Life insurance license

F needs life insurance that provides coverage for only a limited amount of time with a death benefit that changes regularly according to a schedule. What kind of policy is needed? A. Level term B. Whole life C. Limited-pay D. Decreasing

Decreasing Term

Which type of insurance buys out the business interest of a disabled owner? Disability buy-out Key person Operating expenses Overhead expense

Disability buy-out

If a 10-Year Term Life policy contains a Renewability provision, the policy will renew A. along with a decrease in premium B. at the option of the insurer C. only with the evidence of insurability D. Without evidence of insurability

Without evidence of insurability

Which of the following types of Term life policies most likely contains a Renewability feature? A. Increasing term B. 10 year convertible terms C. decreasing term D. Variable term

10 year convertible terms

Mary is in a car accident, and her car is completely destroyed. Her policy limit for damage to the car is $35,000. Her deductible is $1,000. The value of the car is $28,000. The insurance company is required to pay which amount? $28,000 $0 $27,000 $35,000

27,000

Which statement is TRUE regarding a variable whole life policy? A. A minimum guaranteed Death benefit is provided B. It is a combination of an Endowment and a Increasing term policy C. Its premiums and benefits are variable D. It has guaranteed dividends

A minimum guaranteed Death benefit is provided

What is another name for the agreement sections? A. Legal relationship B. Consideration C. Offer D. Acceptance

Acceptance

Which type of insurance contract involves a take-it-or-leave-it provision for a person or party? A. Unilateral B. Conditional C. Adhesion D. Aleatory

Adhesion

When a guest enters a bar and orders a few drinks, they are expected to pay because: A. An implied in-fact contract was established. B. An express agreement was made. C. An implied in-law contract was established. D.An oral agreement was made.

An implied in-fact contract was established

Which of the following must be part of a contract for it to be enforceable? A third party witnesses the signing. Consideration is exchanged. An offer that details what one party will give up. At least one of the parties is of legal age.

Consideration is exchanged.

J is issued a Life Insurance policy with a death benefit of $100,000. She pays $600 per year in premium for the first 5 years. The premium then increases to $900 per year in the sixth year, and remains level thereafter. The policy's death benefit also remains at $100,000. Which type of Life Insurance policy is this?

Modified premium life

Which disability provision pays an insured a percentage of their lost income if they are unable to return to full employment? Recurrent Residual Total Partial

Residual

An employee is injured in a forklift accident. An investigation discovers that the forklift was defective and the manufacturer had issued a recall notice but the employer had not complied with it yet. The employee receives workers' compensation benefits for the injury. What litigation options would give the employee the BEST chance of success? Suing his coworkers. Suing his immediate supervisor. Suing the employer. Suing the manufacturer of the forklift.

Suing the manufacturer of the forklift.

Which type of insurance covers the replacement costs of finding another employee or owner? Operating expenses Key person replacement Buy-out Employee recruiting

key person replacement