GUARANTEED EXAM QUESTIONS
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 would be true of both the fixed period and fixed amount settlement options
both guarantee that the principal and interest will be fully paid out
a whole life policy is surrendered for a reduced pay up policy the cash value in the new policy will
continue to increase
which settlement did J choose
fixed amount
which risk classification is representative of majority of people in a certain age group
standard
all of the following are consideration in an insurance policy except
the cash value in the policy
According to the insurance code regulations regarding life insurane policy proceeds, interest on a death claim must begin accumulating on what date
the insured death
all of the following are general requirements of a qualified plan except
the plan must be temporary, (qualified plans must be permanent)
all of the following are true of the survivorship life policy except
the premium is based on the age of each insured
which of the following statements are incorrect concerning modified endowment contracts (MECS)
an MEC must always pass the 7 day test
in order to get a nonresident license in this state a producer must
apply and pay a fee to a nonresident state that reciprocates
the policy summary must state the effective policy loan annual percentage interest rate for
the first 20 policy years
in a life insurance application all of the following signaturees will be required except
the home office underwriter
*Policy loan requests, except for loan requests for payment of due premiums, may be deferred for a period of up to
6 months
which of the following must an insurer obtain in order to sell life insurance
certificate of authority
the life and health guaranty association will cover the contractual obligations of an insolvent insurer to an individual up to what amount
300,000
In a variable life insurance policy, all of the following assets held in the insurance company's general account EXCEPT
CASH SURRENDER VALUES
any annuitization in 12 months or less from the effective date is
an immediate annuity
when an insured terminates membership in the insured group, the insured can convert to
whole life without proof of insurability
how much notice must be given to an insurer prior to examination of records by commissioner
30 days
will a temp lisence remain inforce if business is sold
NO
which statement below is INCORRECT regarding the type of term insurance that fits best with the applicants needs
applicants who may require a larger death benefit in future should buy convertible term insurance
HIV infection must give individual prior written notice of those requirements and ALSO
ONLY upon the written authorization of the individual or the individuals parent or guardian
if an applicants health is poorer than that of an average applicant, the policy may be issued
substandard
all of the following are advantages of a qualified retirement plan except
the income at retirement is tax free