ace state
the premium of a survivorship life policy compared with that of a joint life policy would be
lower
Which nonforfeiture option provides coverage for the longest period of time?
reduced paid up
the interest earned on policy dividends is
taxable
which is generally true regarding insureds who have been classified as preferred risk?
their premium is lower
which of the following is the best reason to purchase life insurance rather than annuities
to create an estate
if a retirement plan of annuity is "qualified" this means
it's approved by the IRS
Who can make a fully deductible contribution to a traditional IRA?
An individual not covered by an employer-sponsored plan who has earned income
which of the following is NOT true regarding a certificate of authority?
It is issued to group insurance participants.
which of the following best describes annually renewable term insurance
It is level term insurance
a couple receives a set amount of income from their annuity. when the wife dies, the husband no longer receives annuity payments. what type of annuity did the couple buy?
Joint Life
in order to be a licensed life settlement broker, a person must complete which of the following requirements?
Submit fingerprints
which of the following life insurance policies would be considered interest sensitive
Universal Life
which of the following individuals must pass the written examination to be licensed as an insurance agent
a producer who previously licensed in NJ who is applying for a NY license 120 days after becoming a resident of this state?
In insurance, an offer is usually made when
an applicant submits an application to the insurer
If an applicant for a life insurance policy is found to be a substandard risk, the insurance company is most likely to
charge a higher premium
what terms best describes the act of withholding material information that would be crucial to an underwriting decision?
concealment
Events or conditions that increase the chances of an insured loss occurring are referred to as
hazards
the life insurance clause that prevents an insurance company from denying payment of death claim after a specified period of time is known as the
incontestable clause
