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IOWA INSURANCE EXAM - LIFE QUESTIONS AND ANSWERS
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IOWA INSURANCE EXAM - LIFE QUESTIONS AND ANSWERS
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IOWA INSURANCE EXAM - LIFEQUESTIONS AND ANSWERS
purposesofslifesinsurances-
sans✔✔paysa sdeathsbenefitstosbeneficiariesswhensthesinsuredsdies
lifesinsurancesforspersonalsuses-
sans✔✔deathsbenefitsservessto sreplacesthesinsured'ssfutureslosssincomesandspaysexpenses
sthatsoccursuponsdeath,slivingsbenefits
Groupsinsurancesvs.sindividuals-sans✔✔-coverssmanysnon-relatedspeople
-lesssexpensivespersperson
groupsinsuranceseligibilitys-sans✔✔-
groupscannotsbesformedsforsthesexpressspurposesofspurchasingsit
-employers
-laborsunions
-tradesandsprofessionalsassociationsgroups
individualsinsurances-sans✔✔coverssonesindividual
ordinaryslifesinsurances-
sans✔✔facesamountssgratersthans$25,000,spremiumssarespayablesmonthly,squarterly, ssem
isannually,sannually;sincludesseverystypesofslifesinsurancesandsannuitysproduct,sflexiblesopti
ons
industrialslifesinsurances-
sans✔✔"burialsinsurance",ssmallsfacesamountss1000sors2500stos10,000;spremiumsspaidsfre
quently,snosmedicalsexam,sagentsmeetsspersonallyswithspolicysownerstoscollectspremium
permanentslifesinsurances-
sans✔✔providesslifesinssforsthesinsured'ssentireslife;scoveragesissprovidedsuntilsinsuredsdiess
orsreachess120syearssold
Truesorsfalse:sLevelspremiumsofspermanentslifesinsurances-
soncesthespolicysississuedspremiumssremainslevelsforsthesfullsdurationsofspolicyscoverage s-
sans✔✔true
Permanentslifesinsurancesaccumulationselementswithinsthespolicysiss__________s_______
_____s-sans✔✔cashsvalue
, Termslifesinsurances-
sans✔✔coveragesisstemporary,stimeslimitscansbesassshortsassonesyear,sasslongsass20+syear
ssorsuntilsthesinsuredsreachessasspecificsages(ex.s65).sNoscashsvalue,scostsslesssthansperma
nentslife,spremiumssincreaseswithsage
Participatingsvssnonparticipatingslifesinsurances-sans✔✔pars-
sissuedsbysmutualsinssco's,spolicyownersisseligiblesforspolicysdividendssdeclaredsbysthesinsur
ancesco;sdividendssarespaidsfromsinsurerssdivisiblessurplus
nonspars-sissuedsbysstocksinssco,snospolicysdividends
fixedslifesinsurances-
sans✔✔insurersguaranteessfixedsdeathsbenefitsandsminsratesofsreturnsonspolicy's scashsvalu
e,spremiumssaresinvestedsinsco'ssgeneralsaccount
variableslifesinsurances-
sans✔✔premiumssaresinvestedsinsinvestmentssubsaccountssmanagedsbysthesinsurers-
sguaranteessminsdeathsbenefits(facesamountsofspolicy); scashsvaluessandsdeathsbenefitsraise
sandsfallsbasedsonssubsaccountssinvestment
RegulationsofsVariablesproductss-
swhatsdosthesSecuritiessExchangescommissionsandsfinancialsIndustrysRegulatorysauthoritys
do?s-sans✔✔SECs-
sresponsiblesforsregulatingsthessecuritiessthatsmakesupsansinsurer'ssseparatesaccount
FIRAs-
sregulatessproducersswhossellsvariableslifesproductssandscompaniessthatssellsinvestmentspr
oducts
Actuarysbaseslifesinsurancespremiumssbasedsons3sthingss-
sans✔✔mortality,sinterest,sexpenses
Interestsfactors-
sans✔✔addedstospremiumscalculationsstosrecognize sinvestmentsearnings,susedsasscredits-
shighersrates=slowerspremium
Expensesfactors-
sans✔✔workedsintospremiumscalculationstosreflectscostssthatsinsurersexpectsstosincurs(rent,s
commissions,sbenefits)
PremiumsTaxs-sans✔✔leviedsonsinsurancescompaniesswhenstheysreceivespremiums
NetsSinglespremiums-sans✔✔usessfactorssofsmortalitysandsinterests-
stheoreticalsamounts(excludessexpensesfactor)sthatswouldsbesneededstosfundsthesfacesamo
untsforsthesdurationsofsthespolicyswithssinglespremiumspayment
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