Guaranteed exam
immediately
If a loan request is for payment of due premiums on the policy, how soon must the insurer issue a loan?
The beneficiary
In life insurance, which of the following is not required to have an insurable interest in the insured
Apply and pay a fee to a nonresident state that reciprocates
In order to get a non resident license in Louisiana producers must
10%
What is the tax penalty for withdrawing money from an annuity prior to age 59 1/2
Admitted
What term is used for insurance companies that have a certificate of authority to transact insurance
Contract interest rate
What type of an interest rate is guaranteed in universal life policies
The principal portion is generally income tax free while the interest portion is taxed as ordinary income
When a settlement option is chosen at death how are the monthly income payments taxed
Extended term
When a whole life policy is surrendered for its nonforfeiture value, what is the automatic option?
Controlled Business
When an agent obtains an insurance license for the primary purpose of writing insurance for himself, his spouse, or his own business this is called
disability
Which of the following is not a standard exclusion in life insurance policies?
Being permanently disabled
Which of the following would NOT trigger the payment of Accelerated Death Benefits?
Both the guarantee that the principal and interest will be fully paid out
Which of the following would be true of both the fixed period and fixed amount settlement options
The person who purchases the annuity
Who is the annuity owner?
Individuals age 50 or older
Who would be allowed catch up contributions
60 days
A distribution from an employer sponsored retirement plan or from an ira is eligible for a tax free rollover of it is reinvested in an it's within
Buyer's Guide
A entire contract includes all the following except
Increases at a predetermined age
A jumping juvenile policy is unique in that the death benefit automatically
Family term
A married couple wants to include the entire family in their whole life policy under one rider which of the following riders will help them achieve that goal
Continue to increase
A whole life policy is surrendered for a reduced paid up policy. The cash value in the new policy will
continue to increase
A whole life policy is surrendered for a reduced paid up policy. The cash value in the new policy will
The income at retirement is tax free
All of the following are advantages of a qualified retirement plan except
Proof of insurability must be provided at each renewal
All of the following are true of annually renewable term insurance EXCEPT
It provides a cash payment to the annuitant at annuitization
All of the following are true regarding a cash refund annuity settlement option except
Health insurance policies in force
All of the following information needs to be included on an application for life insurance except
cash
An IRA contribution can be made from which of the following
Either term insurance or permanent insurance.
An adjustable life policy can assume the form of
70,000
An annuity has accumulated the cash value of 70,000, of which 30000 is from premium payments. The annuitant does during the accumulation phase. The beneficiary will receive
Performance of a recognized index
An equity indexed annuity will grow based upon
Mexico
An example of an alien insurer doing business in this state is one formed under the laws of
Childers term rider
An insured and his spouse recently had a child. Which of the following riders would allow the couple to insure the child for a limited period of time at a specified amount?
Delivered
An insurer mails an insurance policy to a new policyowner. When the insurer relinquishes control of the policy, the policy is considered
10%
An ira owner who is 57 years old wants to make a withdrawal from her traditional ira. What penalty will be imposed
Nonforfeiture Options
Cash value guarantees ina whole life policy are called
Defamation
During policy solication an insurer exaggerates the financial condition of one competitors, and makes it sound worse than it is this an example of an unfair trade practices
Premiums are flexible
How do premiums in variable universal life policies vary from those in variable whole life policies
90 days prior to expiration
How long is the period of time in which a licensee must renew his or her license
Prior to performance of the test
If a life insurance company uses HIV testing as a part of its underwriting, when must an applicant be notified of the procedure
The family term rider incorporates
Spouse term and children's term
Loss of the breadwinners income
The human life value approach to determing life insurance needs is based upon which of the following ideas
The U.S department of treasury
Variable life insurance is regulated by all the following entities except
single premium deferred annuity
What annuity is purchased with a single payment, but dissent begin payments for at least a year
Insurer Insolvency
What does the Guaranty Association guard against?
Paid-Up Additions
Which dividend option will increase the death benefit?
Stating that dividends are not guaranteed
Which of the following actions does not constitute false advertising
If there is a transfer for value
Under which of the following conditions would life insurance proceeds be taxable by the federal government?
Statement of Good Health
When an agent delivered an insurance policy to the insured, he collected the intial premium, as well as a document verifying that the insured had not had any injuries or illness since the application date. What is this document called
Estate Conservation
When life insurance is used to pay inheritance taxes and federal taxes it is known a
SPIA
Which annuity is purchased with a single payment and begins annuity payments with the first year?
It provides the highest monthly benefits
Which of the following best describes pure life annuity
Fixed Annuities do not provide protection against inflation
Which of the following is a correct statement about annuities?
Fixed annuities do not provide protection against inflation
Which of the following is a correct statement about annuities?
Number of beneficiaries
Which of the following is not a component of an insurance policy premium