Nonforfeiture law - Study guides, Class notes & Summaries
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Life Insurance Practice Exam Questions with Verified Answers
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Life Insurance Practice Exam Questions 
 
with Verified Answers 
 
The ownership provision entities the policy owner to do all of the following EXCEPT 
 
a) Assign the policy. 
b) Designate a beneficiary. 
c) Set premium rates. 
d) Receive a policy loan. c) Set premium rates. 
 
The insurer sets premium rates based upon underwriting considerations. 
 
Which of the following protects consumers against the circulation of inaccurate or obsolete 
personal or financial information? 
 
a) The Guaranty...
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Xcel Solutions Pennsylvania Insurance Test Questions and Answers Already Passed
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Xcel Solutions Pennsylvania Insurance 
Test Questions and Answers Already 
 
Passed 
 
A nonparticipating company is sometimes called a Stock Insurer 
 
The Do Not Call Registry offers exemptions for calls placed from all the following EXCEPT 
Insurance Sales Calls 
 
Ken is a producer who has obtained Consumer Information Reports under false pretenses. Under 
the Fair Credit Reporting Act, what is the maximum penalty that may be imposed on Ken? 
$5,000 
 
A plan in which an employer pays insura...
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SC INSURANCE FINAL EXAM QUESTIONS AND ANSWERS RATED A+
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SC INSURANCE FINAL EXAM 
 
QUESTIONS AND ANSWERS RATED A+ 
 
all of the following are typically included in a life insurance policy illustration EXCEPT: 
 
A. premium of the policy 
B. names of the beneficiaries 
C. interest charged for policy loans 
D. cash surrender value in 20 years B. names of the beneficiaries 
 
during the course of an insurance transaction, which of the following is NOT a duty of the 
producer? 
A. highlight the protections guaranteed by the guaranty association 
B. be fa...
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IDAHO Life Insurance Exam questions and answers already passed
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IDAHO Life Insurance Exam questions 
 
and answers already passed 
 
Which of the following statements describes one of the reasons individuals purchase life 
insurance? 2. It creates an immediate estate. 
 
How long is the grace period for an individual life insurance policy? 1 month 
 
In this state the owner gets a "free look" of a specified number of days from Delivery of the 
policy 
 
Which of the following would be likely to establish a SEP? Smalls employers 
 
If a soliciting producer ...
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Louisiana Life and Health Simulator Exam with 100% Correct Answers | Verified | Latest Update 2024
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A licensee just renewed his license. How much time will pass before he will have to renew it 
again? - 2 years 
How many eligible employees must be included in a contributory plan? - 75% 
All of the following are Nonforfeiture options EXCEPT - Interest only 
Federal law makes it illegal for any individual convicted of a crime involving dishonesty or 
breach of trust to work in the business of insurance affecting interstate commerce - 
Without receiving written consent from an insurance regulator...
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Michigan Life Insurance State Exam Solved 100% Correct
- Exam (elaborations) • 35 pages • 2023
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Under a traditional IRA, interest is taxed: 
 
Only if withdrawn prior to age 59 1/2 
 
According to the capital gains rate 
 
Upon distribution 
 
During the accumulation phase - ANSWER-Upon distribution 
 
Which of these statements concerning Traditional IRAs is CORRECT? 
 
Earnings are not taxable when withdrawn 
 
Earnings are taxable when withdrawn 
 
Contribution are never tax deductible 
 
Contributions are always made by the employer - ANSWER-Earnings are taxable when withdrawn 
 
Wh...
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Alabama life and health || with 100% Errorless Solutions.
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Billy is the owner of a life insurance policy and has chosen a policy settlement option under which the company will pay the beneficiary (his widow) an income each month for as long as she lives. Payment stops at her death. Which settlement option has Billy selected? 
 
A. Fixed amount option 
B. Fixed period option 
C. Interest only option 
D. Life income option correct answers D. Life income option 
 
A man with an Accidental Death & Dismemberment (AD&D) policy having a Principal Sum of $100,0...
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Life Insurance Exam questions IDAHO with verified solutions
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Life Insurance Exam questions IDAHOWhich of the following statements describes one of the reasons individuals purchase life insurance? - correct answer 2. It creates an immediate estate. 
 
How long is the grace period for an individual life insurance policy? - correct answer 1 month 
 
In this state the owner gets a "free look" of a specified number of days from - correct answer Delivery of the policy 
 
Which of the following would be likely to establish a SEP? - correct answer Smalls employ...
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Texas Statutes and Rules Pertinent to Life Insurance Only Questions and Answers New (2024/2025) Solved 100% Correct
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According to the state nonforfeiture law for life insurance policies, insurers must offer at least one of the 
following nonforfeiture options EXCEPT 
A) Shortened benefit period 
B) Reduction of premium 
C) Reduced paid-up 
D) Extended term - B) Reduction of premium 
Correct! Reduction of premium is not a nonforfeiture option (it's a dividend option). The other answer 
choices are the required nonforfeiture options in life insurance policies issued in this state. 
All advertisements are the re...
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Life Insurance Practice Exam Questions and Answers (2023 / 2024) (Verified Answers)
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Life Insurance Practice Exam Questions and Answers (2023 / 2024) (Verified Answers) 
The ownership provision entities the policy owner to do all of the following EXCEPT 
 
a) Assign the policy. 
b) Designate a beneficiary. 
c) Set premium rates. 
d) Receive a policy loan. 
c) Set premium rates. 
 
The insurer sets premium rates based upon underwriting considerations. 
 
 
Which of the following protects consumers against the circulation of inaccurate or obsolete personal or financial information...
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