100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
ExamFX Life Insurance Final Exam (1) Questions & 100% Verified Correct Answers with complete solutions (Latest update $7.99   Add to cart
Quickly navigate to
Preview
  2.  
  3. Insurance
  4.  
  5. Insurance
  6.  
  7. Insurance

Exam (elaborations)

ExamFX Life Insurance Final Exam (1) Questions & 100% Verified Correct Answers with complete solutions (Latest update

 7 views  0 purchase
  • Course
  • Insurance
  • Institution
  • Insurance

ExamFX Life Insurance Final Exam (1) Questions & 100% Verified Correct Answers with complete solutions (Latest update

Preview 2 out of 5  pages

Document information

  • August 15, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • examfx life insurance final exam 1

Written for

  • Insurance
All documents for this subject (256)

Seller

avatar-seller
topgradesdr

Reviews received

Content preview

ExamFX Life Insurance Final Exam
The entire contract includes all of the following EXCEPT... - ANS-A buyer's guide

All of the following statements about indexed whole life insurance EXCEPT... - ANS-The death
benefit is not increased

What guarantees that the information explained in the insurance contract is true? - ANS-A
Warranty

The entire contract includes: - ANS-(1) the policy, (2) a copy of the application, and (3) any
riders or amendments.

Under an indexed whole life policy, the premium is fixed, but the death benefit is... -
ANS-guaranteed

... are considered statements of fact or something guaranteed to be true. - ANS-Warranties

A breach of warranty can be considered grounds for ________________ the policy. -
ANS-voiding

A graded premium life insurance policy is a modified form of... - ANS-Whole life

... a whole life policy with premiums that increase annually over the first 5 to 10 years. -
ANS-Graded Premium

An insured bought an insurance policy that requires him to pay $150 in premiums on the 15th of
each month. He then takes an extended vacation and forgets to pay the premium. Ten days
later, his policy is still in effect and has not lapsed. What policy provision allowed for this? -
ANS-Grace period

Grace period is a mandatory provision found in all life insurance policies that provides coverage
for a period of time after the _____________________ becomes past due. - ANS-premium

Which of the following indicates the person upon whose life the annuity income amount is
determined? - ANS-The Annuitant

The annuitant is the person whose life the ______________ __________________ amount is
determined. - ANS-annuity income

True of Survivorship Life policy - ANS-The premium is based on the age of each insured

, What happens to the face amount of a whole life policy if the insured reaches the age of 100? -
ANS-The face amount is paid to the insured.

According to the life insurance replace meant regulations, which of the following would be an
example of policy replacement? - ANS-A policy is reissued with a reduction in cash value

true regarding the insurance commissioner's powers related to hearings and investigations -
ANS-The Commissioner may hold hearings immediately after determining that a violation has
occurred.

Incorrect regarding the type of term insurance that fits best with the applicant's needs -
ANS-Applicants who may require a larger death benefit in the future should buy convertible term
insurance

What is the most common name for a single policy that is designed to insure two or more lives
with a standard premium, and that pays the death benefit upon the first death? - ANS-joint life

Which of the following riders pays a beneficiary a death benefit that is double or triple the face
amount if the insured's death was caused by an accident as defined in the policy? - ANS-An
accidental death rider

not true about key-person insurance - ANS-The death benefit is taxable to the business

Which statement best describes agreement as it relates to insurance contracts? - ANS-One
party accepts the exact terms of the other party's offer

What does an annuity protect the contract owner against? - ANS-Living longer than expected

An insurance agent changes his address. How long will the agent be given to notify the
Department of Insurance? - ANS-10 business days

A whole life policy is surrendered for a reduced-paid up policy. The cash value in the new policy
will - ANS-Continue to increase

A distribution fro an employer-sponsored retirement plan or from an IRA is eligible for a tax-free
rollover if it is reinvested in an IRA within - ANS-60 days

Which of the following is TRUE regarding an indeterminate premium whole life policy? -
ANS-The premium can be raised up to a guaranteed maximum rate

Which of the following is TRUE regarding the accumulation period of an annuity? - ANS-It is the
period which the payments into the annuity grow tax deferred.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 topgradesdr. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $7.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

76799 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$7.99
  • (0)
  Add to cart