PRIMERICA 13

Within how many days of requesting an investigative consumer report must an insurer notify the consumer in writing that the report will be obtained

3 days

In this state a temporary license may be issued for all of the following reasons EXCEPT

an agents retirement

Who can make a fully deductible contribution to a traditional IRA?

an individual not covered by an employer sponsored plan who has earned income

Insurance policies issued within the state of New York must meet readability guidelines. Notably, these policies must use

at least 10-point type fonts

All of the following statements are true regarding group insurance EXCEPT

participants in the policy each receive a policy

An individual buys a flexible premium deferred life annuity with 20 year period certain. What would his beneficiary receive if he died 5 years after beginning the annuity phase?

payment for 15 years

If the policyowner, the insured, and the beneficiary under a life insurance policy are three different people, who has the ownership rights

policy owner

Which of the following has the right to convert the existing term coverage to permanent insurance

policy owner

Which of the following individuals must have insurable interest in the insured

policy owner

All of the following are examples of risk retention EXCEPT

premiums

Which rule would apply if an agent knows an applicant is going to cash in an old policy and use the funds to purchase new insurance?

replacement rule

Insurers and agents are required to report cybersecurity events to the Department of Financial Services within what time period of discovery

72 hours

Which of the following is NOT true regarding the Life with Guaranteed Minimum annuity settlement option?

it does not guarantee that the entire principal will be paid out

A policy will pay the death benefit if the insured dies during the 20-year premium-paying period, and nothing if death occurs after the 20-year period. What type of policy is this?

level term

An agent who includes a statement or omits a statement which, when taken in context of the whole presentation, may tend to mislead or deceive the persons addressed has committed

misrepresentation

A man decided to purchase a $100,000 Annually Renewable Term Life policy to provide additional protection until his children finished college. He discovered that his policy

required a premium increase each renewal

Annuities can be used to fund which of the following

retirement plans

An insurance application cannot ask about which of the following information about an applicant

sexual orientation

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

A spouse was granted a temporary license for her deceased husband's agency on March 1. On May 1 she processed an application for life insurance on a new applicant. Which of the following is true?

the application was processed without a valid license

Which of the following statements is TRUE concerning irrevocable beneficiaries

they can be changed only with the written consent of that beneficiary

Which of the following Life Insurance policies would be considered interest sensitive

universal life