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life insurance exam practice questions and answers | 100% correct An individual applied for an insurance policy and paid the initial premium. The insurer issued a conditional receipt. Five days later the applicant and t submit a medical exam. If the policy was issued, what would be the policy's...

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  • September 1, 2024
  • 22
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • life insurance exam practice questions and answers

Written for

  • Life insurance
  • Life insurance

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SophiaBennett

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©SOPHIABENNETT
2024/2025 ACADEMIC YEAR




©SOPHIABENNETT 9/1/24 2024/2025

,life insurance exam practice questions
and answers | 100% correct


An individual applied for an insurance policy and paid the initial premium. The insurer

issued a conditional receipt. Five days later the applicant and t submit a medical exam.

If the policy was issued, what would be the policy's effective date?

A. The date of policy delivery

B. The date of the Issue

C. The date of application

D. The date of the medical exam - Answer✔️✔️-D. The date of the medical exam

The Federal Fair Credit Reporting Act

A. Regulates consumer reports

B. Protects customer privacy

C. Regulates telemarketing

D. Prevents money laundering - Answer✔️✔️-A. Regulates consumer reports

Which of the following is NOT the consideration in a policy?

A. The premium amount paid at the time of application

B. The promise to pay covered losses

C. The application given to a prospective insured

D. Something of valued exchanged between parties - Answer✔️✔️-C. The application

given to a prospective insured

, Something of value exchanged between the insurer and the insured is considered an

A. Acceptance

B. Legal capacity

C. Consideration

D. Offer - Answer✔️✔️-C. Consideration

The full premium was submitted with the application for life insurance, and the policy

was issued two weeks later as requested. When does the policy coverage become

effective?

A. As of the application date

B. As of the policy deliver date

C. As of the first of the month after the policy issue

D. As of the policy issue date - Answer✔️✔️-A. As of the application date

An agent and an applicant for a life insurance policy fill out and sign the application.

However, the applicant does not wish to give the agent the initial premium, and no

conditional receipt is issued. When will coverage begin?

A. On the designated effective date

B. On the application date

C. when the agent submits the application to the company and the company issues a

conditional receipt

D. when the agent delivers the policy, collects the initial premium, and the applicant

completes an acceptable Statement of Good Health - Answer✔️✔️-D. When the agent

delivers the policy, collects the initial premium, and the applicant completes an

acceptable Statement of Good Health

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