Missed g exam

An agent is hand delivering an insurance policy to a policyowner. What must the agent obtain to complete the transaction?

A signed delivery receipt

Which distribution(s) from a Modified Endowment Contract would be taxable as income at the time received to the extent that the cash value of the contract immediately before the payment exceeds the investment in the contract?

Both partial cash surrender and policy loan

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

Insuring clause

which of the following qualified plans are the benefits linked to the employee's number of years of service and/or the amount of compensation earned?

Defined benefit plan

An adjustable life policy can assume the form of

Either term insurance or permanent insurance

An insurance company that is owned by the policyholders is called a

Mutual insurer

The family term rider incorporates

Spouse term and children's term

To which of the following do replacement rules apply?

Whole life

Which of the following insurance products are covered under solicitation regulations of the Insurance Code?

Whole life

When replacement is involved, how long must existing insurers maintain records of replacement notifications?

5 years

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

A policy is reissued with a reduction in cash value

A policyowner no longer needs a life insurance policy and agrees to sell it to a third party for more than its cash value. This type of transaction is called ain

Life settlement

How often must insurers send policyowners status reports on policies that use illustrations?

Every year

Because of the imposed blackout period, the surviving spouse will NOT receive social security benefits until

He or she qualifies for retirement benefits

If the cash value in a variable life policy decreases, what will happen to the death benefit?

It will decrease

Waiver of cost insurance rider

Life insurance rider that allows a universal life policyowner who becomes disabled to waive the cost of death protection but does not waive the cost of premium required to build cash value.

When assessing needs for life insurance, an individual may use retention, which means

maintaining assets at death

The Commissioner of Insurance is appointed by which authority?

governor

The renewable provision allows the policyowner to renew the coverage at the expiration date

Without evidence of insurability

If a loan request is for payment of due premiums on the policy, how soon must the insurer issue a loan?

immediately

If an insured purchases an insurance policy with a large deductible, what risk management technique is the insured exercising?

retention