Primerica

How long is a reinstatement for variable life policies

1 year

The commissioner would like to revoke a consultants license. How many days notice must she provided to the consultant?

10

An insurer must notify the consumer in writing that an investigative consumer report has been requested, within how many days of the initial request

3 days

Within how many years is an insured able to reinstate his or her annuity contract after defaulting on payments provided the cash surrender value has not been paid

3 years

Within how many days must a commissioner, approve or disapprove policy forms for all policies certificates of insurance, nurses of proposed insurance applicants for insurance, endorsements and riders

30

How many days notice must insurer provide to an insured regarding the lapse of a policy due to outstanding loans

30 days

During policy replacement, the replacing insurer must notify existing insurers within what time period?

5 business days

A life insurance policy qualifies as a modified endowment contract if the amount of premium paid exceeds the amount that would have provided paid-up insurance in how many years?

7 years

Fraternal benefit society must meet special requirements before they are permitted to transact insurance which of the following is not among these requirements

A bond of 100,000

Which of the following would be required to become licensed as an insurance producer?

A customer service representative who solicits no more than one policy a year

A viatical settlement is a transaction outside the life insurance company where the owner sells the life insurance policy for which of the following

A percentage of the face amount of the policy

Which of the following is a requirement and variable contracts delivered in the state?

A statement that the dollar amount will vary with investment experience

If an insured dies, and it is discovered that the insured misstated his/her age or gender, the insurance company will

Adjust the death benefit to what the premium would have purchased at the actual age or gender

When a policy is being replaced, it should be known to the agent that the policy being replaced is, where is likely to be which of the following

All of the above

Which statement below is incorrect regarding the type of term insurance that fits best with the applicants needs

Applicants who may require a larger death benefit in the future should buy convertible term insurance

In order to get a nonresident license in the state, a producer must

Apply and pay a fee to a non-resident state that reciprocates

An insured bought an insurance policy that requires him to pay $150 in premiums on the 15th of each month. He then takes an extended vacation and forgets to pay the premium. Ten days later, his policy is still in effect and has not lapsed. Which policy provision allowed for this?

Grace period

In a life insurance application, all of the following signatures will be required EXCEPT

Home office underwriter

All of the following are excluded from the rules of replacement, except

Individual whole life policies

If a soliciting producer suspects that there could be misrepresentation on the part of the applicant for insurance, what must the producer do?

Inform the insurance company

All of the following are examples of violation of replacement, except

Insisting that an applicant answers questions honestly

Which of the following terms refers to solicitation negotiation, effectuation, or advising related to an insurance contract

Insurance transaction

What does the insurance guaranty association guard against?

Insurer insolvency

According to the law of agency insurance, producers represent

Insurers

The provision that sets forth the basic agreement between the insurer and the insured and states the insurers promise to pay the death benefit is called the

Insuring clause

Death benefits must be paid within 45 days of receipt of proof of loss, and must include

Interest accrued from the date of death until date of payment

A credit life policy was terminated before the maturity date of the indefinite. What will most likely happen with the amount paid by the doctor for the insurance

It will be refunded to an entitled party

When comparing a joint life policy to two individual life, policies of the same amount on the same insurance which condition is true

Joint life has a lower premium than the total of the two individual policies

Which of the following is a licensing requirement for producers, soliciting variable contracts in the state

License to transact variable life insurance

An insurance agent visits a potential client and explains. Types of policies. The customer displays in lack of interest, so the agent guarantees higher dividends then he knows would be possible which term describes what the agent has done

Misrepresentation

Which of the following would qualify as a suspicious transaction and would require the filing of an SAR?

Multiple wire transactions from the account in the amount of 5,000

An insurance company that is owned by the policyholders is called a

Mutual insurer

In the event an annuitant dies during accumulation period, and there is a beneficiary named in the annuity, annuity benefits would be paid to the

Named beneficiary

Cash value guarantees in a whole life policy are called

Nonforfeiture values

How many group insurance certificates may be issued to each family unit if he statement concerning any dependents coverage is included in the certificate?

One

When the owner of a participating whole life policy uses the dividend to provide more life insurance coverage, which of the following dividend options is being used?

Paid-up additions

Which dividend option will increase the death benefit

Paid-up additions

In order to reinstate a life insurance policy the insured must do all of the following EXCEPT

Pay next years premium in advance

Which of the following provisions would not be found and term life insurance?

Policy loan

Which of the following bears the investment risk in a variable life insurance policy

Policyowner

The manner and/or frequency that the policy owner pays the policy premium is called

Premium mode

If a life insurance company uses HIV testing as a part of its underwriting, when must an applicant be notified of the procedure

Prior to performance of the test

An annuity would normally be purchased by an individual who wants to

Provide income for retirement

Which of the following is not a type of group eligible for conversion to an individual policy?

Religious groups

What does the application of contract of adhesion mean

Since the insured does not participate in preparing the contract, any ambiguities would be resolved in favor of the insured

A whole life policy that will generate immediate cash value is a

Single premium policy

When the agent delivered an insurance policy to the insured, he collected the initial premium, as well as a document verifying that the insured had not had any injuries or illness since the application date. What is this document called?

Statement of good health

Life insurance can provide which of the following?

Survivor protection

When Turman Sharon's is added to the main policy to enhance the policy or provide added benefit our coverage, it is called a

Term rider

Who is required to pay the fee for an insurance agents appointment?

