guaranteed Life exam try 1

all of the following are true regarding the waiver of cost insurance rider except

the rider expires when the insured reaches age 60

what is the purpose of the surrender charge in a deferred annuity

to compensate the company for loss of investment value

what happens to the face amount of a whole life policy if the insured reaches the age of 100

the face amount is paid to the insured

which of the following is true regarding taxation of accelerated benefits paid under a life insurance policy

they are received tax free

what is the exclusion ratio used to determine

The annuity benefit to be excluded from taxes

life insurance creates an immediate estate. which of the following best explains this statment

the face value of the policy is payable to the beneficiary upon the death of the insured

with adjustable life the owner can change all of the following except

the insured

which of the following would not be eligible for coverage under key person

the owner of a shop

if an applicant submits the initial premium with an application which action constitutes acceptance

the underwriters approve the application

if the annuitant dies before the annuity start date, which of the following is true

the interest is taxable

if an individual willfullly violates provisions of the fair credit reporting act, what is the max civil penalty

$2500

in order for a business partner to be eligible for a keogh plan, they must work full time and own at least how much of the business

10%

a policy is issued for an indefinite term. the insurer decides to cancel the policy on its anniversary date, how much notice should the policyowner be given

60 days

which of the following would benefit the most from a straight life immediate annuity

a 60 yr old man who needs as much retirement as possible

what is the effect of negotiations for a contract

The time when a statement made by an insured can affect the insurer's obligations

which of the following best describes pure life annuity

it provides the highest monthly benefits

your client wants to provide a retirement income for his elderly parents in case something happens to him. he wants to make sure that both beneficiaries are guaranteed an income for life. which settlement option should this policyowner select

joint and survior

cash value gaurantees in a whole life policy are called

nonforfeiture values

an insurer has received some information regarding a newly issued policy that provides sufficient grounds for policy recession. what should the insurer do

notify the insured within 60 days of acquiring that info

which statement best describes agreement as it relates to insurance contracts

one party accepts the exact terms of the other partys offer

life insurance can provide which of the following

survivor protection

a viatical settlement is a transaction outside the life insurance company where the owner sells the life insurance policy for which of the following

a percentage of the face value

what is the cost of coverage based on the group life insurance

the average age and the ratio of men to women

Suitability of annuity sales to senior consumers requirements would apply to all of the following except

a direct response solicitation

a married couple wants to include the entire family in their whole life policy under one rider. which of the following riders will help them achieve that goal

a family term

which of the following is an example of a physical hazard

diabetes

insurers are 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 applicants initial premium

Which of the following is a person other than an officer or employee of the cedinging insurer who solicits negotiates or places reinsurance on behalf of a ceding insurer

reinsurance broker

which of the following would be true of both the fixed period and fixed amount settlement options

both guarantee that the principal and interest will be fully paid out

Insurers CANNOT transact insurance in this state without a

certificate of authority

a whole life policy is surrendered for a reduced paid up policy. the cash value is the new policy will

continue to increase

an individual has a $200,000 convertible term life insurance policy if her choses he can

convert to a whole life policy for the same face amount without proof of insurability