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a contract that is prepared by only the insurer

adhesion

when an annuity is written, whose life expectancy is taken into account

annuitant

what happens if a deferred annuity is surrendered before the annuitization period

the owner will recieve the surrender value of the annuity

which is generally true regarding insureds who have been classified as preferred risks

there premiums are lower

what document grants express authority to the agent

agents contract with the principal

an agent selling variable annuities must be registered with

FINRA

which of the following can surrender a deferred annuity contract

the annuity owner

the risk management technique that is used to prevent a specific loss by not exposing oneself to the activity is called what

avoidance

If a deferred annuity is surrendered prematurely, a surrender charge is imposed. How is the surrender charge determined?

it is a percentage of the cash value and decreases over time

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

it pays dividends to the policy owner

which of the following best describes gross annual premium

net premium plus expenses

all of the following statements concerning the use of life insurance as executive bonus are correct except

the policy is owned by the company

Why should the producer personally deliver the policy when the first premium has already been paid?

to help the insured understand all the aspects of the contract

if an insurer becomes insolvent, which of the following would pay the benefits to the policy owner

The guaranty association

which of the following statements is not true concerning insurable interest as it applies to life insurance

a debtor has an insurable interest in the life of a lender

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

before a variable contract may be issued, for how long must a copy of this form be on file with the commissioner

30 days

in insurance, an offer is usually made when

an applicant submits an application to the insurer

which of the following applicants could the insurer charge a higher rate of premium for an not violate any rules

an applicant who smokes

which of the following is another term for the accumulation period of an annuity

pay in period

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

to create an estate

which of the following is an example of a producers fiduciary duty

the trust that a client places in the producer in regard to handling premiums

what is the purpose of key person insurance

to lesson the risk of financial loss because of death of key employee

which of the following products requires a securities license

variable annuity

if an annuitant dies before annuitization occurs, what will the beneficiary receive

either the amount paid into the plan or the cash value of the plan, whichever is greatest amount

a married couple's retirement annuity pays them 250 per month. The husband dies and his wife continues to receive 125.50 per month for as long as she lives. When wife dies the settlement stops

joint and survivor

which of the following statements is an accurate comparison between private and government insurers

private insurers may be authorized to transact insurance by state insurance departments

an insurance producer who by contract is bound to write insurance for one comapany is classified as what

captive agent

liquidy is what

cash value

When both parties to a contract must perform certain duties and follow rules of conduct to make the contract enforceable, the contract is

conditional

best describes an insurance comnpany that has been formed under the laws of state

domestic

the authority granted to an agent through the agent's contract is referred to as

express authority

which of the following is not started in an agents contract but is required for the agent to conduct business

implied

the insurer may suspect that a moral hazard exists if the policyholder

is not honest about his health on an application for insurance

equity indexed annuities

seek higher returns

After three years of making payments into a flexible premium deferred annuity, the owner decides to surrender the annuity. The insurer returns all the premium payments to the owner, except for a predetermined percentage. What is this percentage called?

surrender charge

which of the following best decribes what the annuity period is

the period of time during which accumulated money is converted into income payments

most agents try to collect the initial premium for submission with the application. when an agent collects the initial premium from the applicant, the agent should issue the applicant a

premium receipt

under which of the following annuity options does the annuitant select the time period for the benefits and the insurer determines how much each payement will be

installments for a fixed period

the mode of premium payment

is defined as the frequency and the amount of the premium payment

which of the following is not true regarding a certificate of authority

it is issued to group insurance participants

life settlement brokers or providers are required to give the owner a separate disclosure document no later than when

the date of the application

An insured wants to transfer his personal insurance policy to a friend. Under what conditions would this be possible?

the insured will need a written consent of the insurer

annuities can be used to found

retirement plans


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