Test #2

Pay the policy proceeds only if it would have issued the policy.

A prospective insured receives a conditional receipt but does before the policy is issued. The insurer will

Telling a client that his first premium will be waived if he purchases the insurance policy today.

Which of the following is an example of a producer being involved in an unfair trade practice of rebating?

The policy owner of the life insurance policy

Which of the following best defines the "owner" as it pertains to life settlement contracts?

The earnings in the plan accumulate tax deferred.

Which of the following describes the tax advantage of a qualified retirement plan?

Insuring Clause ( entire contract clause, beneficiary clause, consideration clause)

Which provisions of a life insurance policy states the insurer's duty to pay benefits upon the death of the insured, and to whom the benefits will be paid?

They must be part of the contract

All of the following are requirements for life insurance illustrations EXCEPT

Dividends from a mutual insurer.

All of the following could be considered rebates if offered to an insured in the sale of insurance EXCEPT

Cash option

An insured receives an annual life insurance dividend check. What term best describes this arrangement?

Issue the police that is requested

As a field underwriter, a producer is responsible for all of the following tasks EXCET+PT

Foreign

A insurance company is domiciled in Montana and transacts insurance in Wyoming. Which term best describes the insurer's classification in Wyoming.

Other insured rider

A rider attached to a life insurance policy that provides coverage on the insured's family members is called the

5 days

If a consumer requests additional information concerning an investigative consumer report, how long does the insurer or reporting agency have to comply?

Premiums paid by an employer on a $30,000 group term life plan for employees

In which of the following instances would the premium be tax deductible?

A depiction of policy benefits and guarantees

The term "illustration" in a life insurance policy refers to

Obtain a list of life insurance policies that will be replaced

During replacement of life insurance , a replacing insurer must do which of the following?

One author: the company wrote the contract; the insured must accept it as written.

What is a definition of a unilateral contract?

Premiums are NOT tax deductible as a business expense

Which of the following is correct concerning the taxation of the premiums in a key-person life insurance policy?