Life insurance exam

The termination of marital property rights may not be reversed if the

Spouse named as beneficiary has obtained or consented to a final decree or judgement of annulment.

Military =

Submit request.

In a cash surrender nonforfeiture option, the funds exceeding the premium paid are taxable as

Ordinary income.

All of the following would be considered ravaging except?

An agent misrepresents policy benefits to convince a policy owner to replaces policies.

How long is the right to examine period for new individual annuities issued in this state?

10 days

How many calandra days does a visitor have to recons a contract?

15 days.

How long can a temp license be valid for maximum?

180 days.

A producers license must be renewed every

2 years

Within how many days must a producer respond to an inquiry from the commissioner?

30 days

How long does a licensee have to change their recidence?

30 days.

Licensees must make a report of any action taken against them within...?

30 days.

Accelerated benefits under a life insurance policy are

Always faxed for the chronically Ill insured.

In order to qualify for group insurance to individual insurance, the insured must be insured for

5 years.

What is the waiting period on a waiver of premium rider?

6 months.

Which of the following would be required to be licensed as an insurance producer?

A salaried employee who advertised an solicited insurance.

The two types of assignments are?

Absolute and collateral.

Under the insurance fraud protection act, when can a person who has been convicted of a crime involving dishonesty or a breach of trust engage in the business of insurance?

After obtaining the consent of the department of insurance.

The commissioner of insurance is placed in office by which means?

An appointment by the governor.

The annuitant cannot be the same person as the

Annuity owner.

Taxation of accelerated benefits under a life insurance policy

Are always taxable to chronically ill

Which of the following provisions in annuity contracts allow the owner to shire see the annuity if interest rates drop to a specific level?

Bail out.

Which of the following is a feature of a variable annuity?

Benefit payment amounts are not guaranteed.

Common disaster clause

Both insured and beneficiary die.

All of the following are personal uses of insurance except

Buy sell agreement.

Which of the following features of the indexed whole life policy is not fixed?

Cash value growth.

Liquidity refers to

Cash values being borrowed at any time.

Avocation cannot be used to

Classify risk.

Expressed consent is

Contract

Surrendered cash value =

Coverage ends and policy can NOT be reinstated.

The IRA is distributed when the beneficiary is not named on

December 31 following 5th anniversary of owners death.

Creating an estate is not an appropriate use of a

Deferred annuity.

If an insurer appoints a producer, which authority must be notified?

Department of insurance.

Which of the following authorities monitors the financial strength of insurers?

Department of insurance.

Which of the following is not a term for the period of time during which the annuitant or beneficiary receives income?

Depreciation period.

What is an example of defamation?

Derogatory oral statements.

Moral hazard is

Dishonesty

How often must the commissioner examine rating organizations?

Every 5 years.

Implied consent is

Expected, not written

An agent selling variable insurance annuity must be registered with

FIRNA

Which of the following is an example of an unfair claims settlement practice?

Failure to promptly settle a claim when liability has been clearly established.

In a direct transfer, how does money go from retirement plan to IRA?

From trustee to trustee.

The equity indexed annuity has a

Guaranteed minimum interest rate.

All of the following entities regulate variable life policies except?

Guaranty association.

An insurer devised an intimidation strategy in order to corner a large portion of the insurance market. Which of the following best describes this practice?

Illegal.

Morale hazard is

Indifferent to loss

Premium receipt =

Initial premium.

An insurer receives a report regarding a potential insured that includes hobbies and habits?

Inspection report.

Human life value approach =

Insured wages and inflation

Which of the following statements regarding hiv testing is not true?

Insurers are barred from requesting hiv testing.

Which of the following best describes a bail out provision?

It allows the owner to surrender the annuity without a charge.

Why is an equity indexed annuity considered to be a fixed annuity?

It has a guaranteed minimum interest rate.

All of the following statements are true regarding installments for a fixed period annuity settlement option except?

It is a life contingency option.

If a deferred annuity is surrendered prematurely, a surrender change is imposed. How is the surrender charge determined?

It is a percentage of the cash value and decreases over time.

Which of the following best describes annually renewable term insurance?

It is level term insurance.

Which is true regarding the annuity period?

It may last a lifetime.

Term policy premiums are always

Level

Term policies provide the greatest amount of coverage for the

Lowest premium

Defamation is

Making a false statements about condition

An insured purchased an insurance policy 5 years ago. Last year, she received a dividend check from the insurance company that was not taxable. This year, she did not receive a check from the insurer. From what type of insurer did the insured purchase the policy?

Mutual

Which of the following best describes gross annual premium?

Net premium plus expenses.

In variable universal life, the death benefit is?

Not fixed.

The death benefit in a variable universal life policy depends on the performance

Of a separate account.

In adjustable life, the death benefit can be increased by..?

Providing evidence of insurability.

What nonforfeiture option provides coverage for the longest period of time?

Reduced paid up.

All of the following are requirements of license renewal except?

Renewal exams.

Insurance producers that do not have company appointments are considered?

Representative of the consumer.

Which of the following is true regarding variable annuities?

The annuitant assumes the risks on investment.

Who is responsible for paying appointment fees?

The appointing insurer.

Which of the following protects consumers against the circulation of inaccurate or I delete personal financial information?

The fair credit reporting act.

The loss is not insurable if?

The loss is intentional.

Who is not allowed to represent the insured or claimant?

The producer.

In a qualified plan?

The tax benefit for both employers and employee.

All of the following are requirements of life insurance illustrations except?

They must be part of the contract.

Which type of life insurance policy allows the policyholder to pay more or less than planned premium?

Universal life.

Cash value limits the amount a policy owner may borrow from a

Whole life policy.

The payor benefit

relieves a minor insured from premium payments if a parent dies or becomes disabled.