Life insurance 4.2

A whole life policy is surrender for a reduce paid up policy the cash value in the new policy will

Continue to increase

Decreasing term is often used to

Coverage a mortgage

Which of the following is not a prohibited act

Holding funds in fiduciary manner

When obtaining a coverage for a client agents are responsible for all of the following except

Establishing general accounts

According to the benefit payments provision which of the following is true

If someone has insured funeral expenses on behalf of the insured a limited benefit payment may be mad

In order to receive compensation or commission on a policy written all of the following are required or allowed except

If two agents plan to share a commission only one of the must be licensed for the insurance for which the policy is written

All of the following are true of annually renewable term insurance except

proof of insurability must be provided at each renewal

A married couple purchase a life insurance policy on a néw born. They are concern about what happens if one dis continue making the premium due to death or disability what policy rider should the agent recommend

Payor benefit

If a life insurance company uses Hiv test as a part of the underwriting when must an applicant be notified of the procedure

Prior to the performance of the test

When an insured terminates membership in the insured group insured can convert to

Whole life without proof of insurability

Which of the following best describes annually renewable term insurance

It is level term insurance

Under what circumstances may insurer pay a finders fee to an unlicensed producer

Under no circumstances

All of the following statements are true regarding an ordinary straight life policy except

It does not have a guaranteed death benefit

The human life value approach to determining life insurance needs is based upon what of the following ideas

Loss of breadwinner income

If the annuitant dies before the annuity start date, which of the following is true

The interest is taxable.

If an applicant submits the initial premium with a application, which action constitute acceptance

The underwriter approval of application

Which of the following is consideration on the part of an insurer

Paying a claim

Which component increases in the increasing term insurance

Death benefit Increasing term features level annual premiums and a death benefit that increases each year over the duration of the policy term.

Which of the following could reduced the amount of the death benefit

Failure to repay a policy loan

Guaranteeing future dividends is considered to be an unfair or deceptive act known as

Misrepresentation

Which of the following is not required for a producer to receive a non resident license in Virginia

Take and pass the Virginia state insurance examination

Who is the annuity owner?

The person who purchases the annuity

Which of the following is true regarding equity indexes annuities

They earn lower interest rates then fixed annuities

All of the following are true of credit life except

The insured names the beneficiary

If an annuity has generated minimum interest rate that mean s

The interest rate will never drop below the guaranteed interest minimum

An insured had new home built an insisted on having smoke detectors installed in multiple places in the house. What is this called

Reduction

What is the difference between a straight life policy and a 20 year whole life policy

Premium payment period

Which of the following is not a standard exclusion in life insurance policies

disability

Life insurance can provide which of the following q

Survivor protection

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

The plan must be temporary

What happens to the face amount of a whole life policy if insured receives at 100

The face amount is paid to the insured

Slippery floors, reckless driving, or providing false information are examples of..

hazards

What type of premium do both Universal Life and Variable Universal Life policies have?

flexible

Which of the following would not be eligible for coverage under Key person

owner of a shop, owner is the principal, not a key person

If an employee wants to enter the group outside of the open enrollment period to reduce adverse selection the insurer may

require evidence of insurability