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Life Insurance Primerica Questions & 100% Correct Answers- Latest Test | Graded A+ | Passed
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Which will be included in a policy summary? -:- Premium amounts and surrender values Why should the producer personally deliver the policy when the first premium has already been paid? -:- To help the insured understand all aspects of the contract An insurance contract requires that both th...

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  • September 6, 2024
  • 40
  • 2024/2025
  • Exam (elaborations)
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  • life insurance primerica questions 100 correct
  • which will be included in a policy summary

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  • Life Insurance

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Life Insurance Primerica Questions & 100%
Correct Answers- Latest Test | Graded A+ |
Passed
Which will be included in a policy summary?


✓ -:- Premium amounts and surrender values




Why should the producer personally deliver the policy when the first premium has already

been paid?


✓ -:- To help the insured understand all aspects of the contract




An insurance contract requires that both the insured and the insurer meet certain

conditions in order for the contract to be enforceable. What contract characteristic does

this describe?


✓ -:- Conditional




If a policy includes a free-look period of at least 10 days, the Buyer's Guide may be delivered

to the applicant


✓ -:- With the policy




1|Page | Grade A+| 2024/2025

,2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!

If an applicant for a life insurance policy is found to be a substandard risk, the insurance

company is most likely to


✓ -:- Charge a higher premium




Which of the following best details the underwriting process for life insurance?


✓ -:- Selection, classification, and rating of risks




Upon policy delivery, the producer may be required to obtain any of the following EXCEPT


✓ -:- Signed waiver of premium




Which of the following is a risk classification used by underwriters for insurance?


✓ -:- Standard




Which of the following documents delivered to the policy owner includes information about

premium amounts, cash values, surrender values, and death benefits for specific policy

years?


✓ -:- A policy summary




When both parties to a contract must perform certain duties and follow rules of conduct to

make the contract enforceable, the contract is


2|Page | Grade A+| 2024/2025

,2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!

✓ -:- Conditional




Representations are written or oral statements made by the applicant that are


✓ -:- Considered true to the best of the applicant's knowledge




Most agents try to collect the initial premium for submission with the application. When an

agent collects the initial premium from the applicant, the agent should issue the applicant a


✓ -:- Premium receipt




All of the following are duties and responsibilities of producers at the time of application

EXCEPT


✓ -:- Change any incorrect statement on the application by personally initialing next

to the corrected statement (must be initialed by the applicant)




In insurance policies, the insured is not legally bound to any particular action in the

insurance contract, but the insurer is legally obligated to pay losses covered by the policy.

What contract element does this describe?


✓ -:- Unilateral




An insurer neglects to pay a legitimate claim that is covered under the terms of the policy.

Which of the following insurance principles has the insurer violated?

3|Page | Grade A+| 2024/2025

, 2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!

✓ -:- Consideration




Which of the following is TRUE regarding the premium in term policies?


✓ -:- The premium is level




Which of the following terms best describe the coverage provided by term policies, as

compared to any other form of protection?


✓ -:- Greatest




Which of the following types of insurance policies would provide the greatest amount of

protection for a temporary period during which an insured will have limited financial

resources?


✓ -:- Term




A Return of Premium term life policy is written as what type of term coverage?


✓ -:- Increasing




All of the following are true regarding a decreasing term policy EXCEPT




4|Page | Grade A+| 2024/2025

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