wig
which is not true regarding tax deferred annuity?
income payments begin within 1 year from the purchase
to purchase insurance the policy owner must face the possibility of losing money or something of value in the event of loss. what is this called
insurable interest
states the insurers promise to pay the death benefit upon the insured death
insuring clause
an agreement that I enforceable by law is known as what kind of contract
legal
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
if an applicant submits the initial premium with an application. which action constitutes acceptance
the underwriters approve the application
how long is a grace period for an individual life policy
1 month
received a complaint 10 days ago., how many days does it have to notify the agent of this complaint
20
how many years prior must an insurer maintain claim records
5 years
variable life insurance is regulated by all of the following entities except
us treasury
considering the principles of liquidity, how would the policy owner use todays cash value 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 nongauranteed value
variable whole life
because of injury, an insured has been able to work for 9 months. he paid the policy premium for his life insurance for the first time in 6 months but did not have to pay for the remaining 3 months
waiver of premium rider
all of the following are true of nonqaulified deferred compensation pakfns except
contributions are tax deductible
decreasing term insurance is often used to
cover a mortgage
what effect will long term care rider have on the death benefit of a life insurance policy of LTC benefits were paid to the insured.
reduce the death benefit
all of the following are our regarding the federal fair crediting reporting act except
reports may be sent to anyone who request it
which of the following does not ocnsistitute false advertising
stating dividends are not guaranteed
in contrasting stock insurers with mutual insurers, which statement is true
stock insurers are owned by the stockholders and issue non participating policies
life insurance can provide which of the following
survivor protection
which are the following are chacteritics of term life insurance
temporary protection, renewability, no cash value
all of the following are consideration in an insurance policy except
the cash value in the policy
with adjustable life, the owner can change all of the following except
the insured
which of the following would not be eligible for coverage under a key person
the owner of a shop
an insurer must notify the consumer in writing that the investigation consumer report has been requested within how many days of the initial request
3 days
received a temporary license 90 days ago. the temporary license will remain in effect for
90 days
the entire contract includes all of the following except
a buyers guide
where are premiums from fixed annuities invested
a general account
an IRA contribution can be made from which of rthe following
cash
which of the following is true of pure life settlement option
it provides the highest monthly benefit
when comparing a joint life policy to two individual life policies of the same amount on the same insured, which condition is true
joint life has a lower premium than the total of the two policies
what does an annuity protect the annuitant against
living longer than expected
what does the guaranty association gaurd against
insurer insolvency
which of the following is an example of policy replacement
a policy is reissued with a reduction in cash value
in order to get a non resident license is this state a producer must
apply and pay a fee to a nonresident state that reciprocates
if a policy contains an unconditional refund offer, what is the latest point at which the buyers guide and policy summary must be issued?
at the time of policy delivery
which of the following is not an example of the company's location to incorporation
authorized
a limited insurance representative may solicit and negotiate with all of the following insurance products except
automobile physical damage
all of the following are true of straight life policy except
it does not have a guaranteed death benefit
Ne home buyer wants to purchase a life insurance policy that would protect his family against losing the home, should he die before the mortgage was paid. the most inexpensive type of policy that would accomplish this need would be
decreasing term
during policy solicitation, an insurer exaggerates the financial condition of one of it competitors, and makes it sound worse than it is. this is an example of an unfair trade practice
defamation
an insure mails an insurance policy to a new policy owner . when the insurer relinquishes control of the policy, the policy is considered
delivered
when a whole life policy is surrendered for its nonforfeiture value, what is th automatic option
extended term
which of the following is a correct statement about annuities
fixed annuities do not provide protection against inflation
an unlicensed person may be compensated for a referral to a licensed insurance producer only if the compensation is a fixed amount, not to exceed what minimum dollar amount
$25
insurers must maintain a record of all sales and solicitation materials for a period of
3 years
which of the following elements of an insurance contract requires payment of premium?
consideration
all of the following are true of a non qualified deferred compensation plan except
contributions are tax deductible
j is receiving fixed amount benefit payments from his late wife's insurance policy. he was told that if dies before all of the benefits are paid out, the remaining amount will go to the contingent beneficiary. which settlement option did j choose
fixed amount
at what point would an automatic premium loan be generated
following the grace period
how will life insurance proceeds that are paid as a lump sum received by the beneficiary
free of federal income taxation
before suspending or revoking an insurance agency's license, the commissioner must first
hold a hearing to determine if a violation has been committed
which of the following is true of level term insurance
it is temporary protection
key person can provide protection for all of the following economic losses to a business except
pay the death benefit to the estate of the insured
which of the following is consideration on the part if the insurer
paying a claim
which of the following is consideration on the part of an insurer
paying a claim
new parents are concerned what would happen to their policy if either one of them were unable to continue making the premium payments due to death or disability. which policy rider should their agent recommend
payor benefit
policies written on a third party basis are usually written to cover which of the following
policy owners minor children or business associates
how do premiums in variable universal life policies vary from those in variable life policies.
premiums are flexible
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 the performance of the test
all of the following are general requirements of a qualified plan except
the plan must be temporary
according to the common disaster clause, if the insured and primary benedificary 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
what is the purpose of a key employee
to covered decreased business revenues as a result of the death of a key employee