Life insurance exam Bundled Exams with complete solutions

Upon completion of the application - At what point must a life insurance applicant be informed of their rights to fall under the Fair Credit Reporting Act? Policyholders - Who elects the governing body of a mutual insurance company? Fair Credit Reporting Act - An insurance applicant MUST be infor...

A person who is in good health and does not drink nor smoke is considered - a preferred risk Upon death of an annuitant during the accumulation period of a deferred annuity, the proceeds: - Are taxable to the beneficiary above the annuitants cost basis Life insurance sold to fund a small partners...

Traditional Whole Life Products - Ordinary straight life Limited-Pay Single-Premium Life Adjustable Life Straight Life - basic policy that charges a level annual premium for the lifetime of the insured and provides a level, guaranteed benefit Limited-Pay - (10 pay, 20, paid up, 65): the policy...

Accelerated Benefits - Riders attached to life insurance policies that allow death benefits to be used to cover nursing or convalescent home expenses. Accidental Death Benefits - A policy rider that states that the cause of death will be analyzed to determine if it complies with the policy descri...

The ownership provision entities the policy owner to do all of the following EXCEPT a) Assign the policy. b) Designate a beneficiary. c) Set premium rates. d) Receive a policy loan. - Answer c) Set premium rates. The insurer sets premium rates based upon underwriting considerations. Which of t...

Basic Medical Expense policies - Provide coverage for Hospital, Surgical and Physicians Medical Expense. -Purchased as a individual or group policy. -provide first dollar coverage (no deductibles). -limited benefit periods and low coverage limits. Major Medical Expense Policy - -A supplement (i...

To determine financial strength of an insurance company - Primary purpose for a rating service company such as A.M best? Provide death benefits - Primary reason for buying life insurance? Liquidity - What is described as an insurers ability to make unpredictable payouts to its policy owners? Se...

A special characteristic of insurance contract where equal value is not exchanged between parties is known as: - Answer Aleatory Life insurance contracts are ___ agreements - Answer Unilateral What is the proper definition of "take it or leave it" contracts written by insurer? - Answer Adhesion...

J has a life policy with the Guaranteed Insurability rider. J has just celebrated their 42nd birthday and realizes that she wants to use her rider and buy more death benefit. Which of the following will apply to J's request? A: The insurer will allow J to add more insurance without proving insur...

life insurance - insurance that pays to a named beneficiary or the deceased's estate upon the death of the insured,may b annuity or endowment, may incl benef for accident death/dismemberment, disability, protects against risk pf premature death which exposes a finNcial riskto family or business. ...