MISSED QUESTIONS LIFE SIMULATE QUESTIONS
What is the minimum age for purchasing a life insurance policy in this state?
15
Which of the following is a feature of a variable annuity?
Benefit payment amounts are not guaranteed.
What happens when a policy is surrendered for its cash value?
Coverage ends and the policy cannot be reinstated.
What is another name for interest-sensitive whole life insurance?
Current assumption life
Insurers must screen all marketing plans to ensure that an advertisement does NOT use as the name of any kind of an annuity contract any phrase that
Does not include the word "annuity" unless accompanied by other clear language indicating it is an annuity.
The automatic premium loan provision is activated at the end of the
Grace Period
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 type of life insurance policy allows the policyowner to pay more or less than the planned premium?
Universal life
Which of the following terms will be permissible in describing a life insurance policy in company advertisements?
Variable plan
What is the timeframe for filing relevant Suspicious Activity Reports?
Within 30 days of initial discovery
An agent license can be issued
only to individuals
The form of life annuity which pays benefits throughout the lifetime of the annuitant and also guarantees payment for a minimum number of years is called
Life income with period certain.
A couple owns a life insurance policy with a Children's Term rider. Their daughter is reaching the maximum age of dependent coverage, so she will have to convert to permanent insurance in the near future. Which of the following will she need to provide for proof of insurability?
Proof of insurability is not required.
Which nonforfeiture option provides coverage for the longest period of time?
Reduced paid up
When a policy is being replaced, the replacing company notifies the
Replacement company.
Methods used to pay the death benefits to a beneficiary upon the insured's death are called
Settlement options
An insured will be allowed to reactivate her lapsed life insurance policy if action is taken within a certain period of time, and proof of insurability is provided. Which policy provision allows this?
Reinstatement provision
When a life insurance policy was issued, the policyowner designated a primary and a contingent beneficiary. Several years later, both the insured and the primary beneficiary died in the same car accident, and it was impossible to determine who died first. Which of the following would receive the death benefit?
The insured's contingent beneficiary
Which of the following policies would have an IRS required corridor or gap between the cash value and the death benefit?
Universal Life - Option A
