Life Insurance Terms I missed

Applications for a producer license must be accompanied by a licensing fee of

$50

Which of the following would NOT trigger the payment of Accelerated Death Benefits?

Being permanently disabled

An IRA contribution can be made from which of the following?

cash

Which of the following types of insurance products would be appropriate for an individual with low income and high insurance needs?

term insurance

Which of the following is correct regarding continuing education requirement for producers in Iowa?

36 hours including 3 hours of ethics every 3 years

Where are premiums from fixed annuities invested?

general account

Who supervises the Iowa Life and Health Guarantee Association

Insurance Commissioner

Which statement best describes agreement as it relates to insurance contracts?

One party accepts the exact terms of the other party's offer

An annuity has accumulated the cash value of $70,000, of which $30,000 is from premium payments. The annuitant dies during the ACCUMULATION phase. The beneficiary receives:

$70,000

According to the life insurance replacement regulations, which of the following would be an example of policy replacement?

a policy is reissued which a reduction in cash value

An adjustable life policy can assume the form of

either term insurance or permanent insurance

A viatical settlement is a transaction outside the life insurance compnay where the owner sells the life insurance policy for which of the following?

A percentage of the face amount of the policy

The provision that sets forth the basic agreement between the insurer and the insured and states the insured's promise to pay the death benefit upon the insured's death is called the

Insuring clause

The owner of a whole life policy with an accidental death rider intentionally kills himself after having the policy for 18 months. What Is the insurance company's course of action?

Deny any payment of death benefit

Life insurance can provide which of the following?

Survivor protection

The reduction of premium option uses the dividend to reduce

next year's premium

Upon the surrender of a life insurance policy, any cash value accumulated in excess of the premium payment is...

taxed as ordinary income

If a life insurance company uses HIV testing as a part of its underwriting, when must an applicant be notified of this procedure?

Prior to performance of the test

An insured bought an insurance policy that requires him to pay $150 in premiums on the 15th of each month. He then takes an extended vacation and forgets to pay the premium. 10 days later, his policy is still in effect and has not lapsed. Which policy provision allowed for this?

Grace period

Which of the following statements would be allowed in advertising of a life insurance policy?

The person giving an endorsement will be paid

Policies written on a third-party ownership basis are usually written to cover which of the following?

Policyowner's minor children or business associates

In credit life insurance, who is responsible for paying the policy premium?

Borrower only

Which of the following types of insurance is investment based, has a level fixed premium, and a nonguaranteed cash value?

variable whole life

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

continue to increase

When an insured terminates membership in the insured group, the insured can convert to

whole life without proof of insurability

Which of the following elements of an insurance contract requires paying premium and providing a statement of good health?

consideration

Which of the following would be included in a policy summary?

Premium amounts and surrender value

The Guaranteed Insurability Rider allows the owner to purchase additional amounts of life insurance without proof of insurability at all of the following EXCEPT

Purchase of a new home

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

SEC registration

The policyowner of an adjustable life policy wants to increase the death benefit. Which of the following statements is correct regarding this change?

the death benefit can be increased by producing evidence of insurability

Adjustable maximum interest reates for policy loans taken out on life insurance policies may not exceed

the published montly average for the calendar month 2 months before the rate is determined

All of the following are true of credit life EXCEPT

The insured names the beneficiary

A viatical settlement is a transaction outside of the life insurance company where the owner sells the life insurance policy for which of the following?

A percentage of the face amount of the policy

According to the Fair Credit Reporting Act, all of the following statements are true EXCEPT

If an applicant is declined for an insurance policy, he or she has no right to know what was in the report