Day1
After a life policy has been force for a maximum of ___ years its becomes incontestable
2
J is 35-years old and looking to purchase a whole life insurance policy. Which of the following types of policies will provide the most rapid growth of cash value?
20 pay life
A producer must report any personal felony charges within ___ days of pretrail hearing
30
An insurer may normally delay the payment of cash value loan or surrender value for up to
6 months
Which of the following features a group term life policy enable as individual to leave the group and continue there insurance without providing evidence of insurability
Conversion privilege
A credit life insurance policy covers the life of the
Debtor
Credit life insurance is typically issued with which of the following types of coverage?
Decreasing term
B owns a Whole Life policy with a guaranteed insurability option that allows him to purchase, without evidence of insurability, stated amounts of
Additional whole life coverage at specified times
Life insurance that covers an insured whole life with level premium paid over limited time is
Adjustable life
When making a recommendation to a customer to purchase an annuity the producer must make reasonable efforts to obtain suitability information suitable information include
Age annual income financial experience
When making a recommendation to a customer to purchase an annuity the producer must take reasonable efforts to obtain suitability information suitability information includes
Age annual income financial experience
Automatic Premium Loan Provision is designed to
Avoid a policy lapse
N is a student pilot with a large life insurance policy. Which of these features would limit the insurer's obligation in the event N was killed while flying as a student pilot?
Exclusion
What's does a face amount plus cash value policy pay upon the insured death
Face amount plus the policy cash value
Which of following is standard provision of the conversion privileges in a group policy
Group life coverage can be converted to an individual policy at regular rates on an attained age basis
Which of the following type of term life policies most likely contains a renewability feature
Increasing term 10 year convertible term Decreasing term Variable term 10 year convertible term
If a contract of adhesion contains complicated language to whom would the interpretation be in favor of?
Insurer Beneficiary Reinsurer Insured Insured
Dividends paid from a life insurance policy are
Issues by the insurer
The accelerated death benefit provision in a life insurance policy is also known as
Living benefit
Defamation occurs when a producer makes a false statement intended to
Malign another insurer
P is a producer who is liscened in missouri but a residence in Nebraska p is a (n) _____ producer
Nonresident
What type of policy would offer a 40 year old the quickest accumulation of cash value
Paid up at 65 20 pay life 30 pay life Straight whole life 20 pay life
M had an annual life insurance premium payment due January 1. She died January 10 without making the premium payment. What action will the insurer take?
Pay face amount minus the past due premium
Witch statement is correct regarding the premium payment policy of whole life policy
Premium are payable through the insured lifetime/coverage last until death of the insured
The provision that can be used to put an insurance policy back in force after it has lapsed due to nonpayment is called
Reinstatement
S buys a $10,000 Whole Life policy in 2003 and pays an annual premium of $100. S dies 5 years later in 2008 and the insurer pays the beneficiary $10,500. What kind of rider did S include on the policy?
Return of premium rider
The suicide provision for life policies would apply to
Subsequent increases in benefits
Witch of the following insurance policy involves an investment account that is separate from there general account
Variable life
A life insurance policy which ensures that the premium will be paid if the insured becomes disabled has which kinda rider attached
Waiver of premium
A whole life insurance policy owner does not have the right to
Change the grace period
When is the face amount paid under a Joint Life and Survivor policy?
Upon death of the last insured
What kind of life insurance product covers children under their parent's policy?
A term rider
The Consideration clause in a life insurance contract contains what pertinent information?
Amount of premium payments and when they are due
Micheal the insurance producer is acting in fiduciary capacity when conducting business with all these policies except
The director
Which action will an insurer take if an interest payment on a policy loan in not made on time
Automatically add the amount of interest due to the loan balance
Whole life insurance are contractually guaranteed to provide each of the following except
Cash value that will ultimately replace the death benefit Non forfeiture benefit options Premiums that remain fixed for the life of the policy Partial withdrawal features beyond a surrender charge period Partial withdrawal features beyond a surrender charge period
Which rider provides coverage for a child under a parent's life insurance policy?
Child term rider
P owns $25000 life policy that pays the face amount to him if he lives to age 70 or to his beneficiary if he dies before age 70 what kinda policy does p own
Endowment at Age 70
Q would like to purchase $100,000 of permanent protection on his wife and $50,000 of Term coverage on himself under the same policy. What kind of policy should Q purchase?
Joint policy Joint survivor policy Whole life policy with other insured rider Whole life policy with guaranteed insurability option Whole life policy with other insured rider
What must a producer sign when an existing life insurance policy is being reissued with a reduction in cash value
Notice regarding replacement
Witch of the following statement about accumulating interest earned on dividends on an insurance policy is true
Taxes as ordinary income
A(n) ________ Rider maybe used to include coverage for children under their parents life policy
Term
Why would the director of insurance examine the record of an insurance company
To determine the solvency of the company
The director of insurance is authorized
To enforce state laws relating to insurance