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how long is the grace period for an individual life insurance policy

1 month

*Policy loan requests, except for loan requests for payment of due premiums, may be deferred for a period of up to

6 months

how long is the period of time in which a licensee must renew his or her license

90 days prior to expiration

which of the following would benefit the most from a straight life immediate annuity

a 60 year old man who needs as much retirement income as possible

according to the life insurance replacement regulations, which of the following would be an example of policy replacement

a policy is reissued with a reduction in cash value

which of the following documents used in the underwriting process contains specific medical details about an applicant

attending physicians statement

which of the following would NOT trigger the payment of Accelerated Death Benefits

being permanently disabled

a whole life policy is surrendered for a reduce-paid up policy. the cash value in the new policy will

continue to increase

an adjustable life policy can assume the form of

either term insurance or permanent insurance

which of the following is a correct statement about annuities

fixed annuities do not provide protection against inflation

all of the following information needs to be included on an application for life insurance EXCEPT

health insurance policies in force

if a loan request for payment of due premium on the policy, how soon must the insurer issue a loan

immediately

all of the following are true regarding a cash refund annuity settlement option EXCEPT

it provides a cash payment to the annuitant at annuitization

which of the following best describes pure life annuity

it provides the highest monthly benefits

your client wants to provide a retirement income for his elderly parents in case something happens to him. he wants to make sure that both beneficiaries are guaranteed an income for life. what settlement option should this policy owner select

joint and survivor

cash value guarantees in a whole life policy are called

nonforfeiture values

if a life insurance company uses HIV testing as a part of its underwriting, when must an application be notified of the procedure

prior to performance of the test

what does the application of contract of adhesion mean

since the insured does not participate in preparing the contract, any ambiguities would be resolved in favor of the insured

in a deferred annuity the difference between the accumulation value and the surrender value is the

surrender charge

all of the following are true about key-person insurance EXCEPT

the death benefit is taxable to the business

which of the following statements is true regarding thrift plans

the employer contributes a certain amount for each dollar contributed by the employee

life insurance creates an immediate estate. which of the following best explains this statement

the face value of the policy is payable to the beneficiary upon the death on the insured

in a life insurance application, all of the following signatures will be required EXCEPT

the home office underwriter

all of the following are advantages of a qualified plan except

the income at retirement is tax free

With Adjustable Life, the owner can change all of the following EXCEPT

the insured

which of the following is true regarding a joint life annuity

the payments stop at the first death

According to the Common Disaster clause, if the insured and primary beneficiary are killed in the same accident and it cannot be determined who died first, which of the following will be assumed?

the primary beneficiary died before the insured

all of the following are true regarding the waiver of cost insurance rider except

the rider expires when the insured reaches age 60


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