prime course
Who can make a fully deductible contribution to a traditional IRA?
An individual not covered by an employer-sponsored plan who has earned income
In life insurance, producers are permitted to share or split commissions, proving that
Both are properly license or the recipient is not involved with the sale of insurance
All of the following are duties and responsibilities of producers at the time of application, except
Change any incorrect statement on the application by personally initialing next to the corrected statement.
According to the law of agency, a producer always represents the
Insurance company
What is the purpose of a free look period in insurance policies
It allows the insured to reject the policy with a full refund.
True of a children's writer added to an insured's to permanent life insurance policy
It is term coverage that is convertible to permanent insurance at or prior to the child reaching the maximum coverage age
In the underwriting process, it was determined that the applicant for life insurance is in poor health, and has some dangerous habits which of the following is true concerning the policy premium
It will likely be higher because the applicant is a substandard risk.
after a back injury and insured is disabled for year his insurance policy carries a disability income benefit Rider which of the following benefits will he receive
Monthly premium waiver and monthly income
Which option of universal life allows the beneficiary to collect both the death, benefit and cash value upon the death of the insured
Option B
All the following are characteristics of group, life insurance, except
Premiums are determined by the age, sex and occupation of each individual certificate holder.
According to underwriting rules pertaining to aids and HIV, all of the following questions, will be allowed on an application for life or health insurance, except
Questions directed to determine the applicants sexual orientation
Which of the following is not correct regarding examination of companies
The Commissioner must examine all alien companies.
Who can remove the insurance commissioner from the office?
The Governor
Which of the following is true regarding variable annuities
The annuitant assumes the risks on investment
In terms of parties to a contract, which of the following does not describe a competent party
The person must have at least completed secondary education.
Which of the following is true about nonforfeiture values?
They are required by state law to be included in the policy
INFORMING AN INSURANCE CONTRACT WHEN DOES ACCEPTANCE USUALLY OCCUR
When the insurer's underwriter approves coverage
For a retirement plan to be qualified, it must be designed for the benefit of
employees
the automatic premium loan is activated at the end of the
grace period
true regarding a hearing upon the nonrenewal of producer's license?
hearing must be held within 30 days of the written demand.
a return premium term life policy is written as what type of term coverage?
increasing
according to the law of agency, a producer represents the
insurance companies
policy components contain the company's promise to pay.
insuring clause
Insurance is the transfer of
risk
husband dies his wife still receives monthly payments till she dies
settlement option JOINT AND SURVIVOR
an insurer may disclose an applicant's AID/HIV test results to all of the following except
the applicant's previous insurer
Under which circumstances can a producer receive a commission and a consultants fee for the same transaction
A producer makes a disclosure about commission arrangement prior to the transaction
Which of the following term is used to name non-taxed return of unused premiums
Dividend
Which of the following best describes aleatory nature of an insurance contract
Exchange of unequal values