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TENNESSEE LIFE AND HEALTH INSURANCE LIFE INSURANCE PORTION STATE EXAM QUESTIONS AND ANSWERS 2024
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TENNESSEE LIFE AND HEALTH INSURANCE LIFE INSURANCE PORTION STATE EXAM QUESTIONS AND ANSWERS 2024
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TENNESSEE LIFE AND HEALTH INSURANCELIFE INSURANCE PORTION STATE EXAM
SIMULATOR
B - ANSWERS-Which statement is true regarding a minor beneficiary?
A. Normally, the death proceeds are required to be held in trust until the
beneficiary reaches the age of 21
B. Normally, a guardian is required to be appointed in the Beneficiary clause of
the contract
C. The minor must pay the debts of the insured's estate before receiving any of
the proceeds
D. The minor is entitled to receive the death proceeds immediately
B - ANSWERS-The Insurance Commissioner is REQUIRED to do which of the
following before holding a hearing that could lead to the suspension of a
producer's license.
A. Give written AND oral notice to the producer
B. Give written notice to the producer
C. Give written AND oral notice to the producer's insurance company
D. Give oral notice to the producer's insurance company
,When producer delivers policy and collects initial premium - ANSWERS-When
does a life insurance contract become effective if the initial premium is not
collected during the application process?
becoming an appointed producer of an insurer - ANSWERS-Insurance contracts
may be sold, solicited, or negotiated by an insurance producer ONLY upon
March 30th - ANSWERS-The Tennessee Guaranty Association is subject to review
and regulation by the Commissioner. A financial statement must be submitted no
later than ____ of each year.
Establishes the needs of the individual and his dependents - ANSWERS-When an
individual is planning to protect his family with life insurance, one method of
doing so is called needs analysis. What exactly does needs analysis involve?
interest to the insurer is decreased while the administrative costs are increased -
ANSWERS-Quarterly premium payments increase the annual cost of insurance
because
C - ANSWERS-All of the following statements about traditional individual
retirement accounts are false EXCEPT
A. 10% penalty is applied to withdrawals after age 59 1/2
B. Withdrawals are normally tax-free to the recipient
C. 10% penalty is applied to withdrawals before age 59 1/2
D. Contributions are not tax deductible
, B - ANSWERS-Which of these is NOT a fair marketing practice when an existing
insurance policy is being replaced?
A. Offer the same coverage for a lower price
B. Reduce the cost by lowering the commission
C. Reduce the cost by raising the deductible as long as the insured is notified
D. Offer better coverage for the same price
Insuring Clause - ANSWERS-In a Life insurance contract, an insurance company's
promise to pay stated benefits is called the
C - ANSWERS-All of these are powers of the Commissioner except
A. Hold hearings
B. Enforce insurance laws
C. Incarcerate a producer
D. Issue subpoenas
$25,000 individual whole life policy - ANSWERS-An employee with $25,000 group
term life coverage was recently fired. This employee's group coverage may be
converted to a
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