life insurance 2

Every insurer must file all rates, rating plans, and modifications to its plans with the commissioner at least how many days prior to the effective date of use

15 days

For how long must producers maintain complete record for all complaints

2 years

If a producers appointment has been terminated, within how many days must the insurance company notify the commissioner

30 days

licensees must inform the commissioner of a change of address within

30 days of the change

what is the waiting period on a waiver of premium rider in life insurance polices

6 months

All of the following could own group life insurance EXCEPT

A group needing low-cost life insurance

A straight life policy has what type of premium

A level annual premium for the life of the insured

If a company has a simplified employee pension plan what type of plan is it

A qualified plan for a small business

which of the following is not an allowable 1035 exchange

A whole life insurance policy is exchanged for a term insurance policy

At age 30

Adjustable life

Under the 401(k) bonus or thrift plan, the employer will contribute

An undetermined percentage for each dollar contributed by the employee

the least expensive first year premium is found in which of the following policies

Annually renewable term

A universal life insurance policy is best described as

Annually renewable term policy with a cash value account

which concept is associated with exclusion ratio

Annuity Payments

SIMPLE Plans require all of the following EXCEPT

At least 1,000 employees.

the accelerated benefits provision will provide for an early payment of the death benefit when the insured

Becomes terminally ill

which of the following terms is used to name the nontaxed return of unused premiums

Dividend

which of the following is used to determine the annuity amounts that are not taxable

Exclusion ratio

An agent selling variable annuities must be registered with

FINRA

In life insurance policies, cash value increases

Grow tax deferred

Which of the following is TRUE of a qualified plan

It has a tax benefit for both employer and employee

In modified life policies what happens to the premium

It is level at the beginning and increases after the first few years

which of the following is not true regarding a non qualified retirement plan

It needs IRS approval

which of the following statements is true concerning the accidental death rider

It will pay double or triple the face amount

which of the following is NOT true regarding the accumulation period of an annuity

It would not occur in a deferred annuity

The premium of a survivorship life policy compared with that of a joint life policy would be

Lower

The continuing education requirement for licensees, during the initial licensing period is a

Minimum of 60 hours of instruction

A false licensed insurance Advisor is punishable by a fine of

No less than 50 nor more than 500 hours

Which option for Universal life allows the beneficiary to collect both the death benefit and cash value upon the death of the insured?

Option B

which of the following explains the policy owners rights to change beneficiaries, chose options, and receive proceeds to a policy?

Owners rights

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

SEC registration

Which type of life insurance policy generates immediate cash value

Single premium

which of the following applicants would not qualify for a keogh plan

Someone who works 400 hours per year

Which of the following is called a "Second to die policy?

Survivorship life

Which of the following statements about group life is correct

The cost of coverage is based on the ratio of men and women in the group

An inured stops making payments on a loan taken from his cash value policy what will most likely happen

The policy will terminate when the loan amount with interest equals or exceeds the cash value

what is true about a spouse term rider

The rider is usually level term insurance

In an annuity, the accumulated money is converted into a stream of income during which phase?

annuitization period

which of the following is a feature of variable annuity

benefit payment amounts are not guaranteed

which of the following best describes fixed period settlement option

both the principal and interest will be liquidated over a period of time

An insured receives an annual life insurance dividend check. What term best describes this arrangement?

cash option

Under which nonforfeiture option does the company pay the surrender value and have no further obligations to the policyowner?

cash surrender

What limits the amount that a policyowner may borrow from a whole life insurance policy?

cash value

Which of the following features of the indexed whole life policy is not fixed

cash value growth

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

certain groups of employees only

which of the following will not be an appropriate use of a deferred annuity

creating an estate

which of the following types of insurance policies is most commonly used in credit life insurance

decreasing term

For a retirement plan to be qualified, it must be designed for whose benefit?

employees

the provision states that both the policy and a copy of the application from the contract between the policy owner and the insured is called the

entire contract

When the policy owner specifies a dollar amount in which installments are to be paid, he/she has chosen which settlement option?

fixed amount

which required provision protects against unintentional lapse of the policy

grace period

all of the following statements are true regarding installments for a fixed period annuity settlement option except

it is a life contingency option

what is true about the premium on the children's rider in a life insurance policy

it remains the same no matter how many children

If a deferred annuity is surrendered prematurely, a surrender charge is imposed. How is the surrender charge determined?

it's a percentage of the cash value and decreases overt time

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

Concerning Juvenile Life insurance, which of the following statements is INCORRECT?

juvenile life is classified as any life insurance purchased by a minor

The commissioner may issue a temporary insurance producer license without requiring an examination for a period

not exceeding 180 days

A rider attached to a life insurance policy that provides coverage on the insured's family members is called the

other insured rider

which of the following is another term for the accumulation period of the annuity

pay-in period

Who may contribute to a Keogh (HR-10) plan?

self-employed

the ownership provision entitles the policy owner to do all of the following except

set premium rates

which settlement option provides a single beneficiary with income for the rest of their life

single life

An insurance policy that only requires a payment of premium at it's inception, provides insurance protection for the life of the insured, and matures at the insureds age 100 is called

single premium whole life

All of the following would be different between qualidfied and non qualified plans except

taxation on accumulation

which of the following is TRUE regarding variable annuities

the annuitant assumes the risks on investment

an adjustable life policy owner can change which of the following policy features

the coverage period

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

the creditor can only insure the debtor for the amount owed

Which of the following are generally not considered when underwriting group insurance

the insured's medical history

what happens if a deferred annuity is surrendered before the annuitization period

the owner will receive the surrender value of the annuity

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

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

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

the payments will stop when the annuitant dies

If an insured continually uses the automatic premium loan option to pay the policy premium,

the policy will terminate when the cash value is reduced to nothing

All of the following are true regarding the guaranteed insurability of a rider except

the rider is available to all insureds with no additional premium

which of the following is not true regarding equity indexed annuities

they earn lower interest rates than fixed annuities

an absolute assignment is

transfer of all ownership rights in a policy

which of the following life insurance policies would be would be considered interest sensitive

universal life

In a survivorship life policy when does the insurer pay the death benefit

upon the last death

the rider in a WLP that allows the company to forgo collecting the premium if the insured is disabled is called

waiver of premium