Primerica Life Insurance

For how long is an insurance company allowed to defer policy loan requests?

6 months

A new insurance must be treated as a replacement if a new insurer sells a policy to a group which discontinued its group medical insurance within how many days?

60

An agent is acting ethically in all of the following situations EXCEPT

Always representing the insured.

If an agent wishes to sell variable life policies, what license must the agent obtain?

Securities

All of the following are true about variable products EXCEPT

The premiums are invested in the insurer's general account.

Which of the following does NOT apply to Errors and Omissions liability contracts?

They are written for the clients of the producer covered by the policy.

According to the Code, how many separate requirements should an insurance policy have?

6

To attain currently insured status under Social Security, a worker must have earned at least how many credits during the last 13 quarters?

6 credits

According to the Law of Agency, a principal is represented by a/an

Agent.

Any insurer who engages in the insurance business and violates the Code with respect to insurance replacement shall on the first violation

Be fined a sum of $10,000.

What kind of policy issues certificates of insurance to insureds?

Group insurance

An insured purchased a Life Insurance policy. The agent told him that depending upon the company's investments and expense factors, the cash values could change from those shown in the policy at issue time. The policy is a/an

Interest-sensitive Whole Life.

If a contract provides a set amount of income for two or more persons with the income stopping upon the first death of the insured, it is called a

Joint life annuity.

If a life insurance policy develops cash value faster than a seven-pay whole life contract, it becomes a/an

Modified endowment contract.

Which of the following is NOT true regarding the needs approach method of determining the value of an individual's life?

Need is predicted using the number of years until the insured's retirement.

Based on Human Life Value Approach, which of the following is NOT used to calculate an individual's life value?

Predicted needs of the family after the insured's death.

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

SEC registration.

Agents who persuade insureds to cancel a policy in favor of another one when it might not be in the insured's best interest are guilty of

Twisting.

All of the following are true regarding a qualified annuity EXCEPT

At distribution, all amounts received by the employee are tax free.

The annuity owner dies while the annuity is still in the accumulation stage. Which of the following is TRUE?

The beneficiary will receive the greater of the money paid into the annuity or the cash value.

The type of policy that can be changed from one that does not accumulate cash value to the one that does is a

Convertible Term Policy.

A contract which one party undertakes to indemnify another against loss is called

Insurance.

An insurance company is domiciled in Montana and transacts insurance in Wyoming. Which term best describes the insurer's classification in Wyoming?

Foreign

Which of the following insurance options would be considered a risk-sharing arrangement?

Reciprocal

Which of the following is NOT true of life settlements?

The seller must be terminally ill.