wig

which is not true regarding tax deferred annuity?

income payments begin within 1 year from the purchase

to purchase insurance the policy owner must face the possibility of losing money or something of value in the event of loss. what is this called

insurable interest

states the insurers promise to pay the death benefit upon the insured death

insuring clause

an agreement that I enforceable by law is known as what kind of contract

legal

the guaranteed insurability rider allows the owner to purchase additional amounts of life insurance without proof of insurability at all of the following except

purchase of a new home

if an applicant submits the initial premium with an application. which action constitutes acceptance

the underwriters approve the application

how long is a grace period for an individual life policy

1 month

received a complaint 10 days ago., how many days does it have to notify the agent of this complaint

20

how many years prior must an insurer maintain claim records

5 years

variable life insurance is regulated by all of the following entities except

us treasury

considering the principles of liquidity, how would the policy owner use todays cash value in a life insurance policy

use it for emergency expenses

which of the following types of insurance is investment based, has a level fixed premium and a nongauranteed value

variable whole life

because of injury, an insured has been able to work for 9 months. he paid the policy premium for his life insurance for the first time in 6 months but did not have to pay for the remaining 3 months

waiver of premium rider

all of the following are true of nonqaulified deferred compensation pakfns except

contributions are tax deductible

decreasing term insurance is often used to

cover a mortgage

what effect will long term care rider have on the death benefit of a life insurance policy of LTC benefits were paid to the insured.

reduce the death benefit

all of the following are our regarding the federal fair crediting reporting act except

reports may be sent to anyone who request it

which of the following does not ocnsistitute false advertising

stating dividends are not guaranteed

in contrasting stock insurers with mutual insurers, which statement is true

stock insurers are owned by the stockholders and issue non participating policies

life insurance can provide which of the following

survivor protection

which are the following are chacteritics of term life insurance

temporary protection, renewability, no cash value

all of the following are consideration in an insurance policy except

the cash value in the policy

with adjustable life, the owner can change all of the following except

the insured

which of the following would not be eligible for coverage under a key person

the owner of a shop

an insurer must notify the consumer in writing that the investigation consumer report has been requested within how many days of the initial request

3 days

received a temporary license 90 days ago. the temporary license will remain in effect for

90 days

the entire contract includes all of the following except

a buyers guide

where are premiums from fixed annuities invested

a general account

an IRA contribution can be made from which of rthe following

cash

which of the following is true of pure life settlement option

it provides the highest monthly benefit

when comparing a joint life policy to two individual life policies of the same amount on the same insured, which condition is true

joint life has a lower premium than the total of the two policies

what does an annuity protect the annuitant against

living longer than expected

what does the guaranty association gaurd against

insurer insolvency

which of the following is an example of policy replacement

a policy is reissued with a reduction in cash value

in order to get a non resident license is this state a producer must

apply and pay a fee to a nonresident state that reciprocates

if a policy contains an unconditional refund offer, what is the latest point at which the buyers guide and policy summary must be issued?

at the time of policy delivery

which of the following is not an example of the company's location to incorporation

authorized

a limited insurance representative may solicit and negotiate with all of the following insurance products except

automobile physical damage

all of the following are true of straight life policy except

it does not have a guaranteed death benefit

Ne home buyer wants to purchase a life insurance policy that would protect his family against losing the home, should he die before the mortgage was paid. the most inexpensive type of policy that would accomplish this need would be

decreasing term

during policy solicitation, an insurer exaggerates the financial condition of one of it competitors, and makes it sound worse than it is. this is an example of an unfair trade practice

defamation

an insure mails an insurance policy to a new policy owner . when the insurer relinquishes control of the policy, the policy is considered

delivered

when a whole life policy is surrendered for its nonforfeiture value, what is th automatic option

extended term

which of the following is a correct statement about annuities

fixed annuities do not provide protection against inflation

an unlicensed person may be compensated for a referral to a licensed insurance producer only if the compensation is a fixed amount, not to exceed what minimum dollar amount

$25

insurers must maintain a record of all sales and solicitation materials for a period of

3 years

which of the following elements of an insurance contract requires payment of premium?

consideration

all of the following are true of a non qualified deferred compensation plan except

contributions are tax deductible

j is receiving fixed amount benefit payments from his late wife's insurance policy. he was told that if dies before all of the benefits are paid out, the remaining amount will go to the contingent beneficiary. which settlement option did j choose

fixed amount

at what point would an automatic premium loan be generated

following the grace period

how will life insurance proceeds that are paid as a lump sum received by the beneficiary

free of federal income taxation

before suspending or revoking an insurance agency's license, the commissioner must first

hold a hearing to determine if a violation has been committed

which of the following is true of level term insurance

it is temporary protection

key person can provide protection for all of the following economic losses to a business except

pay the death benefit to the estate of the insured

which of the following is consideration on the part if the insurer

paying a claim

which of the following is consideration on the part of an insurer

paying a claim

new parents are concerned what would happen to their policy if either one of them were unable to continue making the premium payments due to death or disability. which policy rider should their agent recommend

payor benefit

policies written on a third party basis are usually written to cover which of the following

policy owners minor children or business associates

how do premiums in variable universal life policies vary from those in variable life policies.

premiums are flexible

if a life insurance company uses HIV testing as a part of its underwriting, when must an applicant be notified of the procedure

prior to the performance of the test

all of the following are general requirements of a qualified plan except

the plan must be temporary

according to the common disaster clause, if the insured and primary benedificary are killed in the same accident and it cannot be determined who died first, which of the following will be assumed

the primary beneficiary died before the insured

what is the purpose of a key employee

to covered decreased business revenues as a result of the death of a key employee