PRIMERICA 3
In addition to examinations that are specifically authorized by the Insurance Code, the Superintendent may examine each domestic life insurer as often as it is deemed necessary for the protection of the consumers. The Code requires examination of domestic life insurers every
5 years
When J. applied for a life insurance policy, the agent informed him that a medical exam would be required. The exam may be completed by
A paramedic or examining physician at the insurer's expense
The death protection component of Universal Life Insurance is always
Annually renewable term
Which of the following is NOT allowed in credit life insurance
Creditor requiring that a debtor buys insurance from a certain insurer
Which of the following is true of a children's rider added to an insured's permanent life insurance policy?
It is term coverage that is convertible to permanent insurance at or prior to the child reaching the maximum coverage age.
An insurance agent was born in 1983. He obtained his New York insurance license in 2014. When will the agent's license expire?
On the agent's birthday every odd-numbered year
Can the Superintendent investigate fraudulent claims if they occurred outside of the resident's state according to the Insurance Fraud Prevention Act?
Yes The Superintendent can make an investigation in the state or outside
Which of the following is NOT part of the consent form to an HIV-related test given in New York?
applicants sexual history
All of the following are personal uses of life insurance EXCEPT
buy sell agreement
A producer is helping a married couple determine the financial needs of their children in the event one or both should die prematurely. This is a personal use of life insurance known as
survivor protection
If an insured withdraws a portion of the face amount in the form of accelerated benefits because of a terminal illness, how will that affect the payable death benefit from the policy?
the death benefit will be smaller
A life insurance policy does not have a war clause. If the insured is killed during a time of war, what will the beneficiary receive from the policy?
the full death benefit
All of the following are true of an annuity owner EXCEPT
the owner must be the party to receive benefits
The Waiver of Cost of Insurance rider is found in what type of insurance
universe life
All other factors being equal, the least expensive first-year premium payment is found in
annually renewable term
Partners in a business enter into a buy-sell agreement to purchase life insurance, which states that should one of them die prematurely, the other would be financially able to buy the interest of the deceased partner. What type of insurance policy may be used to fund this agreement?
any form of insurance
An insured receives an annual life insurance dividend check. What term best describes this arrangement?
cash option
All of the following information about the applicant is identified in the General Information section of a life insurance application EXCEPT
education
What does "level" refer to in level term insurance
face amount
An individual is purchasing a permanent life insurance policy with a face value of $25,000. While this is all the insurance that 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 insurability option
Stranger-originated life insurance policies are in direct opposition to the principle of
insurable interest
Why is an equity indexed annuity considered to be a fixed annuity
it has a guaranteed minimum interest rate
Under the Fair Credit Reporting Act, if the consumer challenges the accuracy of the information contained in his or her report, the reporting agency must
respond to the customers complaint
When an insured under a life insurance policy died, the designated beneficiary received the face amount of the policy as well as a refund of all of the premiums paid. Which rider is attached to the policy?
return of premium