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Any event there's no beneficiary living at the time of death and insured person. What is the maximum the pay benefit payments will pay to any person showing evidence of incurred funeral, or other expenses incidental to the last illness or death of the insured person

$2000

If the commission determines the agent appointment is invalid within how many days with the commission notify the insure

30 calendar days

An agent is convicted of a felony in another jurisdiction. within what period of time must the agent report the felony charges to the commission

30 days

Any insurance agent changes his residential address within what time. Must the agent notify the Commission of the change

30 days

Within how many days of moving from one state to another, must a nonresident producer send notice of change of address to commission

30 days

Which of the following persons is required to hold a producer license?

A person who negotiates insurance contracts

The beneficiary is not named for annuity benefits, to which entity will the benefit be paid

ANNUITANTs estate

What is another name for interest sensitive whole life insurance?

Adjust the life

And insured states her age at the time of the life insurance application is taken. This statement may result in.

Adjustment in the amount of death benefit

All of the following types of distributions are considered exceptions to the early distribution rule, and therefore, non-subjective penalty tax, except

Alone from the plan

Which of the following is not true section 1035 policy exchanges

Any exchange made under Section 1035 of the Internal Revenue Code must be completed within 30 days.

At what time may the insurance commission inspect records pertaining to the insurance transactions?

At any business time in the five years immediately following the relevant transaction

All of the following are true of the federal tax advantages

At distribution all amounts received by the employee are tax-free

An employee quits his job and converts his group policy to an individual policy. The premium for the individual policy will be based on his

Attained age

A policy owner fails to pay the premium due on his whole life policy after the grace period passes, but the policy remains in force. This is due to what provision?

Automatic premium loan

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

Benefit payments are not guaranteed

A tax sheltered annuity is a special tax favored retirement plan available

Certain employment groups

The proposed insure makes the premium payment on a new insurance policy. If the insurance should die, the insurer will pay the death benefit to the beneficiary. If the policy is approved to what is this example of kind of contract.

Conditional

Representations are written or oral statements made by the applicant that are

Considered true to the best of the applicant's knowledge

A key person insurance policy can pay for which of the following

Cost of training, a replacement

Which of the following would be the beneficiary in credit life insurance?

Creditor The creditor is the owner and the beneficiary of the policy.

Which of the following is true regarding the insurance amount in a credit life policy

Creditor can only insure the debtor for the amount owed.

Which of the following statements terms, make it false statements about financial condition of any insured that is intended to endure any person engaged in business insurance

Defamation

Two individuals are the same risk age class yet they are charged different rates for the insurance policy due to insignificant factors. What is it called just

Discrimination

If a change needs to be made to the application for insurance, the agent may do all of the following except

Erase the incorrect answer and record the correct answer

A universal life insurance policy has two types of interest rates that are called

Fixed in variable

What is required provision, protect against unessential lapse of the policy

Grace

What type of taxes associated with death proceeds from a life insurance policy

Income tax

A return of premium term life policy is written as what type of term coverage

Increasing

Which of the following life insurance policies allow policy owner to take out a loan from the policies cash value

Increasing term life policy

What type of life insurance policy may automatically increase the face amount of the policy as the consumer in price index increases

Indexed whole life

Which of the following statements is incorrect with regard to information collected, privacy protection

Insurance agents must provide notice of their information practices to applicants and policyholders no later than time the policies

Doreen parcel withdrawal from a universal policy which port will be taxed

Interest interest

Which of the following best describes a bell out provision

It allows the owner to surrender the annuity without a charge

Which of the following is true about the premium on a the children's rIDER in a life insurance policy

It decreases when the oldest child reaches the age of 21

Why is an equity index annuity considered to be a fixed annuity

It has a guaranteed minimum interest rate

Which of the following is true regarding the accumulation period of annuity

It is a period of time during which the payments into the annuity grow tax deferred

Which of the following is not true, regarding a certificate of authority

It is issued to a group insurance participants

Which of the following is usually true of participating life insurance policies

It pays dividends to policy owners?

Which of the following statements about the reinstatement provision is true

It requires the policy owner to pay all overdue premiums with interest before the policy is reinstated

If insurance surrenders his life insurance policy, which statement is true, regarding the cash value of the policy

It'. Not taxable.

A life policy increases significantly in face amount death benefit when the insured reaches a specific age. What type of policy is this?

Jumping juvenile policy

An applicant who receives a preferred risk classification qualifies for

Lower premiums than a person who receives a standard risk.

Hey, insurance company has 30 agents that represent the company and it's region. The agents each have their own satellite office where they perform agent duties numerous office have developed marketing campaign to increase sales. What is the companies duty regarding marketing communications and this example

Make a file copy of any marketing materials used with the public

which of the following would provide an underwriter with information concerning the applicants health history

Medical examination

The insurance company underwriter could find information concerning a persons, personal activities, and character of an African, from which of the following reports

Medical information bureau

An individuals tendency to be dishonest, will be indicative of a

Moral hazard

Traditional IRA contributions are tax deductible based on what of the following

Owners income

Which of the following writers were not cause the death benefit to increase

Pay your benefit rider

The cause of loss insured against in an insurance policy, known as

Perils

Which of following has the right to convert the convert the existing term coverage to permanent insurance

Policyowner

What are the disclosure requirements if an insurance producer wishes to charge a fee?

