Pa life exam - Study guides, Class notes & Summaries

PA LIFE INSURANCE EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS

PA LIFE INSURANCE EXAM 2024 WITH 100% CORRECT ANSWERS Single premium cash value policy can be described as.. - correct answer a policy that is paid up only after one payment All of the following are considered appropriate uses of life insurance.. - correct answer - attracting quality employees by offering a group life plan - protecting the business by covering key employees with life insurance - funding an entity buy sell agreement The do not call list offers exemption from all exc...

Which dividend option would an insurer invest the policy owners money & add any interest earnings as the dividends accrue.. Factors taken into consideration when applying for life insurance.. Which protects a PA policy owner from a mistake made on an application 2 years ago? In an insurance contract, the insurer is the only party legally obligated to perform. Because of this an insurance contract is considered.. The PA insurance department is responsible for Viatical settlem...

PA Life Insurance Exam (2024 / 2025) Actual Questions with Verified Answers, 100% Guarantee Pass

Karen is a producer who has obtained personal information about a client without having a legitimate reason to do so. Under the McCarran-Ferguson Act, what is the minimum penalty for this? - ANSWER $10,000 or up to one year in jail A type of insurer that is owned by its policyowners is called - ANSWER Mutual insurer What is considered to be the primary reason for buying life insurance? - ANSWER Provide death benefits

the underwriting process begins - ANSWER ☑☑happens immediately after the application is submitted and the initial premium is paid TEFRA - ANSWER ☑☑amends the social security act to make medicare secondary to group health plans Binding Receipt - ANSWER ☑☑a receipt that makes the insurer liable for the risk from the date of application, regardless of the applicants insurability stop-loss limit - ANSWER ☑☑a specified dollar amount beyond which the insured no longer part...

PA LIFE PRACTICE EXAM FROM PSI (1) QUESTIONS AND ANSWERS

Karen is a producer who has obtained personal information about a client without having a legitimate reason to do so. Under the McCarran-Ferguson Act, what is the minimum penalty for this? $10,000 or up to one year in jail A type of insurer that is owned by its policyowners is called Mutual insurer What is considered to be the primary reason for buying life insurance? Provide death benefits Fraternal Benefit Society has each of the following characteristics EXCEPT Exist for profit (FBS is a n...

PA Life Accident & Health - WebCE practice exam questionsAlex sold an insurance policy before his license lapsed and earned a commission on the sale. Is he entitled to a commission if the policy is renewed? - correct answer yes, because he was licensed when the policy was sold Under the Old Age, Survivors, and Disability Insurance (OASDI) Program, eligible workers and their families may be entitled to receive all of the following EXCEPT: - correct answer Medical care benefits A claimant on...

life insurance policyowners are free to assign or sell their policy to anyone or anything regardless of the relationship between the new owner (the assignee) and the insured *the continuing need for insurable interest between owner and insured disappears after a life insurance policy is issued* Insurable Interest -the financial interest a person has in another person or property -all insurance applicants must have an insurable interest in the person or property that is to be insured Review -...