pass now
an insurance been found guilty of a code violation regarding replacement. the insurer then repeats the violation. what will be the minimum penalty
30,000
minimum of credits required for parcticaly insured statues for social security disability benefits is
6 credits= 13 quarter period
the legal definition of "person" would Not include
a family
the least expensive first year premium payment is found in
annual renewable term
the act of revoking or termination an insurance policy is called
cancelation
a key person insurance policy can pay for which of the following
cost of traininf or replacement
which of the following is true regarding the insurance amount in a credit life policy?
creditor can only insure the debtor for the amount owed
in an insured changes his payment plan from monthly to annually, what happens to the total premiums
decreases
factual statemnets about the insured or the risk in an insurance policy are considered
expressed warranties
an individual purchasing permanent life insurance policy with the face value of 25,000. while this is all the insurance he can afford at this time, he wants to be sure that additional coverage will be available in the future. which of the following options should be included in the policy
guaranteed insurable option
which of the following persons represents several insurance companies but owns the records of the policies sold
independent agent
what is the benefit of choosing extended term as a nonforfiture option?
it has the highest amount of insurance protection
which of the following is true regarding the annuity period
it may last for the lifetime of the annuitant
a set of legal or regulatory conditions that affect an insurers ability to collect premiums commensurate with the level or risk incurred would be considered
legal hazard
the growing tendency of individuals to file lawsuits and to claim tremendous amounts for alleged damages is known as
legal hazard
all factors being equal, what would the premium be like in a survivorship life policy as compared to the premium in a joint life policy?
lower
an insured and his spouse own a home. when the insured dies, the insurer pays the remaining balance on his homeloan
mortage redemption
when a group coverage replacement sale has occurred which normal provision of the new policy cannot be applied as usual ?
pre existing condition
a life insurance policy can NOT be delivered by
priority mail
which nonforfiture option provides converage for the longest period of the time
reduced paid up
adverse selection is a concept best described as
risk with higher probability of loss seeking insurance often than other risk
all of the following topics may be included in the continuing education requiremnts for long termcare insurance EXCEPT
sales technique and overcoming clients objections in the purchase of long term care
which of the following is NOT true regarding the annuitant
the annuitant cannot be the same person as the annuity owner
who is protected by a temporary insurance agreement?
the applicant and the insurer
an insure 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
what happens if a deferred annuity is surrendered before the annuitization period
the owner will receive the surrender value of annuity
how are contributions to a tax sheltered annuity treated with regards to taxation
they are not included as income for the employee, but are taxable upon distributions
which of the following is not a goal of risk retention
to minimize the insureds level of liability in the event of a loss
which of the following policies would have an IRS required corridor or gap between the cash value and death benefit
universal life option a
how long will the beneficiary receive payments under the single life settlement option?
until the beneficicuarys death
