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Life insurance and annuity Exam Practice Questions and Answers Adverse selection is characterized by: - Answer️️ -A sick person purchasing health insurance All the following policies and contracts are typically covered by state insurance guaranty associat $12.49   Add to cart
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Life insurance and annuity Exam Practice Questions and Answers Adverse selection is characterized by: - Answer️️ -A sick person purchasing health insurance All the following policies and contracts are typically covered by state insurance guaranty associat
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Life Insurance Primerica Exam Practice Questions and Answers Which will be included in a policy summary? - Answer️️ -Premium amounts and surrender values Why should the producer personally deliver the policy when the first premium has already been paid? - Answer️️ -To help the insured ...

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  • September 1, 2024
  • 25
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • life insurance and annuity exam practice questions

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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 Primerica Exam Practice
Questions and Answers


Which will be included in a policy summary? - Answer✔️✔️-Premium amounts and

surrender values

Why should the producer personally deliver the policy when the first premium has

already been paid? - Answer✔️✔️-To help the insured understand all aspects of the

contract

An insurance contract requires that both the insured and the insurer meet certain

conditions in order for the contract to be enforceable. What contract characteristic does

this describe? - Answer✔️✔️-Conditional

If a policy includes a free-look period of at least 10 days, the Buyer's Guide may be

delivered to the applicant - Answer✔️✔️-With the policy

If an applicant for a life insurance policy is found to be a substandard risk, the insurance

company is most likely to - Answer✔️✔️-Charge a higher premium

Which of the following best details the underwriting process for life insurance? -

Answer✔️✔️-Selection, classification, and rating of risks

Upon policy delivery, the producer may be required to obtain any of the following

EXCEPT - Answer✔️✔️-Signed waiver of premium

Which of the following is a risk classification used by underwriters for insurance? -

Answer✔️✔️-Standard

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, Which of the following documents delivered to the policy owner includes information

about premium amounts, cash values, surrender values, and death benefits for specific

policy years? - Answer✔️✔️-A policy summary

When both parties to a contract must perform certain duties and follow rules of conduct

to make the contract enforceable, the contract is - Answer✔️✔️-Conditional

Representations are written or oral statements made by the applicant that are -

Answer✔️✔️-Considered true to the best of the applicant's knowledge

Most agents try to collect the initial premium for submission with the application. When

an agent collects the initial premium from the applicant, the agent should issue the

applicant a - Answer✔️✔️-Premium receipt

All of the following are duties and responsibilities of producers at the time of application

EXCEPT - Answer✔️✔️-Change any incorrect statement on the application by personally

initialing next to the corrected statement (must be initialed by the applicant)

In insurance policies, the insured is not legally bound to any particular action in the

insurance contract, but the insurer is legally obligated to pay losses covered by the

policy. What contract element does this describe? - Answer✔️✔️-Unilateral

An insurer neglects to pay a legitimate claim that is covered under the terms of the

policy. Which of the following insurance principles has the insurer violated? -

Answer✔️✔️-Consideration

Which of the following is TRUE regarding the premium in term policies? - Answer✔️✔️-

The premium is level




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