Life insurance wrong answers third attempt.

In the event a licensed producer dies, a temporary license will allow the license to perform all of the following acts EXCEPT: a. collect premiums due b. service existing policies c. solicit insurance. d. renew policies

C

The life solicitation rule applies to which of the following: a. annuities b. credit life c. individual life d. variable life

C

A group insurance policy was solicited by a limited insurance representative. Which of the following is true according to the disclosure regulation? a. disclosure regulation does not apply to limited insurance representatives. b. disclosure regulation does not apply to group insurance. c. the name of the representative must be displayed on each certificate of insurance. d. the representative's name and signature must appear on the master policy.

D

What happens when a policy is surrendered for its cash value? a. the policy can be reinstated by paying back all policy loans and premiums b. the policy can be converted to term coverage. c. policy ends and the policy cannot be reinstated. d. coverage ends but the policy can be reinstated at any time.

c

A producer conducts business ethically and receives high praise from most customers. The producer pays all of the required license renewal fees, but receives a notice that its license has been terminated. What is the most likely reason for this? a. lack of continuing education b. lack of customer service. c. the company did not pass its semi-annual exam. d. the license expires.

A

If a person applies to become a life insurance producer, what is the minimum number of hours of prelicensing education that must be completed in a classroom? a. 7.5 b. 10 c. 12.5 d. 20

A

If an applicant for a life insurance policy7 and person to be insured by the policy are two different people, the underwriter would be concerned about: a. whether an insurable interest exists between the individuals. b. the gender of the applicant. c. the type of policy requested. d. which individual will pay the premium.

A

In forming an insurance contract, when does acceptance usually occur? a. when an insurer's underwriter approves coverage. b. when an insurer delivers the policy. c. when an insurer receives an application d. when an insured submits an application

A

when both parties to a contract must perform certain duties and follow rules of conduct to make the contract enforceable, the contract is. a. conditional b. aleatory c. personal d. unilateral

A

All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT: a. an offer to share in commissions generated by the sale. b. dividends from a mutual insurer c. an offer of employment. d. stocks, securities, or bonds.

B

In order to qualify for conversion from a group life policy to an individual policy of the same coverage, a person must have been insured under the group plan for how many years? a. 3 b. 5 c. 10 d. 1

B

Which of the following determines the length of time that benefits will be received under the Fixed-Amount settlement option? a. amount of interest b. size of each installment c. predetermined length of time stated in the contract d. Length of income period

B

The policyowner wants to make sure that upon his death, the life policy will pay a portion of the proceeds annually to his spouse, but that the principal will be paid to their children when they reach a certain age. Which settlement option should the policyowner choose? a. joint and survivor b. fixed amount option. c. interest only option d. Life income with period certain

C

Which of the following is NOT the consideration in a policy? a. the premium amount at the time of application. b. the promise to pay covered losses. c. the application given to a prospective insured. d. something of value exchanged between parties.

C

Which of the following is TRUE for both equity indexed annuities and fixed annuaties? a. Both are considered to be more risky than variable annuities. b. they invest on a conservative basis. c. they have a guaranteed minimum interest rate. d. they are both tied to an equity index.

C

According to the entire contract provision, what document must be made part of the insurance policy? a. buyer's guide b. agent's report c. outline of coverage. d. copy of the original application

D

The policy provision states that the insurer must advance to the policyowner a sum up to the policy's cash value after the full amount of premiums have been paid for how long? a. 6 months b. 1 year c. 2 years d. 3 years

D

To which of the following policies would the state regulation on illustrations NOT apply? a. a whole life policy with a guaranteed death benefit of $20,000. b. a group life policy c. a term policy d. an individual variable life policy.

D

Which of the following applicants would NOT qualify for a Keogh plan? a. someone who has been employed for more than 12 months. b. someone who is over 25 years of age. c. someone who wokrs for a self-employed individual. d. someone who works 400 hours per year

D

Which of the following insurance arranggements will be appropriate for a parent buying a life insurance policy on a child where the parent is the policyowner? a. an irrevocable beneficiary b. a buy-sell agreement. c. family term rider. d. third-party ownership

D