Guarantee Life Exam Questions
If an individual willfully violates provisions of the Fair Credit Reporting Act, what is the maximum civil penalty?
$2,500
Which of the following statements is INCORRECT
An illustration must contain the name and address of the insurer and agent, but it must contain only the name of the proposed insured
Which statement best describes agreement as it relates to insurance contracts?
One party accepts the exact terms of the other party's offer
An insurance company requires applicants to undergo physical examinations to obtain or continue coverage. Who will pay for this exam?
The insurer
In which of the following situations may the policyowner be allowed to sell a life insurance policy purchased 1 year ago for a viatical settlement contract?
Divorce
Cash Value guarantees in a whole life policy are called
Nonforfeiture values
If the annuitant dies before the annuity start date, which of the following is true?
The interest is taxable
The Commissioner revokes an intermediary's license because the agent ignored an order of restraint. How much time must pass before the intermediary can reapply for a license?
5 years
If an insurance company makes a statement that its policies are guaranteed by the existence of the Wisconsin Insurance Security Fund, that would be considered
An unfair trade practice
Where are premiums from fixed annuities invested?
A general account
According to the life insurance replacement regulations, which of the following would be an example of policy replacement?
A policy is reissued with a reduction in cash value
Insurers and intermediaries must provide a copy of the current edition of the Wisconsin Buyer's Guide to Annuities and a Preliminary Contract Summary at what point?
Prior to accepting the applicant's initial premium
In a variable life insurance policy, all of the following assets are held in the insurance company's general account EXCEPT
Cash surrender values
Which of the following is a correct statement about annuities?
Fixed annuities do not provide protection against inflation
FICA tax applies to which of the following?
Social Security
Within how many days must an agent notify the Commissioner of any felony or misdemeanor conviction?
30 days
The Commissioner issued an order without holding a hearing. The person aggrieved by this order sent a demand for a hearing 20 days ago. The hearing must be held within the next
40 days
Which of the following premium modes would result in the lowest overall premium?
Annual
Under which of the following conditions would life insurance proceeds be taxable by the federal government?
If there is a transfer for value
The principle of immunity in cancellation or insurance policies applies to which of the following?
Insurers and their agents
Which of the following types of insurance is investment based, has a level fixed premium, and a nonguaranteed cash value?
Variable Whole Life
A producer advises a policyholder that he should replace his life insurance policy with another, similar policy. The agent is advising this, however, for the sole purpose of earning a commission. What violation has the agent committed?
Churning
How many days after passing their state exam does an applicant have to apply for a license?
30 days
Contributions to Roth IRAs are
Not tax deductible
