simulater notes Quiz

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

what risk would result in highest paying premium?

substandard risk

when money is withdrawn from annuity during accumulation phase, what happens?

taxable interest will be withdrawn first and 10%penalty will be imposed if under 591/2

who is the owner and who is beneficiary on a Key Person Life Insurance Policy?

the Employer is owner and beneficiary

a characteristics that is NOT of an insurable risk

the Loss must be catastrophic

what's is stated in the consideration clause of life insurance?

the amount of premium payments

peril

the cause of loss insured against

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

the owner will receive the surrender value of the annuity

Absolute Assignment

transfer of all ownership rights in a policy

Universal Life policy is Interest sensitive and flexible

true

a participating insurance policy may Pay Dividends to pollicyowner. true or false

true

in joint life policies the death benefit is paid in full upon first death

true

true /false: insured commits suicide within a certain period of time following policy effective date,the liability is limited to refund of premium paid

true

true or false: any distributions fron MECs are taxable including withdraws and policy loans

true

true or false: the original age is used for premium determination when reinstating a policy instead of starting new

true

true/false; employee insured under a group life plan will be allowed to convert to individual insurance at same coverage once plan is terminated ,if they have been under group plan for 5yrs min

true

Concealment

when a person withholds a material fact that is crucial to making a decision, involves making underwriting decisions

acceptance of insurance occurs when?

when an insurer's underwriter approves coverage

when is the insurer NOT required to deliver a policy summary to applicant?

when the insurer provides an illustration during the sale of a policy

insurance contract

where insurer agrees to indemnify the insured for specific losses in exchange for premium

benefits payable that have not been paid to beneficiaries within 90 days of receipt of proof will accrue how much interest on day 91?

11%

every licensed person in WA must reply to an inquiry by commissioner regarding business of insurance within what time frame?

15 business days

appointment is filled,how many days does a commissioner have to verify apponitment?

30 days

how many hours of ethics training every licensed period in WA?

3hr

how many years must insurer producer keep records of written disclosures?

5yrs

Payor Benefit

A rider found in juvenile policies which waives the premiums if the person paying them (often the parent) is disabled or dies while the child is still a minor.

automatic premium loan

protects the insured from an unintentional policy lapse due to a nonpayment of premium

commissioner may permit an agent to enter into reasonable arrangement with prospective insureds to charge a reduced fee in situations where services that are charged for are....?

provided beyond the scope of customarily services in connection with the solicitation and procurement of insurance

Return of Premium Rider

- increasing term insurance rider - amount of rider equal to all premiums paid - death must occur while rider is in force

when an insurer receives notification of a claim. it must acknowledge the receipt within how many days?

10 working days or 15 for groups

Level Term Insurance

provides a level amount of protection for a specified period, after which the policy expires. Level premium and level death benefit

limited-pay life

requires you to only pay premiums for a specified number of years until paid up

what provision states that both the policy and copy of application form the contract between policyowner and insurer?

Entire Contract

what authority participated in creating the National Do Not Call registry

FTC(federal trade commission)

Universal Life Insurance has 2 types of interest rates, what are they?

Guaranteed and Current

another term for accumulation period of an annuity is?

Pay IN Period

if the annuitant dies during accumulation period who receives the annuity benefits?

The Beneficiary

distinction between Variable whole life and variable universal life

Variable whole life has a guaranteed death benefit

illustration

a presensation of non guaranteed elements of a policy

2 Types of Assignments

absolute and collateral

what limits the amount that a policy owner may borrow from a whole life insurance policy

cash value

conservation efforts

discouraging policyholders from dropping existing policies

how often are producers in WA required to pay license renewal fee?

every 2 yrs

true or flase; the annuitant cannot be same person as annuity owner

false

insurance companies promise guaranteed minimum on fixed annuities which means

investments draw less=company pays the fixed % investment earns over that amount,company pays excess

Speculative Risk

involves the chance of gain ot loss and is not insurable

an agent may backdated an application tup to 6months to?

lower insureds premium

Defamation

making untrue statements that hurt another person's reputation, oral or written direct or indirectly that are derogatory or maliciously critical to someones

a dividend option in which a policyowner uses dividend to purchase s term policy for 1yr is referred to what?

one year term OPTION

the following are period of times during which the annuitant of beneficiary receives income

pay out period liquidation period annuitization period

Universal life-option A

policy must maintain corridor or gap between cash value and death benefit as required by IRS

limited pay whole life

premium payments end at 65, but coverage last until 100

incontestability clause

prevents an insurer from denying a claim due to statements in application after policy has been in force for 2 yrs, does not apply to see age identity

who is entitled to interest earned on the deposits in a separate account?

producers


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