life insurance basic

All of the following are duties and responsibilities of producers at the time of application except

Change any incorrect statement on the application by personally initialing next to the corrected statement.

To sell variable life insurance policies, an agent must receive all of the following except

SEC registration

All of the following are characteristics of a group life insurance plan except

There is a requirement to prove insurability on the part of the participants.

Are insurance company underwriters allowed to discriminate?

Yes, but not unfairly

An applicant wants to buy a policy that has a cash value element. Which type should she buy?

permanent

Which of the following best describes gross annual premium?

Net premium plus expenses

Which of the following types of insurance policies would perform the function of cash accumulation?

whole life

Which of the following is a generic consumer publication that explains life insurance in general terms to assist the applicant in Decision making process

Buyers guide

Concerning Juvenile Life insurance, which of the following statements is INCORRECT?

Juvenile Life is classified as any life insurance purchased by a minor.

Which of the following policies would be classified as a traditional level premium contract?

Straight life

Which of the following terms is used to describe person, other than a Viator, that enters into or effectuates a viatical settlement contract ?

Viatical settlement provider

Which of the following policies would have the IRS required Corridor Or gap between the cash value and death benefit?

Universal life-option a

When the breadwinner that is insured by family policy dies what rights are provided other family members that are covered under the policy?

They can convert their coverage to permanent life insurance without evidence of insurability

If an applicant for a life insurance policy & person to be insured by the policy or two different people, the underwriter would be concerned about

Weather in insurable interest exist between the individuals

Which of the following methods of calculating The amount of life insurance needed takes into account the insured's wages, years until retirement, and inflation?

Human life value approach

Which of the following policies is characterized by a provision where the premiums are lower in the early years of the policy increase over time point where they become level for the remainder of the policy?

Graded Premium Whole Life

After the initial period, and based on the companies expected mortality, expense and investment projections, this type of whole life policy allows the insurer some raise the premium, lower the premium, or leave it the same?

Indeterminate premium whole life

Which component increases in the increasing term insurance?

death benefit

Graded premium whole life policy premiums are typically lower initially, but gradually increase for a period of 5 to 10 years. After the period of increased the premiums will

Be level thereafter