Life insurance quiz study

Which is the primary source of information used for insurance underwriting

Application

Which of following is incorrect regarding a 100000 20 level term policy

At the end of 20 years, the policy cash value will equal 100000

All of the following information about a customer be used in determining annuity suitability except?

Beneficiary age

Which of the following is not an example of a valid insurance interest

Debtor in the life of the creditor

All the following information about the applicant is identified in the general information section of a life insurance application

Education

If a change needs to be made to the application for insurance, the agent may do all of the following Except

Erase the incorrect answer and record the correct answer

Annually renewable term policies a level death benefit for a premium that

Increase annually

An underwriter may obtain information on an applicants hobbies financial status and habits by ordering a

Inspection report

Who makes up the medical information bureau

Insurers

Which of the following is usually true of a participating life insurance policy

It pays dividends to policy owners

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

Medical information

All of the following are factors that an underwriter could use to selected and classify risk except?

National orgin

Which of the following best describes gross annual premium

Net premium plus expenses

A prospective insured receives a conditional receipt but dies before the policy is issued. The insurer will

Pay the policy proceeds only if it would have issued the policy

Which of the following will be included in a policy summary

Premium amounts and surrender values

all of the following are characteristic of group life insurance Except

Premiums are determined by the age, sex and occupation of each individual certificate holder

Another name for a substandard risk classification is

Rated

A domestic insurer issuing variable contracts must establish one or more

Separate accounts

Which type of life insurance policy generates immediate cash value

Single premium

Who is the owner and who is the beneficiary on a key person life insurance policy

The employer is the owner and beneficiary

Which of the following would not fall the category of costs associated with death

The expenses of a vacation for surviving family members

An employee quit his job on may 15 and doesn't convert his group life policy to an individual policy for 2 weeks. He dies in a freak accident on June 1. Which of the following statements best describes what will happen.

The insurer will the full death benefit from the group policy to the beneficiary.

Jason wants to advertise his life insurance practice which of the following must he include in his advertisements?

The name of the city in which he has his principal office.

All of the following are characteristics life insurance plan Except

There is a requirement to prove insurability on the part of the participants

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

To create an estate

Which of the following cannot be included along with illustrations used to sell life insurance

Vanishing premium information

The death protection component of universal life insurance is always

annually renewable term

An applicant wants to buy a policy that has cash value element which type should she buy

permanent