Indiana Life and Health Producer Exam
.06% - ANS-What is the penalty for excessive contributions to a traditional IRA?
10% penalty - ANS-What are the consequences of withdrawing funds from a traditional IRA
prior to the age of 59 1/2?
100 - ANS-Whole life policies provide protection until the insured reaches what age?
20 year level term - ANS-A policy states that it will pay a specified face amount if the insured
dies during the 20 year premium paying. And nothing if the death occurs after the 20 year. What
type of policy is this?
A copy of the original insurance application - ANS-To meet the requirements of the entire
contract, policy provision, and insurance policy must contain what?
A level premium for the life of the insured - ANS-What type of premium is charged on a straight
life policy?
A life insurance license, and a securities license - ANS-What type of license is required in order
to sell variable annuities?
A minor - ANS-Who is insured under a juvenile life policy?
A modified endowment contract (MEC) - ANS-What is the name for an overfunded life insurance
policy?
A new policy is issued while an existing policy is terminated, or re-issued with a reduction in
cash value - ANS-What is policy replacement?
A period of time during which the surviving spouse does not receive benefits - ANS-What is a
blackout for Social Security benefits?
A promise to pay policy benefits - ANS-What is consideration on the part of the insurer?
Absolute assignment - ANS-Which of the two types of policy assignments requires transfer of all
ownership rights in the policy to a third-party?
Accumulation and annuitization (or pay-in and pay-out) - ANS-What are two phases of an
annuity?
,Adverse selection - ANS-When risks with higher probability of loss are seeking insurance more
often than other risks, this is known as what?
Age 100 - ANS-The policy owner of a whole life insurance policy is also the insured what age
must the insured attain in order to receive the policies face amount?
Agent or producer - ANS-According to the law of agency, a principal is represented by whom?
Agreement (offer and acceptance), consideration, competitive parties, and legal purpose -
ANS-What are the four elements of an insurance contract?
Alien - ANS-What type of insurer is formed under laws of another country?
Amount of premium - ANS-In flexible, premium payment, annuities, the term flexible refers to
what?
An individual or an entity who is not the insured - ANS-Who would be considered a third-party
owner?
Annually renewable term - ANS-Group life insurance policies are written, as what type of
insurance?
Annually renewable term - ANS-The death protection component of a universal life policy is
expressed as what type of coverage?
Annuitant - ANS-Who receives income payments from an annuity?
Annuitant - ANS-Whose life expectancy is taken into consideration in an annuity contract?
Annuitization period - ANS-In an annuity, the accumulated money is converted into a stream of
income, during which phase?
Annuity - ANS-An individual has a contract that will provide him with a certain amount of income
for the rest of his life. This is not however a life insurance policy. What type of contract does this
person have?
Annuity owner - ANS-Who possesses all the rights in an annuity?
Applicant - ANS-An agent makes a correction on the application for health insurance who must
initial the correct answer?
At the time of application - ANS-When must insurable interest exist in a life insurance policy?
, At the time of policy delivery - ANS-When must the policy summary for a life insurance policy be
delivered to the policy owner?
Availability of cash value - ANS-What does liquidity mean in in life insurance policy?
Beneficiary - ANS-If the annuitant dies during the accumulation period. Who will receive the
annuity benefits?
Cash refund and installment refund - ANS-What are two types of refund life annuities?
Cash surrender - ANS-Under what option does the company pay the policies, surrender value
and have no further obligations to the policy owner?
Cash surrender, reduced paid up, and extended term - ANS-What are the three non-forfeiture
options in life insurance policies?
Cash value growth is tax deferred - ANS-According to the taxation rules of life insurance
policies, how are cash value increases taxed?
Cash value is paid to the policy owner - ANS-What happens to the cash value when a whole life
insurance policy matures?
Cash value, and death benefit - ANS-In variable universal life insurance, to what policy
component does the term variable refer?
Cash, reduced premium, accumulation of interest, paid up additions, paid up option, one year
term, and acceleration of endowment - ANS-What are the dividend options in life insurance
policies?
Certificate of authority - ANS-A state issued document empowering an insurance company to
become an admitted insured is called what?
Certificate of authority - ANS-In order to transact insurance within a given state and alien insure,
must first obtain what?
Certificate of authority - ANS-What document is required for an insurance company to transact
insurance?
Collateral assignment - ANS-What type of assignment is used to secure the payment of a debt
with an existing life insurance policy?
Complete a new application or ask the applicant to initial the correction on the original
application - ANS-When a change needs to be made on an application for insurance, which is
the best method for correcting the information ?
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