STuDY questions
how long must an insurer keep a copy of an authorized form in its records
3 years following the date of its last authorized use
what characteristic makes whole life permanent protection
coverage until death or age 100
which of the following are NOT fundable by annuities
death benefits
the term fixed in a fixed annuity refers to all of the following except
death benetit
an individual as just borrowed 10,000 from his bank on a 5-year installment loan requiring montly payments. what type of life insurance policy woul dbest suited to this situation
decreasing term
all of the following gare personal uses o flife insurance except
estate liquidation
an insured purchased a life insurance policy. the agent told him that depending upon the company's investments and expense factors the cash values could change from those shown in the policy at issued time. the policy is a/an
interest-sensitive whole life
whih fo the following documents must be provided to the policyowner or applicant during policy replancement
notice regarding replacement
an insured has a life insurance policy from a participating company and receives quarterly dividentds. he has instructed the company to apply the policy dividents to increase the death benefit. the dividend option that the insured has chosen is called
paid-up additions
which of the following riders would NOT casue the death benefit to increase
payor benefit rider
whih of the following determines the length of time that benefits will be received under the fixed amount settlement option
size of each installmet
what is the advantage o freinstating a policy instead of applying for a new one
the original age is used for premium determination
as a condition for renewal of their licenses, how many hours of contining education are required for all resident and nonresident insurance producers
24
if a consumer request additional information concerning an investigative consumer report, how long does the insurer or reporting agency have to comply
5 days
an employee quits her job where she has a balance of 10,000 in her qualified plan. the balance was paid out directly to the employee inorder for her to move the funds to a new account. if she decides to tollover her plan to a Traditional IRA, how must will she receive from the plan administrator and how long does she have to complete the tax free rollover
8000 60 days
An insurance comoany has published a brochure that inaccurately portrays the advantage of a particular insurance policy? what is this an example of
False advertising
which of the following would be required to complete prelicensing educaton
a nonresident life insurance producer who Is planning to transact property insurance
what describes the specific info about a policy
a policy summary
who can make a fully deductible contribution to a traditional IRA
an individual not covered by an employer-sponsored plan who has earned income
the full premium was submitted with the application for life insurance and the policy was issued two weeks later as requested. when does the policy coverage become effective
as of the application date
under which nonforfeiture option does the company pay the surrender value and have no further obligations ot the policyowner
cash surrender
an insured pays an annual premium to his insurer. in return, the insurer promises to pay benefits in accordance with the terms of the contract. this is called
consideration
rules of replacement apply to all of the following EXCEPT
group life insurance
if a life policy allows the poliyowner to make periodic additions to the face amount at standard rates without proviing insurability the policy includes a
guaranteed insurability rider
all of the following gwould be different between qualified and nonqualified retirement plans except
taxation on accumulation
in a life settlement contract, whom does the life settlement broker represent
the owner
which of the following is the best reason to purchase life insurance rather than annuities
to create an estate
the paid up adition option uses the dividend
to purchase a smaller amount of the same type of insurance as the original policy
an insured owns a life insuance policy. to be able to pay some of her medical bills, she withdraws a protion of the policy's cash value. there is a limit for a withdrawal and the insurer charges a fee. what type of policy does the insured most likely have
universal life
what kind of policy allows withdrawals ro partial surrenders
universal life
what is the name of the insured who enters into a viatical settlement
viator
a lucky individual won the state lottery, so the state will be sending him a check each month for the net 25 years. what type of annuity producs are they likely to use to provide these benefits
immediate annuity
a return of premium term life policy is written as what type of term coverage
increasing
what type of insrcne would be used for a return of premium rider
increasing term
what type of insurance would be used for a return of premium rider
increasing term
whih of the following statements about the reinstatement provision is true
it requires the policyowner to pay all overdue premium swith interest before the policy is reinstated
variable life insurance is based on what kind of premium
level fixed
which two terms are associated directly with the premiums
level or flexible
which of the following is an example fo a limited-pay life policy
lfe paid up at age 65
most agents ty to collect the initial premium for submission with the application. when an agent collects the initial premium from the applicant the agent must issue the applicant a
premium receipt
which of the following is correct concerning the taxation of premiums in a key-person life insurance policy
premiums are not tax deductible as a business expense
an insured pays 1200 annually for her life insurance premium. the insured applies his years' 300 worth of accumulated dividends to the next years premium thus reducing it to 900 what option does this describe
reduction of premium
the policyowner pays for her life insurance annually. until now she has collected a nontaxable chech each year. she has decided that she would rather use the dividents to help pay for her next premium what option woul dallow her to do this
reduction of premium
under an extended term nonforfeiture option, the policy cash calue is conveted to
the same face amount as in the whole life policy