PA Life Insurance License Exam.pdf file:///C:/Users/HP/Desktop/NIW/PA%20Life%20Insurance%20Lice
PA Life Insurance License Exam Questions &
Answers
1. an immediate annuity has been purchased with a single premium. when does the
annuitant typically begin receiving benefit payments?
ANS 1 month
2. An insurer will accept a premium from the insured and continue the cover- age in full
force as though it was NOT late during which time period?
Incontestable period Probation
period Reinstatement period
Grace period
ANS Grace period
The grace period is the amount of time an insurer continues coverage in full force and will accept
the premium from the insured as though it was NOT late.
3. A little insurance producer licensed in the commonwealth of PA is autho- rized to
ANS Solicit, Receive and forward applications to insurers
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4. Upon policy delivery, which of the following must a producer have an applicant
sign if no initial premium was collected with the life insurance application?
ANS A good health statement
5. Which contract element is insurable interest a component of?
ANS legal purpose
6. All of these are common exclusions to a life insurance policy EXCEPT
ANS ac- cidental death
7. An insurer's ability to make unpredictable payouts to policyowners is called-
ANS liquidity
8. A policy owner may exercise which of these dividend options that uses the dividend to
pay all or part of the next premium due
ANS Reduction of Premium Dividend Option
9. when collecting insurance premiums from a client, a producer must
ANS forward premiums to the insurer on a timely basis
10. Jonas is a whole life insurance policyowner and would like to add coverage for his two
children. Which of the following products would allow him to accomplish this?
ANS Child term rider
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11. Shirley has a $500,000 10-year non-renewable level term life policy. If she dies 15
years after the policy's inception date, how much will her beneficiary receive?
ANS nothing
12. A resident produces license requires each of the following EXCEPT
ANS Insur- ers appointment
13. What is the automatic continuance of insurance coverage referred to act
ANS renewal
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