Posting a schedule of fees in the producer's office, disclosing the fees to the client in writing, and obtaining a signature on the disclosure from the client

All of the following are characteristics of group, life insurance except

Premiums are determined by the age, sex, and occupation of each individual certificate holder

If a policy includes a free look. Of at least 10 days the buyers guy may be delivered to the applicant no later than.

Prior to filling out an application for insurance

A couple old life insurance policy with the children's term writer. The daughter is reaching the maximum age of dependent covers so she will have to convert to permanent insurance in near future which of the following will she need to provide for proof of insurability.

Proof of insurability isn't requiredThe

What is the advantage of a reinstated policy instead of applying for a new one?

Proof of insure ability is not required

All of the following statements about equity index, annuities are correct, except

Receives a fixed amount of return

An insurance policy that only requires a payment of premium at its inception provides insurance protection for the life of the insured. Immature at the insured age 100 is called

Single, premium whole life

Which of the following applicants would not qualify for a KEOGH plan?

Someone who works 400 hours per year

Events in which person has both the chance of winning and losing our class

Speculative risks

Which of the following statements is correct about a standard risk classification in the same age group, and with similar lifestyles

Standard risk is representative of the majority of people.

Which of the following statements is true about a suicide clause in a life insurance policy?

Suicide is excluded for specific period of years and cover there after

The advantage of qualified plans to employers is

Tax-deductible contributions

Which of the following is example of a producer being involved in unfair trade practices of rebating

Telling a client that his first premium will be waived if he purchases the insurance policy today

Who is responsible for establishing a maintenance system by which recommendations to consumers can be monitored and supervised

The Better Business Bureau

All of the following statements are true concerning debitor groups except

The amount of insurance on the life of any deer makes the greater of the schedule or actual amount of unpaid indebitness to the creditor

The annulment 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 cash value

Incorporation is the owner and beneficiary of the key person life policy if the corporation collects the policy benefit then

The benefit is received, tax-free

Which of the following is example of liquidity in a life insurance contract

The cash value available to the policyholder/owner

Most methods used to determine the suitability of a particular annuity recommendation to a client are based on information regarding all of the following, except

The clients tax status

What authority issues of cease-and-desist order

The commission

Who is responsible for implementing a system that monitors and supervisors agent recommendations regarding annuity sustainability

The commission

In a case where the primary beneficiary predeceased is the insured in the event of the insured death, the death benefit proceeds will be paid to

The contingent beneficiary

What does liquidity refer to in life insurance policy?

The insured receives payments each month for retirement

All the following statements are true, regarding installments for a fixed amount, except

The payments will stop when the annuitant dies.

In terms of parties to a contract, which of the following does not describe a competent party

The person must have at least completed secondary education.

Which is true about the Cash❤️❤️❤️❤️❤️🙏🙏🙏🙏🙏 surrender nonforfeiture option

The policyholder receives the original Cash❤️❤️❤️❤️❤️🙏🙏🙏🙏🙏 value of the policy

When an insurance producer is to charge an administrative fee to the insured, all of the following must be done, except

The schedule of fees must be posted in the office

Determination of marital property rights may be reserved for the following reasons, except

The spouse name has beneficiary has obtained, or consented to a final decree or judgment of annulment, divorce or separation

Governing body issues, rules, and regulations for administration of the insurance code

The state corporation commission

Selling soliciting, variable, life, insurance, and insurance must provide the state corporation commission with the financial statement every

Three years

Why should the producer personally deliver a policy when the first premium has already been paid?

To help the insured understand all aspects of the contract

Which of the following is not a goal of risk retention

To minimize the insurance level of liability in the event of a loss

A banker is ready to close on a customers loan. The bank is prepared to offer the loan, but only if the customer purchases and insurance policy from the bank in the amount of the loan, this is an example of.

Twisting

Agent to persuade insurance, to cancel a policy and favor of another one, when it might not be in the insured, best interest are guilty

Twisting

The validity of coverage under life insurance policy may not be contested, except for nonpayment of premium after the policy has been enforced for at least how

Two

Which of the following will least likely be considered as a legitimate need that would be paid by insurance proceeds

Vacation

In which instance may three licensee share commission

When all three are license for the same line of insurance from which the commission comes?

When would a 20 pay whole life policy endow

When the insured reaches age 100

Which of the following is incorrect regarding $100,000.20 year level premium

You think you sure dies before the policy expired the beneficiary will receive $100,000

Which of the following can surrender a deferred annuity contract

a) The beneficiary after the owner's death. b) A deferred annuity cannot be surrendered. c) Only the annuity owner. d) Only the insurance company for nonpayment of premiums. Answer: c) Only the annuity owner.

The paid-up addition option uses the dividend

a) To reduce the next year's premium. The dividends are used to purchase a single premium policy in addition to the face amount of the permanent policy.

Two types of assignments are

absolute and collateral

Forcing a client to buy insurance from particular lender, as a condition of granting, and loan is defined as

coercion

Which of the following best describes an insurance company that has been formed under the laws of the state

domestic

If a life policy allows the policy owner to make periodic additions to the face amount at standard rates without proving assure ability the policy includes

guaranteed insurability RIDER

What is the term which best describes when a person develops a formal program identifying, evaluating and funding its losses

self-insuring

Interest earned on policy dividends is

taxable

All of the following are true regarding a decreasing term policy, except

the payable premium amount steadily declines throughout the duration of the contract

If only one party to an insurance contract has made a legally enforceable promise what kind of contract is it?

unilateral