56%
What documentation grants express authority to an agent
Agents contract with the principal
Amy's insurance premium has decreased slightly to fight the fact that her level of health has remained the same which of the following most likely cause the premium decrease
Her insurer used interest earned on premiums to lower premium amounts
Which insurance principle states that the policy allows for greater compensation and the financial loss incurred the insured may only receive benefits for the amount lost
Idemntity
Annually renewable term policies provide a level death benefit for a premium that
Increases annually
Which policy component decreases in decreasing term insurance
The face amount
During partial withdrawal from a universal life policy which portion will be taxed
Interest
Which of the following is not true about a group annuity
It can be owned by an individual employees
Which of the following statements about the reinstatement pro vision is true
It requires a policy to pay all overdue premiums with interest before the policy is reinstated
Which of the following statements is true regarding the accidental death writer
It will pay double or triple the face amount
If a producer did not do his research and placed insurance coverage through an unauthorized in sure when this becomes no-no want me to Commissioner do
Order a policy replacement
What form of the annuity settlement option provides payment tl an annuitant for the rest of their life and then ends at their death
Pure life
And insurer is helping a married couple get their child's needs assets and liabilities in the event that one or both spouses should die what is the term that is closely associated with this
Survivor protection
All of the following would be different between qualified and nonqualified retirement plans except
Taxation on accumulation
Which of the following would be deducted from the death benefit paid to a beneficiary if a partial accelerated death benefit had been paid while the insured was still alive
The amount paid with the accelerated benefit plus the earnings lost by the insurance company in interest income from the accelerated benefit
Which of the following is not the consideration and a policy
The application given to a prospective insured
The policy owner of an adjustable life policy wants to increase the death benefit which of the following statements is correct regarding this change
The death benefit can be increased by providing evidence of insurability
All of the following are true statements regarding the accumulation at entrance option except
The interest credited under this option is not taxable since he remains inside the insurance policy
All of the following statements are true regarding installments for a fixed amount except
The payments will stop When the new went dies
Which of the following products requires a securities license
Variable annuity
Every insurance agent broker adjuster or other person license under the Washington code must promptly rely to inquiry of the commissioner regarding business of insurance
Within 15 days
If an insured receives accelerated death benefit what is the least amount of the original death benefit that the beneficiary would receive after the insureds death
0%
What is the penalty for the insurer who fails to refund premiums within 30 days after the free look.
10%
If the owner of a whole life policy who is also insured dies at age 80 and there are no outstanding loans on the policy what portion of the death benefit will be paid to the beneficiary
A full death benefit
Which of the following would help prevent a universal life policy from lapsing
A target premium
Which of the following is the closest terminal to an authorized ensure
Admitted
A producer just completed a continuing education course when the producer when will the producer be allowed to repeat the same course
After three years
A policy owner fails to pay the premium do you want his whole life policy after the grace. Passes but the policy remains in force this is due to what probation
Automatic premium loan
Which of the following is not a way to determine the interest rate of universal policy
Estimate market conditions for the life of the policy
The authority granted to an agent through the agency contract is referred to as
Express authority
Which of the following is correct regarding the premium funds received by producer in the fit dictionary Pacitti
Funds may be kept in a seperate account
Events or conditions that increase the chances of an insurance loss occurring are referred to as
Hazards
It's an insurer issue the policy based on the application that had on her answer questions which of the following will be true
The policy will be interpreted as if the insurer waived its right to have an answer on the application
And insured stopped making payments on the loan taken from his cash value policy what will most likely happen
The policy will terminate when the loan amount with an equal interest or exceeds the cash value
Which of the following is true regarding the premium in term policy is
The premium is any type of term policy is usually level
In an adjustable life policy all of the following can be changed except
The type of investment
Which of the following is not a goal of risk retention
To minimize the insureds level of liability in the event of a loss
Agents to persuade insurance to cancel a policy in favor of one Nother when it might not be at the insured's best interest are guilty of
Twisting
When is the earliest a policy may go into effect
When the application is signed and a check is given to the agent
