Life Exam Simulator
Q is severely injured in an automobile accident and becomes totally disabled. How many months must Q be disabled before being able to file for Social Security disability benefits?
5
How are surrender charges deducted in a life policy with a rear-end loaded provision?
Deducted when the policy is discontinued
Which of these statements about a Guaranteed Insurability Option rider is NOT TRUE?
Evidence of insurability is required when the option is exercised
Taking receipt of premiums and holding them for the insurance company is an example of:
Fiduciary responsibility
All of the following penalties apply to anyone giving intentional false testimony during an insurance examination EXCEPT
Guilty of a Felony
Tom has a qualified retirement plan with his employer that is currently considered to be 80% "vested". How can this be interpreted?
If Tom's employment is terminated, 20% of the funds would be forfeited
How would a contingent beneficiary receive the policy proceeds in an Accidental Death and Dismemberment (AD&D) policy?
If the primary beneficiary dies before the insured
Which of these retirement plans can be started by an employee, even if another plan is in existence?
Individual Retirement Account (IRA)
How long does the coverage normally remain on a limited-pay life policy?
age 100
An employee of 20 years recently retired at age 59 1/2. This employee's group life contract can be:
converted to an individual permanent policy at an individual rate
Credit life insurance is
issued in an amount not to exceed the amount of the loan
Consumer reports requested by an underwriter during the application process of a life insurance policy can be used to determine:
probability of making timely premium payments
If an annuity application was not taken in person, an insurer must provide the applicant a Buyer's Guide
within 5 business days of the insurer receiving the application
A cost of living rider gives the insured
additional death benefits
A producer must remit premiums to the insurer within ___ days after receipt.
45
A life insurance applicant realized he failed to disclose material medical history and calls the producer. Any changes made to the application must be initialed by the
Applicant
Which settlement option pays a stated amount to an annuitant, but no residual value to a beneficiary?
Life Income
Which of these is NOT considered to be a right given to a policy owner?
Modify a provision in the insurance contract
In a life insurance policy, which provision states who may select policy options, designate and name a beneficiary, and be the recipient of any financial benefits from the policy?
Owner's Rights
Which of the following information is NOT required to be included in a Whole Life policy?
Policy's guaranteed dividend table
Colorado's replacement rules apply to all of the following types of insurance EXCEPT
Single Premium Whole Life
What type of life insurance gives the greatest amount of coverage for a limited period of time?
Term life
The USA Patriot act was signed in to law as a response to
The 9/11 terrorist attacks
Which statement regarding a Key Employee Life policy is NOT true?
The beneficiary is named by the key employee
The combination of Whole Life and _______ Term insurance is referred to as a Family Income Policy
Universal
Which of these is considered a statement that is assured to be true in every respect?
Warranty
What kind of life policy either pays the face value upon the death of the insured or when the insured reaches age 100?
Whole Life
If a producer is going to deposit any premium into a bank account prior to remitting the funds to the insurer, he/she must use a
separate insurance trust account
The premiums paid by an employer for his employee's group life insurance are usually considered to be:
tax-deductible to the employer
G takes out a life insurance policy on October 8, 2008. On August 3, 2009, G takes his own life. When G's beneficiary files a claim,
the claim will be denied under the suicide provision