The appointing insurer

What is the cost of coverage based on for group life insurance

The average age and the ratio of men to women

Each insure issuing individual variable contracts, must submit animal statement of the business of its separate accounts to

The commissioner

All of the following are true about key-person insurance EXCEPT

The death benefit is taxable to the business

What happens to the face amount of a whole life policy if the insured reaches the age of 100

The face amount is paid to the insured

Of the following are true of credit life, except

The insured names, the beneficiary

Which of the following entities is considered the principal

The insurer issuing a policy

Which of the following is required to be included in each individual policy for group certificate of credit life insurance

The insurer's name, and home office address

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

The plan must be temporary

An insured has five different policies, with a company that has been declared insolvent and is under the control of the Wyoming insurance guaranty association which of the following is true

The policies will be subject to the payout limits set for the association

All of the following statements about indexed whole life insurance are correct, except

The policy face amount remains level throughout the life of the policy

According to the common disaster clause, if the insured and primary beneficiary are killed in the same accident and it cannot be determined, who died first, which of the following will be assumed?

The primary beneficiary died before the insured

How many hours of continuing education must be dedicated to ethics?

Three

When replacement is involved, how long must an insurer meeting copies of all sales proposals used in the transaction?

Three years

An application for life insurance usually requires that agent to ask if the proposed insurance will replace an existing life insurance policy all the following are purposes for obtaining this information, except

To ensure that eight at least three companies are involved so the policy owner gets competitive prices

What is the purpose of the agents report in the application process

To provide additional information about the applicant to the underwriters

An agent tells, and insured that if he replaces his current insurance policy with a newer one has dividends will be higher, and his premiums will be slightly lower. The policy, however, would not offer either one of these things what type of misrepresentation is being committed

Twisting

An agent who knowingly miss represents material information for the purpose of inducing, an insured to lapse forfeit change or surrender, a life insurance policy, or a nudity has committed an illegal practice, known as

Twisting

If an insured commit suicide, death benefits will be paid to the beneficiary if the policy has been forced for

Two years

Which of the following policies can be described as a flexible premium adjustable life policy

Universal Life

Considering the principles of liquidity, how would the policy owner use todays cash values in a life insurance policy

Use it for emergency expenses

Which of the following types of insurance is investment based, has a level fixed premium, and a nonguaranteed cash value

Variable Whole Life

Because of an injury, an insured has been unable to work for 7 months. He wasn't able to pay his life insurance policy premium, yet the policy remained in force. The policy includes

Waiver of premium rider

If the policy summary for a life insurance policy is not given when the application is taken, when must the policy summary be given to the policyowner?

When the policy is delivered

The insurer of a credit life policy requires evidence of insurability from the doctor. The doctor becomes obligated to the creditor on March 1 and the evidence of insurability is provided to the insurer on March 30. When will the term of insurance begin

Whenever the insurer find the evidence of insurability satisfactory

The renewable provision allows the policy-owner to renew the coverage at the expiration date

Without evidence of insurability

And employees group life insurance coverage has been terminated while in the process of converting to individual policy, the employee died with the death benefit be paid to the beneficiary

Yes, the beneficiary was received the benefit. The employee was entitled to under the group policy.

The guaranteed insurability rider allows the owner to purchase additional amounts of life insurance without proof of insurability at all of the following EXCEPT

purchase of a new home

All of the following are true, regarding the federal fair, credit, reporting act, except

reports may be sent to anyone who requests one

Which of the following would be likely to establish a sep

small employers

What guarantees that the information explained in the insurance contract is true

warranty

The owner of a deferred annuity please $100 and premium one month and $130 the next month. Which of the following terms best describes this premium payment arrangement

Flexible premium

Among people in the same class and life expectancy, which of the following factors can be used to influence premium rates?

occupation

Which of the following would not trigger the payment of accelerated death benefits

Being permanently disabled

Incredible life insurance who is responsible for paying the policy premiums

Borrower only

Which of the following would be true of both the fixed-period and fixed-amount settlement options?

Both guarantee that the principle and interest will be fully paid out

Which of the following would be an example of an insurer participating in the unfair trade practice of discrimination?

Charging the insured higher premiums based on her race

The owner of a whole life policy with an accidental death rider intentionally kills himself after having the policy for 18 months. What is the insurance company's course of action?

Deny any payment of death benefit

How often must an insurer issuing individual variable contracts, providing benefits and variable amounts? Mail is statements, reporting the investments held in the separate accounts to the contract holder

Every year

Which of the following employee benefits essentially provides the employee with a wage increase and directs that wage increase to be spent on a life insurance policy?

Executive bonus

When a whole life policy is surrendered for its nonforfeiture value, what is the automatic option?

Extended term

An Important fact about the financial status of an insurer was deliberately withheld, which of the following terms best describes this action

False financial statement

Jay is receiving fixed amount benefit payments from his late wife insurance policy. He wants told that if he dies before all the benefits are paid the remaining amount or go to the contingent beneficiary. Which settlement option did Jay choose?

Fixed amount

Which of the following is a correct statement about annuities

Fixed annuities do not provide protection against inflation

A loss resulting from which of the following would qualify for the accidental death rider coverage

an automobile accident

A lender who conditions approval of a loan on the condition that the borrower purchase insurance from that lender may be guilty of

coercion

Which of the following elements of an insurance contract requires payment of premium

consideration

To be valid, an insurance policy must have all of the following EXCEPT

countersignature

At what point would an automatic premium loan be generated

following the grace period

If a loan request is for a payment of due premiums on the policy, how soon must the insurer issue a loan

immediately

With Adjustable Life, the owner can change all of the following EXCEPT

insured