Life 7

Pataasin ang iyong marka sa homework at exams ngayon gamit ang Quizwiz!

Which is the primary source of information used for insurance underwriting?

Application

All of the following could be considered rebates if offered to an insured the sale of insurance EXCEPT

Dividends from a mutual insurer

An insurer devises an intimidation strategy in order to corner a large portion of the insurance market. Which of the following best describes this practice?

Illegal

Which of the following would NOT be considered a purpose of life insurance solicitation regulations in Connecticut?

Help buyers choose most qualified insurance producers

Which of the following explains the policy owner's right to change beneficiaries, choose options, and receive proceeds of a policy?

Owner' Rights

Which of the following is correct concerning the taxation of premiums in a key-person life insurance policy?

Premiums are not tax deductible as a business expense.

It would be considered unfair discrimination to ask an insurance applicant about which of the following and then use that information as a rating factor to determine insurability?

Sexual orientation

Which is NOT true about beneficiary designations?

The beneficiary must have insurable interest in the insured.

Which of the following dates must be contained in a policy summary?

The date the summary was prepared

A father owns a life insurance policy on his 15-year-old daughter. The policy contains the optional Payor Benefit rider. If the father becomes disabled, what will happen to the life insurance premiums?

The insured's premiums will be waived until she is 21

What is a definition of a unilateral contract?

one-sided: only one party makes an enforceable promise.

Which of the life insurance policy allows the policy owner to pay more or less than the planned premium?

Universal life

A producer who has allowed his or her license to lapse may reinstate the license without retaking the examination within what maximum time period?

12 months

How long must insurers keep records of all printed, published, or prepared advertisements?

4 years

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

A producer has just moved from Missouri to Connecticut. If this producer is interested in avoiding the written examination requirement, she must submit and application within

90 days

It is considered unfair discrimination to refuse to insure somebody based on all of the following conditions EXCEPT

Age

All of the following are requirements of eligibility for Social Security disability income benefits EXCEPT

Being age 65

For a retirement plan to be qualified, it must be designed for the benefit of

Employees.

Circulating deceptive sales material to the public is what type of Unfair Trade Practice?

False advertising

Which of the following is NOT true regarding the accumulation period of an annuity?

It would not occur in a deferred annuity

Which of the following is NOT a type of whole life insurance?

Level term

When a whole life policy lapses or is surrendered prior to maturity, the cash value can be used to

Purchase a single premium policy for a reduced face mount.

Any inducement offered to the insured in the sale of an insurance policy that is not specified in the policy is an unlawful practice known as

Rebating

All of the following are unfair claims settlement practices EXCEPT

Suggesting negotiations in settling the claim

An agent uses an insurer's illustration. He obtains proper approval and does not change the illustration in any way. The illustration involves projected amounts, and the agent stipulates that the amount would not be guaranteed. Which of the following is true?

The agent must stipulate that the illustration is not part of the contract.

A 60-year-old participant in a 401(k) plan takes a distribution and rolls it over to an IRA within 60 days. Which of the following is true?

The amount of the distribution is reduced by the amount of a 20% withholding tax.

Which of the following is TRUE regarding variable annuities?

The annuitant assumes the risks on investment

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

The original age is used for premium determination.

If a beneficial army wants a guarantee that benefits paid from principal and interest would be paid for a period of 10 years before being exhausted, what settlement option should the beneficiary select?

Fixed period


Kaugnay na mga set ng pag-aaral

Day 27 Dangerous Goods and Hazardous Materials (DGHM) SSG

View Set

Chapter 25, Chapter 25 Nuclear Energy, Chapter 25-Nuclear Chemistry, Chapter 25 - Nuclear Chemistry, Chapter 25; Nuclear Chemistry

View Set

Lab #3 Melting Points & Crystallization

View Set

MAR4802-Lesson 17: Direct, Online, Social Media, and Mobile Marketing

View Set

ACCT 206 Video Lecture & Assessment LO 4-1, 2, 3

View Set

Chapter 21 Respiratory Care Modalities

View Set

Chapter 5 Wiley Extra Practice Questions

View Set