Mn Life

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If $100,000 of life insurance proceeds were used in a settlement option, which paid $13,000 per year for ten years Which of the following would be taxable annually?

$3000

Once an individual is licensed as an insurance producer for life or accident and health insurance, how many hours of training must he or she initially complete to sell long term care insurance?

8

Which of the following protects the insured from an unintentional policy lapse due to a nonpayment of premiums?

Automatic premium loan

Which of the following statements concerning buy-sell agreements is true?

Buy-Sell agreements are normally funded with a life insurance policy

which of the following terms is used to name the nontaxed returns of unused premiums

Dividend

All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT

Dividends from a mutual insurer

The policyowner wants to make sure that upon his death, the life policy will pay a portion of the proceeds annually to his spouse, but that the principal will be paid to their children when they reach a certain age. Which settlement option should the policyowner choose?

Interest only option

Who might recieve dividends from a mutual insurer?

Policyholders

The Gramm-Leach-Bliley Act was passed to do what?

Protect private customer information filed with a financial instituition

Another name for a substandard risk classification is?

Rated

Any inducement offered to the insured in the sale of an insurance policy is an unlawful practice known as

Rebating

The interest earned on policy dividends is

Taxable

A licensed Minnesota insurance producer must notify the Commissioner of a change of address within

10 days

Once an individual has successfully passed a licensing exam, for how many year(s) are the results valid?

3

Should the Commissioner request information from a certificate holder, licensee, or other person under the jurisdiction of the Commissioner...If no time specified, they must comply within?

30 days

What is another name for interest-sensitize whole life insurance?

Current assumption life

A policy will pay the death benefit if the insured dies during the 20 year premium paying period, and nothing if death occurs after the 20 year period. What type of policy is this?

Level Term

Which of the following is not a type of whole life insurance?

Level Term

Variable whole life insurance is based on what type of premium?

Level fixed

When an applicant purchased a life insurance policy, the agent dated the application 4 months prior. When asked by the applicant, the agent said he was allowed to backdate policies up to 6 months if it would

Lower the insureds premium

Traditional IRA contributions are tax deductible based on which of the following?

Owners Incomme

A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. This is a personal use of life insurance known as

Survivor Protection

Children's riders attached to whole life policies are usually issued as what type of insurance?

Term

In a life settlement contract, whom does the life settlement broker represent?

The Owner

Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. What does this mean?

The beneficiary will only receive payments of the interest earned on the death benefit.

The insured had his wife named as the beneficiary of his life policy. To ensure that his wife had income for life after the insureds death, he chose the life income settlement option. The amount of payments will be determined taking into account of all of the following EXCEPT

The insureds age at death

which of the following is not true of life settlements?

The seller must be terminally ill

Social security benefits are available for a surviving spouse until the youngest child reaches age 16. Benefits are again available for the spouse after reaching age 60. What is the time period called during which the surviving spouse does not receive benefits?

blackout period

An insured purchased a variable life insurance policy with a face amount of $50,000. over the life of the policy, stock performance declined, and cash value fell to $10,000. if the insured dies, How much will be paid out?

$50,000

Upon termination of a covered employee, the employer must notify the employee of their right to continuation of coverage within how many days?

14 days

Replacing insurers must maintain evidence of the Notice regarding Replacement for a minimum of how many years?

6 years

Any regularly salaried employee of a licensed insurer, without license or other qualification, may act on behalf of that insurer in the negotiation of insurance for that insurer, provided

A licensed producer participates in the sale of the insurance

The accelerated benefits provision will provide for an early payment of the death benefit when the insured

Becomes terminally ill

A long stretch of national economic hardship causes 7% rate of inflation. A policyowner notices that the face value of her life insurance policy has been raised 7% as a result. Which policy rider caused this change?

Cost of Living Rider

Which of the following would be the beneficiary in credit life insurance?

Creditor

Which of the following is true about the premium on the children's rider in a life insurance policy?

It remains the same no matter how many children are added to the policy

A couple receives a set amount of income from their annuity. When the wife dies, the husband no longer receives annuity payments. What type of annuity did the couple buy?

Joint life

A participating insurance policy may do which of the following?

Pay dividends to the policy owner

A man decided to purchase a $100,000 Annually renewable Term Life policy to provide additional protection until his children finished college. He discovered that his policy

Required a premium increase each renewal

All of the flowing are true regarding the guaranteed insurability rider EXCEPT

This rider is available to all insured with no additional premium


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