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Life Insurance 3 Exam Practice Questions and Answers
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Life Insurance 3 Exam Practice Questions and Answers An insurance company is domicilied in Montana and transacts insurance in Wyoming. Which term best describes the insurer's classification in Wyoming? - Answer️️ - Foreign -a foreign insurer is domiciled in one state and transacts in anothe...

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  • September 1, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • life insurance 3 exam practice questions and answe

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  • Life insurance
  • Life insurance

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©SOPHIABENNETT
2024/2025 ACADEMIC YEAR




©SOPHIABENNETT 9/1/24 2024/2025

, Life Insurance 3 Exam Practice
Questions and Answers


An insurance company is domicilied in Montana and transacts insurance in Wyoming.

Which term best describes the insurer's classification in Wyoming? - Answer✔️✔️-

Foreign -a foreign insurer is domiciled in one state and transacts in another state


What is domestic insurer? - Answer✔️✔️-Domiciled and sells in domiciled stated

What is an alien insurer? - Answer✔️✔️-Domiciled in one country and sells in another

country

All other factors being equal, the least expensive first-year premium payment is found in

- Answer✔️✔️-Annually Renewable Term

What is the purest form of term insurance and how does it work? - Answer✔️✔️-Annually

Renewable Term

-The death benefit remains level. but the premium increases each year with insured's

attained age

How does a decreasing term policy work? - Answer✔️✔️-The face amount decreases

each term the premium remains constant throughout the term (yearly)

How does an increasing term policy work? - Answer✔️✔️-The face amount increase each

term and the premium are constant thru the term

(As the policy is renewed it does increase the next year but remains constant thru the

year)

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