Day1

After a life policy has been force for a maximum of ___ years its becomes incontestable

2

J is 35-years old and looking to purchase a whole life insurance policy. Which of the following types of policies will provide the most rapid growth of cash value?

20 pay life

A producer must report any personal felony charges within ___ days of pretrail hearing

30

An insurer may normally delay the payment of cash value loan or surrender value for up to

6 months

Which of the following features a group term life policy enable as individual to leave the group and continue there insurance without providing evidence of insurability

Conversion privilege

A credit life insurance policy covers the life of the

Debtor

Credit life insurance is typically issued with which of the following types of coverage?

Decreasing term

B owns a Whole Life policy with a guaranteed insurability option that allows him to purchase, without evidence of insurability, stated amounts of

Additional whole life coverage at specified times

Life insurance that covers an insured whole life with level premium paid over limited time is

Adjustable life

When making a recommendation to a customer to purchase an annuity the producer must make reasonable efforts to obtain suitability information suitable information include

Age annual income financial experience

When making a recommendation to a customer to purchase an annuity the producer must take reasonable efforts to obtain suitability information suitability information includes

Age annual income financial experience

Automatic Premium Loan Provision is designed to

Avoid a policy lapse

N is a student pilot with a large life insurance policy. Which of these features would limit the insurer's obligation in the event N was killed while flying as a student pilot?

Exclusion

What's does a face amount plus cash value policy pay upon the insured death

Face amount plus the policy cash value

Which of following is standard provision of the conversion privileges in a group policy

Group life coverage can be converted to an individual policy at regular rates on an attained age basis

Which of the following type of term life policies most likely contains a renewability feature

Increasing term 10 year convertible term Decreasing term Variable term 10 year convertible term

If a contract of adhesion contains complicated language to whom would the interpretation be in favor of?

Insurer Beneficiary Reinsurer Insured Insured

Dividends paid from a life insurance policy are

Issues by the insurer

The accelerated death benefit provision in a life insurance policy is also known as

Living benefit

Defamation occurs when a producer makes a false statement intended to

Malign another insurer

P is a producer who is liscened in missouri but a residence in Nebraska p is a (n) _____ producer

Nonresident

What type of policy would offer a 40 year old the quickest accumulation of cash value

Paid up at 65 20 pay life 30 pay life Straight whole life 20 pay life

M had an annual life insurance premium payment due January 1. She died January 10 without making the premium payment. What action will the insurer take?

Pay face amount minus the past due premium

Witch statement is correct regarding the premium payment policy of whole life policy

Premium are payable through the insured lifetime/coverage last until death of the insured

The provision that can be used to put an insurance policy back in force after it has lapsed due to nonpayment is called

Reinstatement

S buys a $10,000 Whole Life policy in 2003 and pays an annual premium of $100. S dies 5 years later in 2008 and the insurer pays the beneficiary $10,500. What kind of rider did S include on the policy?

Return of premium rider

The suicide provision for life policies would apply to

Subsequent increases in benefits

Witch of the following insurance policy involves an investment account that is separate from there general account

Variable life

A life insurance policy which ensures that the premium will be paid if the insured becomes disabled has which kinda rider attached

Waiver of premium

A whole life insurance policy owner does not have the right to

Change the grace period

When is the face amount paid under a Joint Life and Survivor policy?

Upon death of the last insured

What kind of life insurance product covers children under their parent's policy?

A term rider

The Consideration clause in a life insurance contract contains what pertinent information?

Amount of premium payments and when they are due

Micheal the insurance producer is acting in fiduciary capacity when conducting business with all these policies except

The director

Which action will an insurer take if an interest payment on a policy loan in not made on time

Automatically add the amount of interest due to the loan balance

Whole life insurance are contractually guaranteed to provide each of the following except

Cash value that will ultimately replace the death benefit Non forfeiture benefit options Premiums that remain fixed for the life of the policy Partial withdrawal features beyond a surrender charge period Partial withdrawal features beyond a surrender charge period

Which rider provides coverage for a child under a parent's life insurance policy?

Child term rider

P owns $25000 life policy that pays the face amount to him if he lives to age 70 or to his beneficiary if he dies before age 70 what kinda policy does p own

Endowment at Age 70

Q would like to purchase $100,000 of permanent protection on his wife and $50,000 of Term coverage on himself under the same policy. What kind of policy should Q purchase?

Joint policy Joint survivor policy Whole life policy with other insured rider Whole life policy with guaranteed insurability option Whole life policy with other insured rider

What must a producer sign when an existing life insurance policy is being reissued with a reduction in cash value

Notice regarding replacement

Witch of the following statement about accumulating interest earned on dividends on an insurance policy is true

Taxes as ordinary income

A(n) ________ Rider maybe used to include coverage for children under their parents life policy

Term

Why would the director of insurance examine the record of an insurance company

To determine the solvency of the company

The director of insurance is authorized

To enforce state laws relating to insurance