GUARANTEED EXAM QUESTIONS

According to the life insurance replacement regulations, which of the following would be an example of policy replacement?

a policy is reissued with a reduction in cash value

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

a whole life policy is surrendered for a reduced pay up policy the cash value in the new policy will

continue to increase

which settlement did J choose

fixed amount

which risk classification is representative of majority of people in a certain age group

standard

all of the following are consideration in an insurance policy except

the cash value in the policy

According to the insurance code regulations regarding life insurane policy proceeds, interest on a death claim must begin accumulating on what date

the insured death

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

the plan must be temporary, (qualified plans must be permanent)

all of the following are true of the survivorship life policy except

the premium is based on the age of each insured

which of the following statements are incorrect concerning modified endowment contracts (MECS)

an MEC must always pass the 7 day test

in order to get a nonresident license in this state a producer must

apply and pay a fee to a nonresident state that reciprocates

the policy summary must state the effective policy loan annual percentage interest rate for

the first 20 policy years

in a life insurance application all of the following signaturees will be required except

the home office underwriter

*Policy loan requests, except for loan requests for payment of due premiums, may be deferred for a period of up to

6 months

which of the following must an insurer obtain in order to sell life insurance

certificate of authority

the life and health guaranty association will cover the contractual obligations of an insolvent insurer to an individual up to what amount

300,000

In a variable life insurance policy, all of the following assets held in the insurance company's general account EXCEPT

CASH SURRENDER VALUES

any annuitization in 12 months or less from the effective date is

an immediate annuity

when an insured terminates membership in the insured group, the insured can convert to

whole life without proof of insurability

how much notice must be given to an insurer prior to examination of records by commissioner

30 days

will a temp lisence remain inforce if business is sold

NO

which statement below is INCORRECT regarding the type of term insurance that fits best with the applicants needs

applicants who may require a larger death benefit in future should buy convertible term insurance

HIV infection must give individual prior written notice of those requirements and ALSO

ONLY upon the written authorization of the individual or the individuals parent or guardian

if an applicants health is poorer than that of an average applicant, the policy may be issued

substandard

all of the following are advantages of a qualified retirement plan except

the income at retirement is tax free