Life Exam
all of the following are personal uses of life insurance EXCEPT
buy-sell agreement
which of the following is the basic source of information used by the company in the risk selection process
application
an unlicensed assistant works full time in an insurance agency. she may perform all the following activities except
collect premium for in-force policies
An insured and his wife are both involved in a head-on collision. The husband dies instantly, and the wife dies 15 days later. The company pays the death benefit to the estate of the insured. This indicates that the life insurance policy had what provision
common disaster
When an insured makes truthful statements on the application for insurance and pays the required premium, it is know as which of the following
consideration
the term "fixed" in a fixed annuity refers to all the following EXCEPT
death benefit
A policy owner plans to change insurance coverage from one insurer to another. if the insurer starts a conversation effort, the insurer is
discouraging policy holders from dropping existing policies
insurers must screen all marketing plans to assure that an advertisement does NOT use as the name or title of any kind of an annuity contract any phrase that
does not include the word "annuity" unless accompanied by other please language indicating it is an annuity
if a beneficiary wants a guarantee that benefits paid from principal and interest would be paid for a period of 10 years before being exhausted what settlement option should the beneficiary select
fixed period
Another name for a substandard risk classification is
rated
which nonforfeiture option provides coverage for the longest period of time
reduced paid-up
a producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. this is a person use of life insurance known as
survivor protection
Offer
when app is submitted
An annuity owner is funding an annuity that will supplement her retirement. Because she does not know what effect inflation may have on her retirement dollars, she would like a return that will equal the performance of the Standard and Poor's 500 index. She would likely purchase
Equity Indexed Annuity
which of the following is NOT true regarding policy loans
money borrowed from the cash value is taxable
who bears all of the investment risk in the fixed annuity
the insurance company
if a government agency in this state files an administrative action against an insurance license, the report of the action to the commissioner must include all of the following except
the producers production records for the prior year
Which of the following insurance arrangements will be appropriate for a parent buying a life insurance policy on a child where the parent is the policy owner
third-party ownership
what is the purpose of establishing the target premium for a universal life policy
to keep the policy in force
Social Security was created to provide all the following benefits EXCEPT
unemployment income
which of the following terms will be permissible in describing a life insurance policy in company advertisement
variable plan
Acceptance
when UW approves the app and issues the policy