companies is - a medicare supplement
A hold-harmless clause is an example of risk - transfer
A large corporation pension plan purchased an accumulation annuity contract where all of the
participating employees received certificates of participation. What is this contract called? - Group
deferred annuity
A licensee whose name or address changes must notify the Department of Insurance within - 30
days
A life annuity with period certain is characterized as - guaranteeing benefit payments for a stated
minimum period of time
A life insurance company just paid a $100,000 death benefit to a beneficiary. When the insured died, the
cash value was $15,000 and the total premiums-paid equaled $10,000. How much of the proceeds will
be added to the beneficiary's gross income for federal income tax purposes? - Nothing
A life insurance guaranteed insurability rider gives the insured the right, without proving insurability, to -
periodically purchase additional insurance
, A life insurance illustration showing future premiums being paid out of nonguaranteed values must
disclose that - The policyowner may need to resume premium payments depending on actual
results
A life insurance policy that contains an accelerated (living) benefit rider will provide funds if the -
insured is expected to be confined to a nursing home for life
A material change in a modified endowment contract (MEC) results in - the seven pay test,
adjusted for cash value, applies again
A medical fee schedule shows the amount an insurer will pay for a given procedure. This amount is
considered to be the - highest amount payable
A policyowner fell behind on the premium payments of a whole life policy and is now in the grace
period. How much will the beneficiary receive if the insured dies during this grace period and the policy
also contains an outstanding policy loan? - Face amount minus the loan balance and past-due
premium
A prepaid dental plan has an agreement in place with a network of dentists which - accepts an
established amount as payment in full for the dental services rendered
A producer must maintain customer records for how many years following the completion date of the
insurance transaction? - Three
A producer's license may be suspended - for misappropriation of premiums
A signed good health statement may be requested by a life producer at the time of - policy
delivery
A terminally ill policyowner decides to sell his life insurance policy at a discount to help support his
family. This sale is called a(n) - viatical settlement
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller PatrickKaylian. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
