Guarantee exam life insurance exams

It satisfies IRS requirements for favorable tax treatment

If a retirement plan or annuity is qualified this means

Surrender Charge

In a deferred annuity, the difference between the accumulation value and the surrender value is the

An individual buys Insurance to fund a buy sell agreement

Which of the following is not a personal use of life insurance

Both guarantee that the principal and interest will be fully paid out

Which of the following would be true on both the fixed. And fixed amount settlement options

term

Which type of insurance policies provides pure life insurance protection without a savings element

Payor Benefit

A married couple purchase a life insurance policy on their newborn baby they are concerned about what would happen to the policy if either one of them were unable to continue making the premium payments due to death or disability which policy writer should their agent recommend

every two years

A producers license must be renewed

Continue to increase

A whole life policy is surrendered for a reduced paid up policy. The cash value in the new policy will

Single premium policy

A whole life policy that will generate immediate cash value is

Variable Universal Life

An insureds flexible premium is invested into a separate account

fixed amount

Jay is receiving fixed amount benefit payments from his late wife's insurance policy he was told that if he dies before all of the benefits are paid the remaining amount will go to the contingent beneficiary which settlement option should Jay choose

Survivor Protection

Life insurance can provide which of the following

An unfair claims practice

Refusing to pay claims without conducting a reasonable investigation based upon all available information

A warranty

What guarantees that the information explained in the insurance contract is true

Whole life without proof of insurability

When an insured terminates membership in the insured group the insured can convert two

It provides the highest monthly benefits

Which of the following best describes pure life annuity

Seven years

A life insurance policy qualifies as a modified endowment contract if the amount of premium paid exceeded the amount that would have provided paid up insurance in how many years

reduction

And insured recently had a new home build and insisted on having smoke detectors installed in multiple places in the house what methods of handling risk is the insured using

Each party relies upon the truthfulness of the other

For an insurance contract the principle of utmost good faith means

beneficiary

In life insurance which of the following is not required to have an insurable interest in the insured

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

Life insurance create an immediate estate which of the following best explains the statement

Without evidence of insurability

The renewable provision allows the policy owner to renew the coverage at the expiration date

If the primary beneficiary dies before the insured

Under what circumstances would a contingent beneficiary receive the death benefit

Securities and Exchange Commission (SEC)

Variable life insurance is regulated by all of the following entities except

Joint life has a lower premium and the total of the two individual policy is

When comparing a joint life policy to individual life policies of the same amount on the same insurance which condition is true

A producer returning part of her commission to her client as an inducement to buy

Which of the following best describes a rebate

Number of beneficiaries

Which of the following is NOT a component of an insurance policy premium?

Fire

Which of the following would be considered a peril

Adjust the death benefits of what the premium would've purchased at the actual age or gender

If an insured dies and it is discovered that the insured Misstated his/her age or gender the life insurance company will

Fiduciary

Premiums collected on behalf of the insurance company by an agent will be held in what capacity

Accumulation Period

Which of the following terms is used to define the period of time during which an annuitant makes payments into an annuity