Exam (elaborations)
LIFE INSURANCE PRACTICE EXAM 1
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LIFE INSURANCE PRACTICE EXAM 1
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LIFE INSURANCE PRACTICE EXAM 1Insurable Receipt - answer the receipt given to a life insurance applicant when the
application is completed and the initial premium is received is called a(n)
Representations - answerStatements in the application for insurance that are believed
to be true to the best of the applicant’s knowledge are
Provide the annuitant with an interest rate that is lesser of the guaranteed or current
rate - answer An annuity is considered fixed when it does all of the following EXCEPT
Continuous Premium (straight) life - answer The most common type of whole life
insurance where premiums are payable over the whole life of the insured to age 100 is
called.
Entire contract - answer The policy and a copy of the application, along with any riders
and amendments, is called the
Not taxable - answer Money borrowed from the policy's cash value is
All annuities (Variable, Deferred & Equity Indexed) - answer Which of the following
annuity products requires an agent to hold a securities license?
Life income annuity - answer Which type of annuity settlement stops when the annuitant
dies?
59 1/2 - answer At what age can a participant receive distributions from a qualified plan
without incurring a 10% penalty
Buy-Sell Agreement - answer Two business partners own life insurance on each other.
If one partner dies, which of the following contracts will allow the surviving partner to
use the death benefit to purchase the deceased's business interests?
Adjustable life - answer Which type of policy allows the insured to change the amount of
the dawah benefit, the amount of premium, or the type of coverage S their needs
change?
Either the cash value or the premiums paid, whichever is greater - answer If an
annuitant dies during the accumulation period, what will the beneficiary receive?
No admitted - answer Any insurer who is NOT approved to do business in this state is
considered
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