FML 3

How many days from the issuance of an emergency seise and desist would the order be considered final?

31 days

An event of a death, disablement of a licensee, or other specific events, the commissioner may issue temporary license to another person to continue the business of insurance. A temporary license is issued for a period not to exceed...

6 months

The paid up addition, option uses the dividend to...

Purchase a smaller amount of the same type of insurance policy

Which nonforfeiture option provides coverage for the longest period of time?

Reduced paid up

An underwriter may obtain information on an applicant's hobbies, financial status, and habits by ordering a/an

Inspection report

The LEAST expensive first-year premium is found in which of the following policies? - Level term - Annually renewable term - Increasing term - Decreasing term

Annually renewable term

The least expensive first your premium is found in which of the following policies?

Annually renewable term

Which of the following protects the insured from an unintentional policy lapse due to a nonpayment of premium? - Reinstatement - Reduced paid-up option - Automatic premium loan - Extended term

Automatic premium loan

An insured pays an annual premium through his insurer. In return, insurer promises to pay benefits in accordance with the terms of the contract. This is called what?

Consideration

An individual has been making periodic premium payments on an annuity. The annuity income payments are scheduled to begin after one year since the annuity was purchased. What type of annuity is it?

Deferred

Renewal fees for all licenses are the same as initial license. However, late application for renewal of license requires a fee of....

Double the original license fee

All of the following actions can be described as twisting except - Making an incomplete comparison between existing and proposed policies - Explaining to the client the advantages of permanent insurance over term and suggest changing policies - Misrepresenting the terms and conditions of the existing policy to make the new one more at attractive - Embellishing the terms of the proposed policies in order to convinced the insured to switch

Explained to the client advantages of permanent insurance over term and suggest changing policies

Which policy component decreases in decreasing term insurance?

Face amount

Which of the following terms best describes the coverage provided by term policies, as compared to any other form of protection? - Least - Most expensive - Longest - Greatest

Greatest

An insured purchased an insurance policy 5 years ago. Last year, she received a dividend check from the insurance company that wasn't taxable. This year, she didn't receive a check from the insurer. What type of insurer did the insured purchase the policy?

Mutual

An insured has a life insurance policy from a participating company in receives quarterly dividends. He has instructed the company to apply the policy dividends to increase the death benefit. The dividend option that insured has chosen is called...

Paid-up additions

And insured purchased a life policy in 2010 and died in 2020. The insurance company discovers at that time that the insured had misstated information about her insurance history on the application. What will the insurer do?

Pay the death benefit

Which of the following best describes what the annuity period is?

Period of time during which accumulated money is converted into income payments

In termpolicies, what happened to the premium throughout the term of the policy?

Remains level

Equity indexed annuities does what?

Seek higher returns

It would be considered unfair discrimination to ask an insurance applicant about which of the following and then use that information as a rating factor to determine insurability?

Sexual orientation

If the annuitant dies during the accumulation period, who will receive the annuity benefits?

The beneficiary

Which of the following statements about group life is correct? - The premiums are higher than in an individual policy because there is no medical exam - The group sponsored received a certificate of insurance - The policy can be converted to an individual term insurance policy - The cost of coverage is based on the ratio of men and women in the group

The cost of coverage is based on the ratio of men and women in the group

To send important documents to the insured through electronic mail services, all of the following must be met EXCEPT....

The insured must be aware that choosing another method may affect the validity of the document

All of the following are true about variable product, except... - Policy owners bear the investment risk - The premiums are invested in the insurer's general account - The minimum death benefit is guaranteed - The cash value isn't guaranteed

The premiums are invested in the insurer's general account

What is the purpose of settlement options?

They determine how death proceeds will be paid

An insured owns a life insurance policy. To be able to pay for some of her medical bills, she withdraws a portion of the policy's cash value. There is a limit for withdrawal, and the insurer charges a fee. What type of policy does insured most likely have?

Universal life

Which of the following terms is used to describe a person, other than a viator, that enters into or effectuates a viatical settlement contract? - viatical settlement purchaser - viatical settlement broker - Viatical settlement effectuator - Viatical settlement provider

Viatical settlement provider