STUDY THESE MORE IDK THEM
A married couples retirement and new woody pays them $250 per month the husband dies in the wife continues to receive $125.50 per month for as long as she lives when the wife dies payment stop what settlement option did they select
Joint and survivor
A policy will pay the death benefit if the insured dies during the 20 year premium paying. And nothing if the death occurs after the 20 year. What type of policy is this
Level term
All of the following are required to be included in all life insurance policy illustrations except
Marital status of the insured
A producer is selling a client a variable life insurance policy and as an inducement shows the client a projection based upon shares or dividends paid on a similar policy this is
Misrepresentation
Group life insurance policy's delivered in the state must contain all of the following provisions except
Statements of the applicant are considered warranties
Which of the following statements about a suicide clause in a life insurance policy is true
Suicide is excluded for a specific period of years and covered thereafter
All of the following would be different between qualified and nonqualified retirement plans except
Taxation on accumulation
Which of the following is not true regarding the annuitant
The annuitant cannot be the same person as the annuity owner
All of the following our requirements for life insurance illustrations except
Must be part of the contract
If an agent wishes to sell variable life policy is what Layson's must be agent obtain
Securities
What is the penalty for the insurer who fails to refund premiums within 30 days after the free look period
10%
If a consumer requests additional information concerning investigative consumer report how long does the insurer or reporting agency have to comply
5 days
How many policies are necessary to cover a cross purchase buy sell agreement between three people
6
How long does any person receiving written notification on the commissioners order how to respond and request a hearing
90 days
Which of the following persons is required to hold up producers license
A person who negotiates insurance contracts
A key person insurance policy can pay for which of the following
Costs of training a replacement
The general powers and duties of the insurance department include all the following except
Enacting statutes to regulate the insurance industry
If a change needs to be made to the application it should be accomplished by any of the following methods except
Erase or white out the incorrect answer and record the correct answer
How often are producers in the state required to pay license renewal fee
Every two years
And insured publishes intimidating brochures that portray the insured's competition as financially and professionally unstable which of the following best describes this act
Illegal under any circumstances
Insurance contracts or agreements between which two parties
Insurer and insured
Which of the following statements about the reinstatement pro vision is true
It requires the policy owner to pay all over do you premiums with interest before the policy is reinstated
Which universal life option has a gradually increasing cash value any level death benefit
Option a
And insured has had a life insurance policy that he purchased three years ago when he was 40 years old he is killed in an automobile accident and it is discover that he is actually 45 years old what will the company do
Pay a reduced death benefit
A participating insurance policy may do which of the following
Pay dividends to the policy owner
And insured purchases a policy into thousand eight and died in 2013 the insurance company discovers that at the time the insured concealed information during the application process what can they do
Pay the death benefit
All of the following are true regarding insurance policy loans except
Policy loans can be made on policies that do not accumulate cash value
When a whole life policy lapses worries surrendered prior to maturity the cash value is used to
Purchase a single premium policy for a reduced face amount
The risk of loss may be classified as
Pure risk and speculative risk
And insured committed suicide six months after his life insurance policy was issued the insurer will
Refund the premiums paid
Which one of the following is not one of the three basic types of coverages that are available based on how the face amount changes during the policy term
Renewable
Which of the following situations would be addressed by the uniform simultaneous death with a common disaster pro vision
The insured and primary beneficiary are injured in the same car accident and the beneficiary dies within 30 days of the injured
At least once every five years the commissioner must fully examine each of the following organizations or persons except
The national Association of insurance commissioners
A rider attached to the life insurance policy that provides coverage on the insureds family members is called
The other insured rider
All of the following are true regarding a decreasing term policy except
The payable premium amount. Steadily declined throughout the duration of the contract
Which of the following is not true regarding the accumulation period Of an annuity
It would not occur in a deferred annuity
A life insurance policy does not have a work laws if the insured is killed during a time of war what will the beneficiary receives from the policy
The full death benefit
Which of the following determines the cash value of a variable life policy
The performance of the policy portfolio
All of the following are general requirements of a qualified plan except
The plan must provide an offset for Social Security benefits
If a deferred in the Woody is surrendered prematurely the surrender charge is imposed how is the surrender charge determined
The surrender charges a percentage of the cash value and decreases over time
In forming an insurance contract when does except it's usually occur
When an insurer approve is a prepaid application
What is the timeframe for filing relevant suspicious activity reports
Within 30 days of initial discovery
