Life insurance and annuity Questions & 100% Correct Answers- Latest Test | Graded A+ | Passed
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Course
Life Insurance
Institution
Life Insurance
Adverse selection is characterized by:
-:- A sick person purchasing health insurance
All the following policies and contracts are typically covered by state insurance guaranty
associations.
-:- A term life insurance policy issued by a stock insurer, an individually-owned
annuity, a whole l...
✓ -:- The coverage will be retroactively effective. As a result the beneficiary will
receive $100,000 death benefit.
The agent must provide the buyers guide to the applicant:
✓ -:- Upon application or at the time of policy delivery if a 10-day free look is
provided.\
All of the following statements regarding unauthorized insurers are true, EXCEPT
✓ -:- All excess and surplus lines insurers are unauthorized.
Unauthorized insurers are also referred to as nonadmitted insurers, and do not hold a
certificate of authority
Unauthorized insurers are insurers that are unlicensed because they have not yet applied
for a certificate of authority, and have applied and been denied licensure, or are excess and
surplus lines insurers.
Excess and surplus lines insurers must apply for a certificate of authority to become
admitted.
John purchases a life insurance policy for his wife Jean. Which of the following best
describes who is legally bound to the policy's promise of benefits?
✓ -:- The insurer
3|Page | Grade A+| 2024/2025
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