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TN LIFE PRODUCER FINAL EXAM 2024 ACTUAL EXAM COMPLETE ACCURATE EXAM QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) /ALREADY GRADED A+$17.49
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TN LIFE PRODUCER FINAL EXAM 2024
ACTUAL EXAM COMPLETE ACCURATE
EXAM QUESTIONS WITH DETAILED
VERIFIED ANSWERS (100% CORRECT
ANSWERS) /ALREADY GRADED A+
D is the policyowner and insured for a $50,000 life
insurance policy. The beneficiary is D's wife. D and
his wife divorce and D remarries, transferring
ownership of his policy to his new wife. If D dies
without making any further changes, to whom will
the policy proceeds be paid to?
Ex-wife
Current wife
Estate
Split equally between the ex-wife and current wife -
....ANSWER...Ex-wife
Term Life Policies that have the ability to be
converted to permanent coverage may do so during
a specified time period. This conversion period
may be altered by the policyowner
,is controlled by the NAIC
is the same in all contracts
varies according to the contract - ....ANSWER...Varies
according to contract
The combination of Whole Life and _____ Term
insurance is referred to as a Family Income Policy
Decreasing
Universal
Variable
Level - ....ANSWER...Decreasing
A policy that becomes a Modified Endowment
Contract (MEC):
will no longer allow for policy loans
must be placed in an irrevocable trust
can never be reinstated after a lapse
will lose many of its tax advantages -
....ANSWER...Will lose many of its tax advantages
A business entity can be defined as a(n)
-agency that must only operate outside of Tennessee
,-agency that must only operate inside of Tennessee
-association or a limited liability company
-business that requires approval by the Attorney
General to transact business -
....ANSWER...Association or a limited liability
company
Which of these is NOT a legitimate insurance
marketing practice for obtaining business from a
competitor?
-Offering better customer service
-Raising the deductible to secure a lower premium
as long as the insured is informed
-Reducing commissions in order to make a sale
-Offering the same coverage at a lower premium -
....ANSWER...Reducing commissions in order to make
a sale6
How long does an individual have to "rollover" funds
from an IRA or qualified plan?
60 days
90 days
120 days
, No limit - ....ANSWER...60 days
J chooses a monthly premium payment mode on his
Whole Life insurance policy. Which of these
statements is correct?
-The gross premium is higher on a monthly payment
mode as compared to being paid annually
-The gross premium is lower on a monthly payment
mode as compared to being paid annually
-The cash value from a life policy paid on a monthly
basic builds quicker than one paid on an annual
basis
-The face amount of a life policy paid on a monthly
basis is higher than one paid on an annual basis -
....ANSWER...The gross premium is higher on a
monthly payment mode as compared to being paid
annually
K applies for a life insurance policy on herself and
submits the initial premium with the application. She
is given a receipt by the agent stating that coverage
begins immediately if the application is approved.
What kind of receipt was used?
Binding
Initial Premium
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