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2024 INDIANA LIFE (ONLY) FINAL EXAM WITH CORRECT ANSWERS
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2024 INDIANA LIFE (ONLY) FINAL EXAM WITH CORRECT ANSWERS
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2024 INDIANA LIFE (ONLY) FINALEXAM WITH CORRECT ANSWERS
In order for coverage on a non-medical insurance application to take effect
the same day, the producer must collect a signed application and - CORRECT
ANSWERS-the initial premium
Who makes the legally enforceable promises in a unilateral contract? -
CORRECT ANSWERS-insurance company
A producer must notify the Commissioner within _____ days of a felony
conviction. - CORRECT ANSWERS-30 days
An IRA owner can start making withdrawals and NOT be subjected to a tax
penalty beginning at what age? - CORRECT ANSWERS-59 1/2
An ___ insurance company is one formed in a country other than the United
States - CORRECT ANSWERS-Alien
Which of these is an example of twisting ? - CORRECT ANSWERS-A producer
misrepresents a policy to induce a policyowner to surrender an existing
policy
Which life insurance rider typically appears on a Juvenile life insurance
policy? - CORRECT ANSWERS-A payor benefit rider provides for waiver of
premium if the adult-payor of the policy dies or becomes totally disabled.
Which of these Nonforfeiture Options continue a build-up of cash value? -
CORRECT ANSWERS-A Reduced Paid-Up option would provide continuing
cash value build-up.
Tom has a qualified retirement plan with his employer that is currently
considered to be 80% "vested". How can this be interpreted? - CORRECT
ANSWERS-If Tom's employment is terminated, 20% of the funds would be
forfeited
An ___ beneficiary may be changed by the policyowner without the consent
of the beneficiary - CORRECT ANSWERS-Revocable
, How does indexed annuity differ from a fixed annuity? - CORRECT ANSWERS-
Indexed annuity owners receive credited interest tied to the fluctuations of
the linked index
How many days is a temporary producers license valid ? - CORRECT
ANSWERS-180 days
Under an interest sensitive whole life policy - CORRECT ANSWERS-cash
values are determined by interest rates
Additional coverage can be added to a Whole Life policy by adding a(n) -
CORRECT ANSWERS-decreasing term rider
In Indiana , which of the following must be delivered to a policy owner upon
the sale of an individual life insurance policy? - CORRECT ANSWERS-A Policy
Summary and Buyer's Guide
The ___ must provide an insured with proper disclosure concerning the
replacement of a life insurance policy - CORRECT ANSWERS-producer
An ___ term life policy is normally used when covering an insured mortgage
balance - CORRECT ANSWERS-Decreasing
P, age 50, purchased an annuity that P will fund with $500/ month for 15
years. The annuity will then pay P retirement payments after the 15 years.
Which type of annuity did P purchase? - CORRECT ANSWERS-deferred
A domestic insurance company in Indiana must : - CORRECT ANSWERS-Be
organized under Indiana insurance laws
J is issued a Life Insurance policy with a death benefit of $100,000. She pays
$600 per year in premium for the first 5 years. The premium then increases
to $900 per year in the sixth year, and remains level thereafter. The policy's
death benefit also remains at $100,000. Which type of Life Insurance policy
is this? - CORRECT ANSWERS-Modified Premium Life
Which of the following is an important underwriting principle of group life
insurance? - CORRECT ANSWERS-Everyone must be covered in the group
Which statement regarding a key employee life policy is NOT true ? -
CORRECT ANSWERS-The beneficiary is named by the key employee
If it's employees share in the cost of insurance, what type of group life
insurance plan would a corporation have? - CORRECT ANSWERS-Contributory
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