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Exam (elaborations)

life insurance practice exam pearson vue

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life insurance practice exam pearson vue

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  • October 19, 2024
  • 33
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Pearson Vue
  • Pearson Vue
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codersimon
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35 Multiple choice questions

Term 1 of 35
a payor benefit rider provides which of the following benefits

a reduction in the premium amount for the insured

an automatic payout of the policy value upon the payor's death

a temporary waiver of premium should the payor die, until the insured reaches a
predetermined age

a permanent increase in the death benefit for the insured

Term 2 of 35
an individual who, for the purpose of collecting premiums, acts for another in negotiating a
contract of insurance is considered to be a

a director

a broker

a consumer


a producer

Term 3 of 35
controlled business is defined as insurance a producer writes on all of the following individuals
EXCEPT the producer's

teachers


family


friends

neighbors

,Term 4 of 35
all of the following provisions must be included in group life insurance policies issued in this
state EXCEPT

murder

accidental death


suicide

homicide

Term 5 of 35
a producer may be guilty of misrepresentation if the producer

tells an insured the deductible on a policy is less than it actually is

a temporary waiver of premium should the payor die, until the insured reaches a
predetermined age


a producer returns a portion of the commission to an insured

it may be provided through a group or individual policy

Term 6 of 35
a client needs a substantial amount of protection but has limited financial resources. Which of
the following insurance policies would BEST meet the client's needs?

whole life

term life

annual renewable term

group life

,Term 7 of 35
federal income tax laws generally treat proceeds of life insurance policies as

deferred taxes


tax deductible

nontaxable

the insurance commissioner

Term 8 of 35
a type of annuity in which the cash values are invested in securities is called

constant


coefficient

variable

fixed

Term 9 of 35
which of the following statements is CORRET about insurance producers who fail to satisfy the
continuing education requirements

it is renewable at the option of the insured


their licenses will be terminated

their licenses will be suspended

the insurance commissioner

, Term 10 of 35
an insurance producer who makes false statements that harm the reputation of another
insurance company is guilty of

negligence

a certificate of authority

libel

defamation

Term 11 of 35
all of the following groups are considered eligible for group life insurance except

group life

volunteer religious groups

veterans associations


labor union groups

Term 12 of 35
which of the following statements about credit life insurance is CORRECT

it may be provided through a group or individual policy

it is only available as a group policy


it can only be purchased by individuals over the age of 50

it requires a medical examination for all applicants

Term 13 of 35
an insurance company doing business in this state must operate under the

a producer's license


a certificate of authority

a reinsurance license

an approval of certification

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