insurance questions
What is the official name for the Social Security program?
Old Age Survivors Disability Insurance
Which of the following information will be stated in the consideration clause of a life insurance policy?
The amount of premium payment
Who bears all of the investment risk in a fixed annuity?
The annuitant
Which of the following is NOT true regarding Equity Indexed Annuities?
They earn lower interest rates than fixed annuities.
If a consumer requests additional information concerning an investigative consumer report, how long does the insurer or reporting agency have to comply?
5 days
Which of the following is the required number of participants in a contributory group plan?
75%
What is a foreign insurer?
An insurer with a home office in another state
All of the following are required provisions in all group life insurance policies issued in this state EXCEPT
Nonforfeiture benefits
Which of the following is TRUE about credit life insurance?
Creditor is the policyowner.
Which of the following best describes the aleatory nature of an insurance contract?
Exchange of unequal values
A Return of Premium term life policy is written as what type of term coverage?
Increasing
In the underwriting process, it was determined that the applicant for life insurance is in poor health and has some dangerous habits. Which of the following is true concerning the policy premium?
It will likely be higher because the applicant is a substandard risk.
