Life ins Study guides, Class notes & Summaries

An insured purchased an insurance policy 5 years ago. Last year, she received a dividend check from the insurance company that was not taxable. This year, she did not receive a check from the insurer. From what type of insurer did the insured purchase the policy? a. mutual b. reciprocal c. nonprofit service organization d. stock - A. mutual funds not paid out after paying claims and other operating costs are returned to the policy owners in the form of a dividend. if all funds are paid o...

ARKANSAS LIFE INSURANCE EXAM QUESTIONS AND ANSWERS J is a producer who has induced an insured through misrepresentation to surrender an existing insurance policy. What is J guilty of? - ANS Twisting What is implied authority defined as? - ANS Authority that is not specifically given to an agent contract, but that an agent can reasonably assume to carry out his/her duties A person who is a nonsmoker, average weight, excellent health would fall into what risk classification? - ANS ...

Colorado Life Insurance Exam| Questions and Verified Answers| Grade A (2023/2024 Update) QUESTION How many days does an insurance producer have to report to the Commissioner any administrative action taken against them as well as any criminal prosecution that occurs in another jurisdiction? Answer: 30 days QUESTION When Jason filled out his application his statements had to be ______________ to be considered legal. Answer: Representations QUESTION Phil a...

MN life insurance questions and answers rated A+ In what type of policy does the owner pay the same premium throughout the term of the contract? Level premium policy Which type of beneficiary CANNOT be changed without consent? The beneficiary is irrevocable How many total hours of continuing education covering the subjects for which the license is licensed must complete. 24 hours Accidental and dismemberment will pay the principal sum of death occurs: As a result of an acciden...

Utah Health and Life Insurance Exam Questions and Answers Already Passed Under a Modified Endowment Contract, what are the likely tax consequences? Pre Death Distributions will become taxable Kathy's annuity is currently experiencing tax-deferred growth until she retires. Which phase is this annuity in? Accumulation period If threats or force is used to affect an insurance transaction, the unfair trade practice of _________ has been committed. Coercion A whole life policy option...

What is meant by referring to an insurance policy as a unilateral contract? - Only one party makes a legally enforceable promise. When must insurance records of insurance agents and brokers be made available to the Insurance Commissioner? - At all times. Any situation that presents the possibility of a loss is known as - a loss exposure Which of the following information is not required to be communicated in a Life insurance contract? - Personal judgment. The direct distribution of insura...

NC Life Insurance Exam Prep Questions and Answers Already Passed An agent who sells an individual life insurance policy in NC MUST deliver to the policyowner A policy summary and buyer's guide All of the following actions are considered rebating EXCEPT Sharing commissions with other licensed and appointed agents What benefit does the Payor Clause on a Juvenile Life Policy provide? Premiums are waived if payor becomes disabled An agent who signs a blank contract application or policy of insu...

NJ Life Insurance Exam Questions with Answers (Latest Update 2023)

PRIMERICA LIFE INSURANCE EXAM 2024 |Question and Answer| 100% Correct An insured purchased an insurance policy 5 years ago. Last year, she received a dividend check from the insurance company that was not taxable. This year, she did not receive a check from the insurer. From what type of insurer did the insured purchase the policy? a. mutual b. reciprocal c. nonprofit service organization d. stock *Ans* A. mutual funds not paid out after paying claims and other operating costs are r...