3rd attempt on the guaranteed exam

The agent is seriously injured and their disability keeps them from working

A temporary license may be issued for which of the following reasons?

Continue to increase

A whole life policy is surrendered for a reduced paid up policy. The cash value in the new policy will

If someone has incurred funeral expenses on behalf of the insured, a limited benefit payment may be made

According to the benefit payments provision, which of the following is true?

Agents selling health insurance

All of the following are exempt from the state licensing requirements EXCEPT

Proof of insurability must be provided at each renewal

All of the following are true of annually renewable term insurance EXCEPT

The rider expires when the insured reaches age 60

All of the following are true regarding the waiver of cost of insurance rider EXCEPT

Either term insurance or permanent insurance.

An adjustable life policy can assume the form of

3 days

An insurer must notify the consumer in writing that an investigative consumer report has been requested within, how many days of the initial request?

The underwriters approve the application

If an applicant submits the initial premium with an application, which action constitutes acceptance?

Premium cost above $50,000 is taxable as income to the employee.

In a group life policy with a death benefit of more than $50,000

Stock insurers are owned by the shareholders and issue nonparticipating policies.

In contrasting stock insurers with mutual insurers, which statement is true?

They are in relation to the cost of living

Insurance rates are regulated to the extent of all of the following EXCEPT

5 years

The commissioner must examine the transactions and records of each domestic insurer at least every

To compensate the company for loss of investment value

What is the purpose of the surrender charge in a deferred annuity?

The difference between the premiums paid and the cash value

An insured decides to surrender his whole life policy. The cash value at surrender is higher than the premiums paid into the policy, due to interest. What part of the surrender value would be income taxable?

It provides the agent's personal observations concerning the proposed insured.

Which of the following statements is TRUE regarding an agent's reporting during the policy application process?

30

An insured decides to replace his life insurance policy with one offered by a new insurer. After receiving the policy, he is unsatisfied with the provisions and decides to return it. Within how many days must he return the policy in order to receive a full premium refund?

The Medical Information Bureau assists underwriters in evaluating and classifying risks

Which of the following statements concerning the medical information is correct?

Currently insured

An employee files having 6 quarters of coverage during the previous 13-quarter period. What status of coverage does the employee have under social security?

Both partial cash surrender and policy loan

Which distribution(s) from a Modified Endowment Contract would be taxable as income at the income at the time received to the extent that the cash value of the contract immediately before the payment exceeds the investment in the contract?

Setting insurance rates

Which of the following is NOT a duty of the commissioner

An advisor

Which of the following is paid to make recommendations about changes in coverage and limits?

Considering the time value of money in comparing life insurance costs

Which of the following is the distinguishing characteristic of the interest-adjusted net cost method?