Primerica UCanPass UPDATED Exam Questions and CORRECT Answers
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Course
Primerica
Institution
Primerica
Primerica UCanPass UPDATED Exam
Questions and CORRECT Answers
401k plan - Correct Answer- A qualified retirement plan in which the
employee can set aside a portion of their income
with pre-tax dollars.
Absolute Assignment - Correct Answer- A permanent and irrevocable transfer
of rights and/o...
Primerica UCanPass UPDATED Exam
Questions and CORRECT Answers
401k plan - Correct Answer- A qualified retirement plan in which the
employee can set aside a portion of their income
with pre-tax dollars.
Absolute Assignment - Correct Answer- A permanent and irrevocable transfer
of rights and/or benefits by the policy owner.
Collateral Assignment - Correct Answer- A temporary and/or revocable transfer
of benefits by the policy owner.
Accelerated Death Benefit - Correct Answer- Policy provision that allows full or partial
payment of the policy's death benefit before the
insured's death if he/she is terminally ill.
Accidental Death Benefit - Correct Answer- An extra cost rider that requires the insurance
company to pay an additional benefit in the event
that the insured dies within 90 days of an
accident as a direct result of the accident.
Accumulate at Interest - Correct Answer- The Dividend Option where the policy owner
leaves the dividends with the insurer to invest
and earn interest.
Adhesion - Correct Answer- Since the insurer created all the documents of
the contract, any ambiguities in the contract will
be settled in favor of the insured. Since the
, insurer wrote the contract they are stuck with it.
Adverse Selection - Correct Answer- The tendency for less favorable risks to seek or
continue insurance to a greater extent than more
favorable risks.
Agency Agreement or Agency Contract - Correct Answer- A legal document containing the
terms of the
agreement between the agent and the insurance
company. It clearly defines what an agent can
and cannot do, and how he/she will be
compensated.
Agent Authorities - Correct Answer- Expressed: Power or authority specifically
granted in writing to an agent by the insurance
company in their Agency Agreement. Apparent:
Power or authority that the public reasonably
assumes an agent has based upon his/her
actions. Implied: Power or authority that is not
expressly granted by the company but that an
agent can assume or that are implied he/she has
in order to transact insurance business.
Agent/Producer - Correct Answer- Anyone who sells or aids in the selling of
insurance. Legally represents the company.
Agent's Report - Correct Answer- A written report from the agent submitted to the
insurer along with the application disclosing what
the agent knows, observed, or learned about the
proposed insured's risks.
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