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Exam (elaborations)

Primerica - Exam test Questions

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Primerica - Exam test Questions

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  • August 13, 2024
  • 22
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Child Health Nursing
  • Child Health Nursing
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KINGNOTES1
Primerica - Exam test Questions



1. An insurer has made all of the decisions regarding the provisions
included in the insured's policy. The insured finds an objectionable
provision and wants to negotiate it with the insurer but is not allowed to do
so. Her only options are to reject the policy or accept it as is. Which contract
feature does this describe?
a) Unilateral
b) Conditional
c) Personal
d) Adhesion: Adhesion
2. An insurance policy that only requires a payment of premium at its
inception, provides insurance protection for the life of the insured, and
matures at the insured's age 100 is called
a) Modified Endowment Contract (MEC).
b) Level term life.
c) Graded premium whole life.
d) Single premium whole life.: Single Premium Whole Life
3. All of the following are true regarding a decreasing term policy EXCEPT
a) The payable premium amount steadily declines throughout the duration
of the contract.
b) It has a lower premium than level term.
c) The contract pays only in the event of death during the term and there is
no cash value.
d) The face amount steadily declines throughout the duration of the
contract.-: The payable premium amount steadily declines throughout the
duration of the contract
4. The type of policy that can be changed from one that does not accumulate
cash value to the one that does, is a a) Decreasing Term Policy.
b) Whole Life Policy.
c) Convertible Term Policy.
d) Renewable Term Policy.: Convertible Term Policy
5. The policyowner of an adjustable life policy wants to increase the death
benefit. Which of the following statements is correct regarding this change?
a) The death benefit can be increased by providing evidence of insurability.
b) The death benefit cannot be increased.




, Primerica - Exam test Questions



c) The death benefit can be increased only when the policy has developed a
cash value.
d) The death benefit can be increased only by exchanging the existing policy
for a new one.: The death benefit can be increased by providing evidence of
insurability
6. When would a 20-pay whole life policy endow?
a) After 20 payments
b) In 20 years
c) When the insured reaches age 100
d) At the insured's age 65: When the insured reaches age 100
7. An insured had a $10,000 term life policy. The annual premium of $200
was due on February 1; however, the insured failed to pay the premium. He
died on February 28. How much would the beneficiary receive from the
policy? a) $0
b) $200
c) $9,800
d) $10,000: $9,800
8. What is the term for how frequently a policyowner is required to pay
the policy premium? a) Consideration
b) Mode
c) Schedule
d) Grace period: Mode
9. Which of the following types of insurance policies would perform the
function of cash accumulation? a) Increasing term
b) Whole life
c) Term life
d) Credit life: Whole Life
10. Which of the following is called a "second-to-die" policy?
a) Juvenile life
b) Joint life
c) Survivorship life
d) Family income: Survivorship Life
11. When a life insurance policy is cancelled and the insured has selected
the extended term nonforfeiture option, the cash value will be used to
purchase term insurance that has a face amount



, Primerica - Exam test Questions



a) In lesser amounts for the remaining policy term of age 100.
b) Equal to the cash value surrendered from the policy.
c) The same as the original policy minus the cash value.
d) Equal to the original policy for as long a period of time that the cash
values will purchase.: Equal to the original policy for as long a period of time
that the cash values will purchase.
12. Which of the following is the best reason to purchase life insurance
rather than annuities?
a) To liquidate a sum of money over a lifetime
b) To create an estate
c) To liquidate a sum of money over a period of years
d) To create regular income payments: To create an estate
13. Which of the following is NOT the consideration in a policy?
a) The application given to a prospective insured
b) Something of value exchanged between parties
c) The premium amount paid at the time of application
d) The promise to pay covered losses: The application given to a prospective
insured
14. If an insurer issued a policy based on the application that had
unanswered questions, which of the following will be TRUE?
a) The insurer may deny coverage later, because of the information
missing on the application.
b) The policy will be interpreted as if the insurer waived its right to have
an answer on the application.
c) The policy will be interpreted as if the insured did not have an answer
to the question.
d) The policy will be void.: The policy will be interpreted as if the insurer
waived its right to have an answer on the application
15. Who is a third-party owner?
a) An insurer who issues a policy for two people
b) An employee in a group policy
c) An irrevocable beneficiary
d) A policyowner who is not the insured: A policy owner who is not the insured
16. Which is TRUE about the cash surrender nonforfeiture option?

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