Primerica

According to the Code, how many separate requirements should an insurance policy have?

6

Which of the following persons would not lose all of their coverage due to a discontinuance of their employer's group medical policy?

A disabled employee or dependent

Which of the following is TRUE about a class designation?

Beneficiaries are not identified by name

In order to become an admitted, authorized insurer, what is the primary body of law about which an applicant company must be concerned?

California Insurance Code

What happens when a policy is surrendered for its cash value?

Coverage ends and the pollicy cannot be reinstated

Which of the following is TRUE about credit life insurance?

Creditor is the policyowner

In order to determine whether to test an insurance applicant HIV or AIDS, the insurer may do which of the following?

Establish minimum uniform standards for testing all applicants for insurance

Both Universal Life and Variable Universal Life have a

Flexible premium

An insured falsely reports the theft of a valuable item in order to collect payment from the insurance policy. This is an example of

Fraud

Which of the following must be disclosed in all advertisements and policies of term life insurance for individuals 55 years of age or older?

Insurance monetary value index

The policyowner wants to make sure that upon his death, the life policy will pay a portion of the proceeds annually to his spouse, but that the principal will be paid to their children when they reach a certain age. Which settlement option should the policyowner choose?

Interest only option

A married couple's retirement annuity pays them $250 per month. The husband dies and his wife continues to receive $125.50 per month for as long as she lives. When the wife dies, payments stop. What settlement option did they select?

Joint and survivor

To achieve the profitable distribution of exposures,

Preferred risks and poor risks are balanced, with average risks in the middle

According to California Insurance Code, which of the following can be classified as an insurable event?

Puer risk

Every long-term care insurer in California must submit to the Commissioner a list of all agents or other insurer representatives authorized to solicit individual consumers for the sale of long-term care insurance. These submitted agent lists must be updated at least

Semiannually

Which of the following best describes taxation during the accumulation period of an annuity?

Taxes are deferred

If a policy has an automatic premium loan provision, what happens if the insured dies before the loan is paid back?

The balance of the loan will be taken out of the death benefit

In a group life insurance policy, the employer may select all of the following EXCEPT

beneficiary

One of the advantages of a family life insurance policy that provides coverage for children is that it

May be converted to permanent insurance for the children without requiring evidence of insurability

Which of the following is NOT true regarding the needs approach method of determining the value of an individual's life?

Need is predicted using the number of years until the insured's retirement

Which of the following is TRUE regarding the accumulation period of an annuity?

is a period during which the payments into the annuity grow tax deferred

Which of the following insurance arrangements will be appropriate for a parent buying a life insurance policy on a child where the parent is the policyowner?

Third-party ownership

The premium of a survivorship life policy compared with that of a joint life policy would be

Lower

Which is the appropriate action by the insurer if a prospective insured submitted an incomplete application?

Return the application to the applicant for completion

The title page of the policy provides a summary of the benefits and coverages provided by the policy. All of the following information is included in the titel except ?

The insured's beneficiaries

When a reduced-paid up nonforfeiture option is chosen, what happens to the face amount of the policy?

is reduced to the amount of what the cash value would buy as a single premium

Which of the following statements best describes the effect the Accelerated Benefit provision would have on the benefits paid to the beneficiary?

will decrease the benefits paid to the beneficiary beneficiary