Exam (elaborations)
Primerica Life Exam Simulator Questions and Answers 100% Solved
- Course
- Institution
Primerica Life Exam Simulator
[Show more]
Content preview
Primerica Life Exam SimulatorHarry has just received his life insurance policy. In reviewing the title page, Harry was
able to ascertain the following information EXCEPT
A. His spouse had been assigned the primary beneficiary
B. His children have been covered by a child rider
C. He had purchased a 20-year renewable term insurance policy in the face amount of
$150,000
D. His total annual premium - answerA. His spouse had been assigned the primary
beneficiary
Which of the following settlement options in life insurance is known as straight life?
A. Life with period certian
B. Fixed amount
C. Life income
D. Single life - answerC. Life income
Under a 20-pay whole life policy, in order for the policy to pay the death benefit to a
beneficiary, the premiums must be paid
A. Until the policyowner's age 100, when the policy matures
B. For 20 years or until death, whichever occurs first
C. Until the policyowner reaches age 65
D. For at least 20 years - answerB. For 20 years or until death, whichever comes first
What method is used to determine the taxable portion of each annuity payment?
A. The excise ratio
B. The annuity to age ratio
C. The marginal tax formula
D., The exclusion ratio - answerD. The exclusion ratio
Group life insurance is a single policy written to provide coverage to members of a
group. Which of the following statements concerning group life is CORRECT?
A. Premiums are determined by age, occupation, and individual underwriting
B. 100% participation of members is required in noncontributory plans
C. Each member covered receives a policy
D. Coverage cannot be converted when an individual leave the group - answerB. 100%
Participation of members is required in noncontributory plans
, How many hours of continuing education must agents complete each licensing term?
A. 12
B. 15
C. 24
D. 30 - answerC. 24
An insurance contract requires that both the insured and the insurer meet certain
conditions in order for the contracts to be enforceable. What contract characteristic does
this describe?
A. Contingent
B. Aleatory
C. Unilaterl
D. Conditional - answerD. Conditional
Which of the following is a key distinction between variable whole life and variable
universal life products?
A. Variable universal life is regulated solely through FINRA
B. Variable whole life allows policy loans from the cash value
C. Variable universal life has a fixed premium
D. Variable whole life has a guaranteed death benefit - answerD. Variable whole life has
a guaranteed death benefit
All of the following are requirements for life insurance illustrations EXCEPT
A. They must identify nonguaranteed values
B. They must differentiate between guaranteed and projected amounts
C. They must be part be used as approved
D. They may only be used as approved - answerD. They must be part of the contract
When calculating the amount, a policyowner ay barrow from a variable life policy, what
must be subtracted from the policy's cash value?
A. The face amount
B. Morality costs
C. The cash surrender amount
D. Outstanding loans and interest - answerD. Outstanding loans and interest
A set of legal or regulatory conditions that affect an insurer's ability to collect premiums
commensurate with the level of risk incurred would e considered a(n):
A. Underwriting gamble
B. Legal peril
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller jw638729. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81989 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now