Financial advising

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To sell variable life insurance policies, an agent must receive all of the following EXCEPT

SEC registration

The policyowner of a universal life policy may skip paying the premium and the policy will not lapse as long as

The policy contains sufficient cash value to cover the cost of insurance.

If a change needs to be made to the application for insurance, the agent may do all of the following EXCEPT

Erase the incorrect answer and record the correct answer.

Which of the following is NOT a type of whole life insurance

Level term

Which of the following will be included in a policy summary

Premium amounts and surrender values

Which nonforfeiture option provides coverage for the longest period of time?

Reduced Paid-Up

All of the following are TRUE statements regarding the accumulation at interest option except

The interest is not taxable since it remains inside the insurance policy.

Which of the following products provides income for a specified period of years or for life, and protects a person against outliving their money

an annuity

Forcing a client to buy insurance from a particular lender as a condition of granting a loan is defined as

coercion

Which of the following riders added to a life insurance policy can pay part of the death benefit to the insured to cover expenses incurred in a nursing or convalescent home

long term care

What is the waiting period on a Waiver of Premium rider in life insurance policies?

6 months

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

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

A candidate for an Accident and Heath Producers license must complete how many hours of pre licensing education

20 hours

As a condition for renewal of their licenses, how many hours of continuing education are required for all resident and nonresident insurance producers?

24

How soon from the submission of a notice of claim must an insurer acknowledge the receipt of the notice?

30 days

What is another name for interest-sensitive whole life insurance

Current assumption life

Which of the following is INCORRECT concerning noncontributory group plan

The employees receive individual policies

When a producer was reviewing a customers coverage, written by another company, the producer made several remarks that were maliciously critical to the other insurer. The producer could be found guilty of

Defamation

A temporary license may be issued without examination in all of the following instances except

To an applicant who fails to pass an insurance producers examination

Why should the producer personally deliver the policy when the first premium has already been paid?

To help the insured understand all aspects of the contract

What is the maximum penalty for habitual willful noncompliance with the Fair Credit Reporting Act

$2,500

Any of the following may be an unfair claims practice EXCEPT

Attempting to settle a claim by the use of arbitration

If a producer is found to have committed unfair trade practices or fraud, the Commissioner has the authority to do what

Sentence the Producer to jail time

Which of the following types of annuities will generally provide the highest monthly income

Straight life

Children's riders attached to whole life policies are usually issued as what type of insurance

Term

If an insured under a variable life insurance policy dies, how will the insurer respond to outstanding policy loans?

The loan amounts are deducted from the death benefit.

Which of the following statements is correct regarding a whole life policy

The policyowner is entitled to policy loans

Which of the following employees insured under a group life plan would be allowed to convert to individual insurance of the same coverage once the plan is terminated

Those who have been insured under the plan for at least 5 years

Which of the following premium payment modes will incur the lowest overall payment

annual

A father owns a life insurance policy on his 15-year-old daughter. The policy contains the optional Payor Benefit rider. If the father becomes disabled, what will happen to the life insurance premiums?

the insured's premiums will be waived until she is 21.

Any licensed person in this state may be assessed a civil penalty for an unintentional violation of a state insurance statute up to

$1,000

Within how many days must insurance producers report changes of address to the commissioner

30 days

What license or licenses are required to sell variable annuities?

Both a life insurance license and a securities license

The annuitant dies while the annuity is still in the accumulation stage. Which of the following is true

The beneficiary will receive the greater of the money paid into the annuity or the cash value.

Which of the following is the best reason to purchase life insurance rather than an annuity

To create an estate

Which is true about a spouse term rider

The rider is usually level term insurance

Which Universal Life option has a gradually increasing cash value and a level death benefit?

Option A

Which of the following riders would NOT cause the death benefit to increase

Payor Benefit Rider

When a life insurance policy was issued, the policyowner designated a primary and a contingent beneficiary. Several years later, both the insured and the primary beneficiary does in the same car accident , and it was impossible to determine who died first. Which of the following would receive the death benefit

The insureds contingent beneficiary

Which of the following best describes the aleatory nature of an insurance contract

Exchange of unequal values

A life insurance policy has a legal purpose if both of which of the following elements exist

Insurable interest and consent

An insured purchased an insurance policy 5 years ago. Last year, she received a dividend check from the insurance company that was not taxable. This year, she did not receive a check from the insurer. From what type of insurer did the insured purchase the policy?

Mutual


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