Missed questions

An IRA owner who is 57 years old wants to make a withdrawal from her traditional IRA . What penalty will be imposed ?

10 %

An insurer must notify the consumer in writing that an investigative consumer report has been requested , within how many days of the initial request ?

3 days

An insurer recently collected Information from a senior consumer , and used that information to make recommendations regarding insurance transactie years must this information be maintained after the transaction has been completed ?

5 years

In how many years ? A life Insurance policy qualifies as a Modified Endowment Contract ( MEC ) If the amount of premium pald exceeds the amount that would have provided pald - up insurance

7 years

Individual members covered by group life insurance receive

A certificate of insurance .

Which of the following is NOT considered eligible for group life Insurance ?

A credit union that needs coverage only for its top 10 employees group

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

A customer service representative who solicits no more than one policy a year

An insurer who transacts Insurance in this state but whose articles of Incorporation are registered in Canada is considered what type of insurer ?

Alien

Which of the following would be an example of an unfair trade practice of sliding

An agent is falsely leading an applicant to believe that an additional coverage is required by law .

Which of the following is NOT an example of the company's location of Incorporation ?

Authorized

An insured Intentionally did not disclose a material fact on an application for insurance . This would be considered

Concealment

When a whole life policy is surrendered for its nonforfeiture value , what is the automatic option ?

Extended term

Jis receiving fixed amount benefit payments from his late wife's insurance go to the contingent beneficiary . Which settlement option did J choose ? policy . He was told that if he dies before all of the benefits are paid , the remaining amoun

Fixed Amount

At what point would an automatic premium loan be generated ?

Following the grace period

What does the Guaranty Association guard against ?

Insurer Insolvency

Agents may be found guilty of defamation if they make false statements that are intended to Malkclously criticize another insurance

Malkclously criticize another insurance company .

An Insurance agent visits a potential client and explains various types of policies . The customer displays a lack of Interest , so the agent guarantees hig he knows would be possible . Which term describes what the agent has done ?

Misrepresentation

Dividends received on participating life Insurance policies are

Not taxable because they are a return of unused premiums

continue making the premium payments due to death or A married couple purchase a life Insurance policy on their newborn baby . They are concerned about what would disability . Which policy rider should their agent recommend ? happen to the policy If either one of them were unable to

Payor benefit

Variable Insurance and variable annulties are regulated by

SEC , FINRA and Departments insurance

An Individual receives a lump - sum Inheritance . He'd like to use the money to create a lifetime income since he'll be retiring soon . He purchases an annuity and wishes to receive payments beginning in 2 months . What did he buy ?

Single Premium Immediate Annulty

Life Insurance can provide which of the following ?

Survivor protection

The policyowner's spouse was designated as the primary beneficiary on a life policy issued 3 years ago . Last year , the couple got divorced . Which on regarding the beneficiary designation of the former spouse ?

The designation will be vold

Life Insurance creates an immediate estate . Which of the following best explains this statement ?

The face value of the policy is payable to the beneficiary upon the death of the insured .

All of the following statements about indexed whole life Insurance are correct EXCEPT

The policy face amount remains level throughout the life of the policy .

All of the following are true of the Survivorship Life policy EXCEPT

The premium is based on the age of each Insured .

Which of the following best describes pure life annuity ?

a ) It provides the highest monthly benefits