Life Exam Simulator

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Q is severely injured in an automobile accident and becomes totally disabled. How many months must Q be disabled before being able to file for Social Security disability benefits?

5

How are surrender charges deducted in a life policy with a rear-end loaded provision?

Deducted when the policy is discontinued

Which of these statements about a Guaranteed Insurability Option rider is NOT TRUE?

Evidence of insurability is required when the option is exercised

Taking receipt of premiums and holding them for the insurance company is an example of:

Fiduciary responsibility

All of the following penalties apply to anyone giving intentional false testimony during an insurance examination EXCEPT

Guilty of a Felony

Tom has a qualified retirement plan with his employer that is currently considered to be 80% "vested". How can this be interpreted?

If Tom's employment is terminated, 20% of the funds would be forfeited

How would a contingent beneficiary receive the policy proceeds in an Accidental Death and Dismemberment (AD&D) policy?

If the primary beneficiary dies before the insured

Which of these retirement plans can be started by an employee, even if another plan is in existence?

Individual Retirement Account (IRA)

How long does the coverage normally remain on a limited-pay life policy?

age 100

An employee of 20 years recently retired at age 59 1/2. This employee's group life contract can be:

converted to an individual permanent policy at an individual rate

Credit life insurance is

issued in an amount not to exceed the amount of the loan

Consumer reports requested by an underwriter during the application process of a life insurance policy can be used to determine:

probability of making timely premium payments

If an annuity application was not taken in person, an insurer must provide the applicant a Buyer's Guide

within 5 business days of the insurer receiving the application

A cost of living rider gives the insured

additional death benefits

A producer must remit premiums to the insurer within ___ days after receipt.

45

A life insurance applicant realized he failed to disclose material medical history and calls the producer. Any changes made to the application must be initialed by the

Applicant

Which settlement option pays a stated amount to an annuitant, but no residual value to a beneficiary?

Life Income

Which of these is NOT considered to be a right given to a policy owner?

Modify a provision in the insurance contract

In a life insurance policy, which provision states who may select policy options, designate and name a beneficiary, and be the recipient of any financial benefits from the policy?

Owner's Rights

Which of the following information is NOT required to be included in a Whole Life policy?

Policy's guaranteed dividend table

Colorado's replacement rules apply to all of the following types of insurance EXCEPT

Single Premium Whole Life

What type of life insurance gives the greatest amount of coverage for a limited period of time?

Term life

The USA Patriot act was signed in to law as a response to

The 9/11 terrorist attacks

Which statement regarding a Key Employee Life policy is NOT true?

The beneficiary is named by the key employee

The combination of Whole Life and _______ Term insurance is referred to as a Family Income Policy

Universal

Which of these is considered a statement that is assured to be true in every respect?

Warranty

What kind of life policy either pays the face value upon the death of the insured or when the insured reaches age 100?

Whole Life

If a producer is going to deposit any premium into a bank account prior to remitting the funds to the insurer, he/she must use a

separate insurance trust account

The premiums paid by an employer for his employee's group life insurance are usually considered to be:

tax-deductible to the employer

G takes out a life insurance policy on October 8, 2008. On August 3, 2009, G takes his own life. When G's beneficiary files a claim,

the claim will be denied under the suicide provision


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