Exam (elaborations)
SC LIFE INSURANCE EXAM STUDY SET QUESTIONS AND ANSWERS 2024
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SC LIFE INSURANCE EXAM STUDY SET QUESTIONS AND ANSWERS 2024
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SC LIFE INSURANCE EXAM STUDY SETWhich of the following is a requirement for ANY change in an insurance
application?
• Change must be initialed by the agent
O Change must be initialed by the applicant
Change must be approved by the insurer
Change must be notorized - ANSWERS-Change must be initialed by the applicant
An insured individual and the policy's beneficiary die from the same accident. The
common disaster
provision states the insurer will continue as if
The insured outlived the beneficiary
the beneficiary outlived the insured
no beneficiary was ever named
the insured and beneficiary died at the same time - ANSWERS-the insured
outlived the beneficiary
Which of the following would be considered an underwriting duty of an agent?
,Requesting medical information from the Medical Information Bureau (MIB)
Completing all applications and collecting initial premiums
Accepting or declining an application
Assigning a risk classification - ANSWERS-Completing all applications and
collecting initial premiums
All of these are typically sources of underwriting information for life or health
insurance EXCEPT
Consumer reports
MIB
Disclosure authorization response
Attending physicians statement (APS) - ANSWERS-Disclosure authorization
response
How are survivorship life insurance policies helpful in estate planning?
Provide funds to help fund retirement
Provide funds to help pay taxes
Provide funds for funeral expenses
Provide tax deductions for premium payments - ANSWERS-Provide funds to help
pay taxes
,Which of the following is considered to be the period when the accumulated
value in an annuity is paid out?
Annuitization phase
Accumulation phase
Principal phase
Period certain phase - ANSWERS-Annuitization phase
Ownership of a life insurance policy may be temporarily transferred with a(n)
Collateral assignment
Absolute assignment
Transferable assignment
Beneficiary assignment - ANSWERS-collateral assignment
An insurance producer is BEST described as someone who
sells, solicits, or negotiates insurance contracts for compensation on behalf of a
client
sells, solicits, or negotiates insurance contracts for compensation on behalf of an
insurer
offers to examine any policy (for a fee) for the purpose of giving advice or
recommendations
, • investigates insurance claims to determine the extent of the insurer's liability -
ANSWERS-sells, solicits, or negotiates insurance contracts for compensation on
behalf of an insurer
A policyowner may exercise which of these dividend options that uses the
dividend to pay all or part of
the next premium due?
Reduction of premium dividend option
Extended term option
• Paid-up option
Cash dividend option - ANSWERS-Reduction of premium dividend option
Level premium term life insurance policies
build cash value in a separate account
automatically convert to permanent insurance at a predetermined date
automatically renew at predetermined dates
have premiums that are averaged over the policy period - ANSWERS-have
premiums that are averaged over the policy period
Variable life insurance and Universal life insurance are very similar. Which of
these features are held
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