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214 License Exam Questions And Answers Latest Update 2024 – 2025
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Whichsofsthesfollowingsdescribessasparticipatingsinsurancespolicy?s– ANSWER:sPolicyownerssaresentitledstosreceivesdividends Atswhatspointsmustsaslifesinsurancesapplicantsbesinformedsofstheirsrightssthatsfallsund ersthesFairsCreditsReportingsAct?s-sANSWER:sUponscompletionsofsthesapplication Di...

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  • August 23, 2024
  • 12
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • 214 license exam questions and answers latest upd

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  • 214 License
  • 214 License

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214 License Exam Questions And Answers
Latest Update 2024 – 2025

Whichsofsthesfollowingsdescribessasparticipatingsinsurancespolicy?s–
ANSWER:sPolicyownerssaresentitledstosreceivesdividends

Atswhatspointsmustsaslifesinsurancesapplicantsbesinformedsofstheirsrightssthatsfallsund
ersthesFairsCreditsReportingsAct?s-sANSWER:sUponscompletionsofsthesapplication

Dividendsspayablestosaspolicyownersare:s-
sANSWER:ssDeclaredsbysthesinsurancescompany.



Atswhatspointsdoessansinformalsagreementsbecomesasbindingscontract?s-
sANSWER:sWhensconsiderationsissprovidedsbysonesofsthespartiesstosthescontract



Whensthird-
partysownershipsissinvolved,sapplicantsswhosalsoshappenstosbesthesstatedsprimarysbe
neficiarysaresrequiredstoshaves-sANSWER:ssInsurablesinterestsinsthesproposedsinsured

Whichsofsthesfollowingsarrangementssallowssonestosbypasssinsurablesinterestslaws?s-
sANSWER:s(STOLI)sorsInvestorsOriginatedsLifesInsurance



Takingsreceiptsofspremiumssandsholdingsthemsforsthesinsurancescompanysissansexam
plesofs-sANSWER:sFiduciarysResponsibility

Aspolicysofsadhesionscansonlysbesmodifiedsbyswhom?s-
sANSWER:ssThesInsurancesCompany



Thesexchangesofsunequalsvaluessreflects:s-sANSWER:sAleatory

Lifesandshealthsinsurancespoliciessares-
sANSWER:sUnilateralsContractss(onesmakesspromise,sotherscansonlysacceptsbysperfor

mance

Thesconsiderationsclausesofsinsurancescontractsincludess-
sANSWER:sThesschedulesandsamountsofspremiumspayments



Aslifesinsurancesarrangementswhichscircumventssinsurablesinterestsvaluessisscalleds-
sANSWER:sInvestorsOriginatedsLifesInsurances(IOLI)



Whosmakesstheslegallysenforceablespromisessinsasunilateralscontract?s-
sANSWER:ssThesInsurancesCompany

, AslifesinsurancespolicyswouldsbesconsideredsaswageringscontractsWITHOUT:s-
sANSWER:sInsurablesInterest



Aslifesinsurancespolicysthatsprovidessaspolicyownerswithscashsvaluesalongswithsaslevel
sfacesamountsisscalled:s-sANSWER:sWholesLifesPolicy



WhosbenefitssinsInvestor-OriginatedsLifesInsurances(IOLI)swhensthesinsuredsdies?s-
sANSWER:sthesPolicyowner(investor)



KspurchasedsasLifesinsurancespolicysins1986swhichspaids10%sinterestsinsthesearlysyea
rssofsthespolicy.sTwentysyearssaftersthespurchase,sshesreceivedsasnoticesfromsthesinsu
rersstatingsthatsthespolicyswillssoonsterminatesunlesssasmuch-
higherspremiumsisspaidsbecausesofsfallingsinterestsrates.sThisstypesofspolicysissknowns
as:s-sANSWER:ssUniversalsLifesPolicy

WhichsofstheseswouldsbesconsideredsasLimited-Pay-Lifespolicy?s-
sANSWER:sLifesPaidsUpsatsAges70



KsisslookingstospurchasesRenewablesTermsinsurance.sWhichsofsthesestypessofsTermsin
surancesmaysbesrenewable?s-
sANSWER:sLevelsTermsPolicys(paysssamesdeathsbenefitsifsinsuredsdiessanystimesdurin

gspolicy)

AsuniversalslifespolicysisssometimessreferredstosassansunbundledsLifesPolicysbecausest
hesownerscansseesthesinterestsearned,scostsofsinsurance,sands-
sANSWER:ssExpensesCharges



Whatstypesofsinsurancesoffersspermanentslifescoverageswithspremiumssthatsarespaya
blesforslife?s-sANSWER:ssWholesLifesPolicy

Whichsprovisionsallowssthespolicyownerstoschangesastermslifespolicystosaspermanents
oneswithoutsprovidingsproofsofsgoodshealth?s-sANSWER:ssConversion

WhensissthesfacesamountsofsasWholesLifespolicyspaid?s-
sANSWER:sWhensthesinsuredsdies,sorsthespolicy'ssmaturity,swhicheverscomessfirst!



AdditionalscoveragescansbesaddedstosasWholesLifespolicysbysaddingsa(n)s-
sANSWER:ssDecreasingsTermsRider



WhensaslifespolicysexceedsscertainsIRSstablesvalues,sthesresultswouldscreateswhichsofst
hesfollowing?s-sANSWER:sModifiedsEndowmentsContracts(MEC)

Kspayssonsas$20,000s20-
YearsEndowmentspolicysfors10syearssandsdiessfromsansautomobilesaccident.sHowsmuc
hswillsthesinsurancescompanyspaysthesbeneficiary?s-sANSWER:s$20,000sdeathsbenefit.

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