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An employee quits his job and converts his group policy to an individual policy; the premium for the individual policy will be based on his

Attained age

which of the following settlement options in life insurance is known as straight life

Life Income

which of the following is correct regarding the premium funds received by a producer in the fiduciary capacity

Funds may be kept in a separate account

in life insurance policies, cash value increases

Grow tax deferred.

when a policy is replaced, replacing insurers must maintain a replacement register regarding that policy for

3 years

In insurance, an offer is usually made when

An applicant submits an application to the insurer

under which of the following circumstances would an insurer pay accelerated benefits

An insured is diagnosed with cancer and needs help paying for her medical treatment

which of the following is incorrect regarding a $100,000 20 year level term policy

At the end of 20 years, the policy's cash value will equal $100,000.

What license or licenses are required to sell variable annuities?

Both a life insurance license and a securities license

all of the following statements concerning dividends are true except

Dividend amounts are guaranteed in the policy

all of the following actions can be described as twisting except

Explaining to client the advantages of permanent insurance over term and suggesting changing policies

The type of term insurance that provides increasing death benefits as the insured ages is called

Increasing Term

which of the following best describes a misrepresentation

Issuing sales material with exaggerated statements about policy benefits

what is the benefit of choosing extended term as a nonforfeiture option

It has the highest amount of insurance protection

in which of the following situations is it legal to limit coverage based on marital status

It is never legal to limit coverage based on marital status

which of the following statements is true concerning the accidental death rider

It will pay double or triple the face amount

Twin brothers are starting a new business. They know it will take several years to build the business to the point that they can pay off the debt incurred in starting the business. What type of insurance would be the most affordable and still provide a death benefit should one of them die?

Joint Life

which is not true about beneficiary designations

The beneficiary must have insurable interest in the insured.

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

The cash value available to the policyowner

which of the following products requires a securities license

Variable annuity

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.

if a producer has procured insurance coverage for a policyowner through an unauthorized insurer which of the following could happen

The producer may be held personally liable for policy claims

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

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

If a licensee whose license has been temporarily suspended demands a hearing, the commissioner must hold the hearing demanded as according to all the following statements except

Within 30 days of the license effective date

when an agent is soliciting a policy through an insurer whose responsibility is it to determine that the insurer is authorized to transact business in this state

agents

the least expensive first year premium is found in which of the following policies

annually renewable term

all of the following information about a customer must be used in determining annuity suitability except

beneficiary's age

The authority granted to an agent through the agent contract is referred to as

express authority

Following a career change, an insured is no longer required to perform many physical activities, so he has implemented a program where he walks and jogs for 45 minutes each morning. The insured has also eliminated most fatty foods from his diet. Which method of dealing with risk does this scenario describe?

reduction

the commissioner of insurance does not have the authority to

set rates

insurance producers must ensure that contracts they recommend are in the best interest of the insured. this is called

suitability

if during a sales process, a producer gives special favors or advantages such as money or prizes to a prospective client the producer is guilty of

why should t

If a consumer requests additional information concerning an investigative consumer report, how long does the insurer or reporting agency have to comply?

5 days

The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. When does the policy coverage become effective?

As of the application date

The form of life annuity which pays benefits throughout the lifetime of the annuitant and also guarantees payment for a minimum number of years is called

Life income with period certain

which part of an insurance application would contain information regarding the cause of death of the applicants deceased relatives

Medical information

which of the following statements about group life is correct

The cost of coverage is based on the ratio of men and women in the group.


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