Guaranteed Exam

All of the following information needs to be included on an app for life insurance EXCEPT: a) health insurance policies in force b) life insurance with other insurers c) the agent's statement, if applicable d) medical information about the applicant

a) health insurance policies in force

In order to reinstate a life insurance policy the insured must do all of the following EXCEPT: a) pay next year's premium in advance b) pay back premiums c) pay any interest due on back premiums d) repay any outstanding loans and interest

a) pay next year's premium in advance

All of the following are true of annually renewable term insurance EXCEPT: a) proof of insurability must be provided at each renewal b) the premium increases every year c) the death benefit remains level d) the policy renews regardless of the insured's health

a) proof of insurability must be provided at each renewal

Which of the following is a correct statement about annuities? a) fixed annuities have the annuitant assume the risks of investment b) fixed annuities do not provide protection against inflation c) fixed annuities provide min guaranteed rate of interest d) variable annuities place the funs into the company's general account

b) fixed annuities do not provide protection against inflation

Policies written on a third-party ownership basis are usually written to cover which of the following: a) policy owner's estate b) policy owner's minor children or business associates c) policy owner's who are not insureds d) insured's estate

b) policy owner's minor children or business associates

Which of the following would NOT trigger the payment of Accelerated Death Benefits? a) requiring an organ transplant for the insured to survive b) being permanently institutionalized c) being permanently disabled d) terminal illness

c) being permanently disabled

What guarantees that the info explained int he insurance contract is true? a) a representation b) utmost good faith c) a binder d) a warranty

d) a warranty

What is the maximum loan amount a policy owner may withdrawal from a variable universal life insurance policy? a) an amount up to the face amount of the policy b) nothing; loans are not allowed under variable universal life c) an amount equal to the first year of premium payments d) an amount not exceeding cash value

d) an amount not exceeding cash value

An ind. has a $200,000 convertible life insurance policy. If he chooses, he can: a) convert to another term policy with a lower face amount without proof of insurability b) purchase an ind. annuity for any face amount using the 1035 exchange privilege c) purchase another term policy and increase his death benefit without proof of insurability d) convert to whole life policy for the same face amount without proof of insurability

d) convert to whole life policy for the same face amount without proof of insurability

An annuitant pays the annuity premium on the 14th of each month. Which of the following best describes this arrangement? a) flexible b) lump sum c) single d) level

d) level