Iowa Life- Questions Missed
An insured owns a $50,000 whole life policy. At age 47, the insured decides to cancel his policy and exercise the extended term option for the policy's cash value which is currently $20,000. What would the face amount of the new term policy?
$50,000
What is the waiting period on a Waiver of Premium rider in life insurance policies?
6 months
The term "illustration" in a life insurance policy refers to
A presentation of nonguaranteed elements of a policy
Which of the following is NOT typically excluded from life policies?
Death due to plane crash for a fare paying passenger
During replacement of life insurance, a replacing insurer must do which of the following?
Obtain a list of all life insurance policies that will be replaced
Which nonforfeiture option provides coverage for the longest period of time?
Reduced paid up
Which of the following is NOT true of life settlements?
The seller must be terminally ill
Which of the following is NOT a producer's responsibility when making recommendations for an annuity exchange?
Always comply with the NASD Conduct Rules
A Universal Life Insurance policy is best described as a/an
Annually Renewable Term policy with a cash value account
What is the benefit of choosing extended term as a nonforfeiture option?
It has the highest amount of insurance protection
What is the purpose of a conditional receipt?
It is intended to provide coverage on a date prior to the policy issue
A married couple owns a permanent policy which covers both of their lives and pays the death benefit only upon the death of the first insured. Which policy is that?
Joint life policy
Which option for Universal life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured?
Option B
Who has the right to assign the benefits and/or all other incidents of ownership under a group life insurance policy?
The person insured
The commissioner has scheduled a hearing for a producer who is implicated in engaging in an unfair method of competition. The notice of hearing must be delivered to the producer NO later than how many days prior to the hearing?
10 days
A father purchases a life insurance policy on his teenage daughter and adds the Payor Benefit rider. In which of the following scenarios will the rider waive the premium?
If the father is disabled for more than 6 months
The Life Insurance Solicitation Regulation was promulgated to do the following
Provide adequate information to consumers regarding relative cost of insurance products
In forming an insurance conract, when does acceptance usually occur?
When an insurer's underwriter approves coverae
If an insurer becomes insolvent, the Iowa Life and Guaranty Association will do all of the following EXCEPT
Purchase all existing contracts issued under the insurer