100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Review life insurance Questions & 100% Correct Answers- Latest Test | Graded A+ | Passed $12.49   Add to cart
Quickly navigate to
Preview
  2.  
  3. Life Insurance
  4.  
  5. Life insurance

Exam (elaborations)

Review life insurance Questions & 100% Correct Answers- Latest Test | Graded A+ | Passed
 7 views  0 purchase
  • Course
  • Life insurance
  • Institution
  • Life Insurance

An arrangement where an individual is authorized to act on behalf of another person or company is established through -:- the law of agency The powers directly given to a producer in an agency contract are called -:- express An insurance application requires an applicant to make a full, accu...

[Show more]

Preview 3 out of 30  pages

Document information

  • September 6, 2024
  • 30
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • review life insurance questions 100 correct an

Written for

  • Life insurance
  • Life insurance

Seller

avatar-seller
TestTrackers

Reviews received

Content preview

2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!



Review life insurance Questions & 100%
Correct Answers- Latest Test | Graded A+ |
Passed
An arrangement where an individual is authorized to act on behalf of another person or

company is established through


✓ -:- the law of agency




The powers directly given to a producer in an agency contract are called


✓ -:- express




An insurance application requires an applicant to make a full, accurate disclosure of the risk

factor involved. Using this criteria, an insurance policy is considered what type of contract?


✓ -:- Contract of utmost good faith




What qualifies as acceptance of an insurance contract offer?


✓ -:- An issued policy




How long does one premium payment cover in a single premium whole life policy?


✓ -:- Entire life of the policy




1|Page | Grade A+| 2024/2025

,2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!

Which action will trigger a penalty tax on premature distributions from a modified

endowment contract (MEC)?


✓ -:- policy loans




What type of premiums are associated with individual mortgage protection life insurance

policies?


✓ -:- Level premiums




Which statement regarding whole life insurance is accurate?


✓ -:- Insurance coverage can continue for life




How long does protection normally extend to under a limited pay whole life policy?


✓ -:- Until age 100




When does the insured stop making payments under a thirty-payment whole life policy?


✓ -:- At the time of death or 30 years after the policy's inception, whichever comes

first




What type of life insurance policy covers two or more persons and pays the face amount

upon the death of the first insured?


2|Page | Grade A+| 2024/2025

, 2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!

✓ -:- Joint life




Which of the following combinations best describe a universal life insurance policy?


✓ -:- A flexible premium deposit fund and a monthly renewable term insurance policy




A policyowner is permitted to take out a policy loan on a whole life policy at what point?


✓ -:- When the policy has a cash value




A source of additional income for a life insurance policyowner can be derived from the


✓ -:- cash value




A life insurance policy's waiver of premium rider has the ability to


✓ -:- relieve the insured of premium payments following an initial waiting period after

the insured becomes totally disabled




What could be the potential result of taking out a cash value loan on a life insurance policy?


✓ -:- Cash surrender value will be reduced if policy is forfeited




What happens to the death benefit of a life insurance policy if the insured elects a partial

payment from the accelerated (living) benefit provision?


3|Page | Grade A+| 2024/2025

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller TestTrackers. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $12.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

77254 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling

Recently viewed by you

Exam (elaborations) ·

(0)

NU 116: MSI Exam Questions and Answers
$12.49
  • (0)
  Add to cart