Primerica

Pataasin ang iyong marka sa homework at exams ngayon gamit ang Quizwiz!

Which of the following statements concerning buy-sell agreements is true?

Buy-sell agreements are normally funded with a life insurance policy.

Which of the following statements is correct regarding Adjustable Life?

Evidence of insurability may be required when insurance is increased.

Items stipulated in the contract that the insurer will not provide coverage for are found in the

Exclusion Clause

What is the correct comparison between survivorship life and a traditional joint life policy

Joint life pays a death benefit on the first death, while Survivorship Life pays on the last death.

Insurance producers delivering policies to insureds must do all of the following

Obtain a receipt indicating a delivery and then retain the policy, for safekeeping.

Agent Jones offers his client free tickets to the Super Bowl game in exchange for the purchase of an insurance policy. Agent Jones is guilty of

Rebating

Under the Fair Credit Reporting Act, if the consumer challenges the correctness of the information contained in his/her report, the reporting agency must

Respond to the consumer's complaint.

A corporation is the owner and beneficiary of the key person life policy. If the corporation collects the policy benefit, then

The amount received is tax-free.

What determines the cash value of a variable life policy?

The performance of the policy portfolio

When a policy is replaced, replacing insurers must maintain a replacement register regarding that policy for

3 years

Lyle has a $10,000 term life policy. He paid his annual premium on February 1. Lyle fails to renew the policy and dies on February 28 of the following year. Accounting for the $200 of earned premium, how much will the beneficiary receive from Lyle's insurance company?

9,800

Which of the following best describes what the "annuity period" is?

The period of time during which accumulated money is converted into income payments .

All of the following are characteristics of a Universal Life policy EXCEPT

The planned premium pays for mortality charges and expenses and any excess is returned to the policyowner.

Under an extended term insurance policy, the policy cash value is converted to

The same face amount as in the whole life policy

The illegal act of misrepresenting the true nature or facts of a policy or its benefit in order to induce a policyholder to surrender one policy and replace it with another is called

Twisting

Within how many days must the insurer pay the death benefit to the beneficiary to avoid paying interest on the proceeds?

90 days

All other factors being equal, the least expensive first-year premium payment is found in

Annually Renewable Term

At age 30, a man wants to start an insurance program, but realizing that his insurance needs will likely change, he wants a policy that can be modified to accommodate those changes as they occur. Which of the following policies would most likely fit his needs?

Adjustable life

If an annuitant dies before annuitization occurs, what will the beneficiary receive?

Either the amount paid into the plan or the cash value of the plan, whichever is the greater.

The requirement that agents must account for all insurance funds collected, and without the expressed consent of the insurance company(ies) are not permitted to co-mingle those funds with their own funds is known as

Fiduciary responsibility.

The Washington Insurance Code regulation regarding policy replacement applies to which of the following types of transactions?

Immediate annuity contract

An insurer must pay interest on death benefits payable under the terms of a life insurance policy

Insuring the life of any person who was a resident of this state at the time of death.

Which of the following best describes annually renewable term insurance?

It is a level term insurance. .

A life insurance policyowner has the flexibility to increase the amount of premium and then decrease it at a later date. The person is also allowed to skip premium payments, provided that there is enough cash value in the policy to cover the premium amount. What type of policy is this

Universal life

Every insurance agent, broker, adjuster, or other person licensed under the Washington Code must promptly reply to an inquiry of the Commissioner regarding the business of insurance

Within 15 days

When a policy is surrendered for its cash value

ends and the policy cannot be reinstated.

The act of trying to discourage a policyholder from dropping his/her existing policy is called

Conservation effort.


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