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Life Insurance State Exam Practice Questions and Answers (100% Pass)
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Life Insurance State Exam Practice Questions and Answers (100% Pass)
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©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AMLife Insurance State Exam Practice
Questions and Answers (100% Pass)
If the insured and primary beneficiary are both killed in the same accident and it cannot
be determined who died first, where are the death proceeds to be directed under the
Uniform Simultaneous Death Act? - ✔️✔️Insured's contingent beneficiary
When can a policyowner change a revocable beneficiary? - ✔️✔️Anytime
Which premium schedule results in the lowest cost to the policyowner? - ✔️✔️Annual
A level premium indicates - ✔️✔️the premium is fixed for the entire duration of the
contract
J chooses a monthly premium payment mode on his Whole Life insurance policy. Which
of these statements is correct? - ✔️✔️The gross premium is higher on a monthly payment
mode as compared to being paid annually
C is trying to determine whether to convert her convertible term life policy to whole life
insurance using her original age or attained age. What factor would affect her decision
the most? - ✔️✔️The cost
1
,©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AM
K is the insured and P is the sole beneficiary on a life insurance policy. Both are
involved in a fatal accident where K dies before P. Under the Common Disaster
provision, which of these statements is true? - ✔️✔️Proceeds will be paid to P's estate
On a life insurance policy, who is qualified to change the beneficiary designation? -
✔️✔️Policyowner
How would a contingent beneficiary receive the policy proceeds in an Accidental Death
and Dismemberment (AD&D) policy? - ✔️✔️If the primary beneficiary dies before the
insured
T and S are named co-primary beneficiaries on a $500,000 Accidental Death and
Dismemberment policy insuring their father. Their mother was named contingent
beneficiary. Five years later, S dies of natural causes and the father is killed in a scuba
accident shortly afterwards. How much of the death benefit will the mother receive? -
✔️✔️$0
P and Q are married and have three children. P is the primary beneficiary on Q's
Accidental Death and Dismemberment (AD&D) policy and Q's sister R is the contingent
beneficiary. P, Q, and R are involved in a car accident and Q and R are killed instantly.
The Accidental Death benefits will be paid to - ✔️✔️P only
A policyowner is able to choose the frequency of premium payments through what
policy feature? - ✔️✔️Premium Mode
2
, ©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Wednesday, July 31, 2024 9:10 AM
Which statement is true regarding a minor beneficiary? - ✔️✔️Normally, a guardian is
required to be appointed in the Beneficiary clause of the contract
What kind of life insurance beneficiary requires his/her consent when a change of
beneficiary is made? - ✔️✔️Irrevocable beneficiary
What is the underlying concept regarding level premiums? - ✔️✔️The early years are
charged more than what is needed
An insured covered by life insurance has just died. What will happen if the primary
beneficiary had already died before the insured and contingent beneficiary? -
✔️✔️Proceeds will go to the contingent beneficiary
A policyowner would like to change the beneficiary on a Life insurance policy and make
the change permanent. Which type of designation would fulfill this need? -
✔️✔️Irrevocable
A policyowner is allowed to pay premiums more than once a year under which
provision? - ✔️✔️Mode of Premium
K has a life insurance policy where her husband is beneficiary and her daughter is
contingent beneficiary. Under the Common Disaster clause, if K and her husband are
both killed in an automobile accident, where would the death proceeds be directed? -
✔️✔️Daughter
J would like to maintain the right to change beneficiaries. Which beneficiary designation
should be used? - ✔️✔️Revocable
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