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Exam FX Life Insurance Test 74 Questions with Verified Answers,100% CORRECT
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Exam FX Life Insurance Test 74 Questions with Verified Answers
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Exam FX Life Insurance Test 74 Questions with VerifiedAnswers
50/50 - CORRECT ANSWER Ray has an individual major medical policy that
requires a coinsurance payment. Ray rarely visits his physician and would prefer
to pay the lowest premium possible. Which coinsurance arranngement would be
best for Ray?
Single payment or periodic payments - CORRECT ANSWER Which two terms are
associated directly with the way an annuity is funded?
An insured borrows money from the bank and makes a collateal assignment of a
part of the death benefit to secure the loan - CORRECT ANSWER All of the
following are examples of thirs party ownership of life insurance
Reduction of premium - CORRECT ANSWER An insured pays $1,200 annually for
her life insurance premium. The insured applies this year's $300 worth of
accumulated dividends to the next year's premiums, thus reducing it to $900.
What option does this describe?
Convert to an individual policy - CORRECT ANSWER A small company offers group
insurance to its employees, but recently has decided to terminate the health
insurance contract, leaving the workers without insurance. What can the
employees do regarding their insurance?
Free-Look period - CORRECT ANSWER What phase begins after a new policy is
delivered?
Revocable - CORRECT ANSWER An insured want to name her husband as the
beneficiary of her health policy. She also wishes to retain all of the rights of
ownership. The insured should have herhusband named as what type of
beneficiary?
, 100 - CORRECT ANSWER In order for a debtor group to qualify for group life
insurance, what should be the minimum number of participants joining the plan
every year
Replacement rule - CORRECT ANSWER Which rule would apply if an agent knows
an applicant is going to cash in an old policy and use the funds to purchase new
insurance?
Nonforfeiture values - CORRECT ANSWER Which term secribes the benefits of a
life insurance policy that the policyowner does not automatically relinquish even
if the policy lapses?
Twisting - CORRECT ANSWER Agents who persaude insureds to cancel a policy in
favor of another one when it might not be in the insured's best interest are guilty
of
Certificate holder - CORRECT ANSWER If an employee is accepted into a group
insurance plan, which status will the employee have?
Outline of Coverage - CORRECT ANSWER Which document helps ensure that full
and fair disclosure is provided to the recipient of a policy?
5 - CORRECT ANSWER A licensed agent must complete how many hours of
continuing education specific to ethics and regulatory updates?
The pre-existing condition waiting period fulfilled in the old policy will be
transferred to the ne wpolicy, the new one picking up where the old on left off -
CORRECT ANSWER An individual purchased a Medicare supplement policy in
March and decied to replace it 2 months later. His history of coronary artery
disease is considered a pre-existing condition. Which of the following is true?
That its policies are covered by a state Guaranty Association - CORRECT ANSWER
Which of the following may NOT be included in an insurance company's
advertisement?
The insured over the age of 64 - CORRECT ANSWER Who does the secondary
addressee provision protect?
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