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A married couples retirement and new woody pays them $250 per month the husband dies in the wife continues to receive $125.50 per month for as long as she lives when the wife dies payment stop what settlement option did they select

Joint and survivor

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

Level term

All of the following are required to be included in all life insurance policy illustrations except

Marital status of the insured

A producer is selling a client a variable life insurance policy and as an inducement shows the client a projection based upon shares or dividends paid on a similar policy this is

Misrepresentation

Group life insurance policy's delivered in the state must contain all of the following provisions except

Statements of the applicant are considered warranties

Which of the following statements about a suicide clause in a life insurance policy is true

Suicide is excluded for a specific period of years and covered thereafter

All of the following would be different between qualified and nonqualified retirement plans except

Taxation on accumulation

Which of the following is not true regarding the annuitant

The annuitant cannot be the same person as the annuity owner

All of the following our requirements for life insurance illustrations except

Must be part of the contract

If an agent wishes to sell variable life policy is what Layson's must be agent obtain

Securities

What is the penalty for the insurer who fails to refund premiums within 30 days after the free look period

10%

If a consumer requests additional information concerning investigative consumer report how long does the insurer or reporting agency have to comply

5 days

How many policies are necessary to cover a cross purchase buy sell agreement between three people

6

How long does any person receiving written notification on the commissioners order how to respond and request a hearing

90 days

Which of the following persons is required to hold up producers license

A person who negotiates insurance contracts

A key person insurance policy can pay for which of the following

Costs of training a replacement

The general powers and duties of the insurance department include all the following except

Enacting statutes to regulate the insurance industry

If a change needs to be made to the application it should be accomplished by any of the following methods except

Erase or white out the incorrect answer and record the correct answer

How often are producers in the state required to pay license renewal fee

Every two years

And insured publishes intimidating brochures that portray the insured's competition as financially and professionally unstable which of the following best describes this act

Illegal under any circumstances

Insurance contracts or agreements between which two parties

Insurer and insured

Which of the following statements about the reinstatement pro vision is true

It requires the policy owner to pay all over do you premiums with interest before the policy is reinstated

Which universal life option has a gradually increasing cash value any level death benefit

Option a

And insured has had a life insurance policy that he purchased three years ago when he was 40 years old he is killed in an automobile accident and it is discover that he is actually 45 years old what will the company do

Pay a reduced death benefit

A participating insurance policy may do which of the following

Pay dividends to the policy owner

And insured purchases a policy into thousand eight and died in 2013 the insurance company discovers that at the time the insured concealed information during the application process what can they do

Pay the death benefit

All of the following are true regarding insurance policy loans except

Policy loans can be made on policies that do not accumulate cash value

When a whole life policy lapses worries surrendered prior to maturity the cash value is used to

Purchase a single premium policy for a reduced face amount

The risk of loss may be classified as

Pure risk and speculative risk

And insured committed suicide six months after his life insurance policy was issued the insurer will

Refund the premiums paid

Which one of the following is not one of the three basic types of coverages that are available based on how the face amount changes during the policy term

Renewable

Which of the following situations would be addressed by the uniform simultaneous death with a common disaster pro vision

The insured and primary beneficiary are injured in the same car accident and the beneficiary dies within 30 days of the injured

At least once every five years the commissioner must fully examine each of the following organizations or persons except

The national Association of insurance commissioners

A rider attached to the life insurance policy that provides coverage on the insureds family members is called

The other insured rider

All of the following are true regarding a decreasing term policy except

The payable premium amount. Steadily declined throughout the duration of the contract

Which of the following is not true regarding the accumulation period Of an annuity

It would not occur in a deferred annuity

A life insurance policy does not have a work laws if the insured is killed during a time of war what will the beneficiary receives from the policy

The full death benefit

Which of the following determines the cash value of a variable life policy

The performance of the policy portfolio

All of the following are general requirements of a qualified plan except

The plan must provide an offset for Social Security benefits

If a deferred in the Woody is surrendered prematurely the surrender charge is imposed how is the surrender charge determined

The surrender charges a percentage of the cash value and decreases over time

In forming an insurance contract when does except it's usually occur

When an insurer approve is a prepaid application

What is the timeframe for filing relevant suspicious activity reports

Within 30 days of initial discovery


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