Primerica Life Insurance Basics

In terms of Social Security, what is the interval spanning between the day when the youngest child of a family turns 16 and before the surviving spouse may receive retirement benefits?

Blackout period

Which of the following is a generic consumer publication that explains life insurance in general terms in order to assist the applicant in the decision making process?

Buyers Guide

When Y applied for insurance and paid the initial premium on August 14, he was issued a conditional receipt. During the underwriting process, the insurance company found no reason to reject the risk or classify it other than as standard. Y was killed in an automobile accident on August 22, before the policy was issued. In this case, the insurance company will

Issue the policy anyway and pay the face value to the beneficiary.

Which of the following is usually true of a participating life insurance property?

It pays dividends to policy owners.

What describes the specific information about a policy?

Policy Summary

Based on Human Life Value Approach, which of the following is NOT used to calculate an individual's life value?

Predicted needs of the family after the insured's death

Which of the following is an example of liquidity in a life insurance contract?

The cash value available to the policy owner

In a life settlement contract, whom does the life settlement broker represent?

The owner

Which of the following statements regarding deffered compensation funds is incorrect?

They are usually qualified plans.

Which of the following is the best reason to purchase life insurance rather than annuities?

To create an estate.

An agent and an applicant for a life insurance policy fill out and sign the application.However, the applicant does not wish to give the agent the initial premium, and no conditional receipt is issued. When will coverage begin?

When the agent delivers the policy , collects the initial premium, and the applicant an acceptable Statement of good health

If an applicant for a life insurance policy and person to be insured by the policy are two different people, the underwriter would be concerned about

Whether an insurable interest exists between the individuals

If a policy includes a free-look period of at least 10 days, the Buyer's Guide may be delivered to the applicant no later than

With the policy

Which of the following statements is not true concerning insurable interest as it applies to life insurance?

a debtor has an insurable interest in the life of a lender

A corporation is the owner and beneficiary of the key person life policy. If the corporation collects the policy benefit, then

the benefit is received tax free.