Life M
What is a material misrepresentation?
A statement by the applicant that, upon discovery, would affect the underwriting decision of the insurance company
Level term insurance provides a level death benefit and a level premium during the policy term. If the policy renews at the end of a specified period of time, the policy premium will be
Adjusted to the insured's age at the time of renewal
An insured pays a $100 premium every month for his insurance coverage, yet the insurer promises to pay $10,000 for a covered loss. What characteristic of an insurance contract does this describe?
Aleatory
Which of the following is a duty of the commissioner of insurance in this state?
Amend rules and regulations
An insurance producer who positions a sale of insurance to an applicant as being required to be in compliance with a lender's insurance requirement is guilty of which of the following?
Coercion of borrower
All of the following actions can be described as twisting EXCEPT
Explaining to client the advantages of permanent insurance over term and suggesting changing policies
The life insurance policy that prevents an insurance company from denying payments of death claim after a specified period of time is known as the
Incontestability clause
Which of the following is NOT true of a life insurance Buyer's Guide?
It gives buyers specific information about the policy they are considering.
Which of the following is NOT true regarding a Certificate of Authority?
It is issued to group insurance participants.
Who might receive dividends from a mutual insurer?
Policyholders
which type of insurance is based on mutual agreements among subscribers?
Reciprocal insurance
Basic policy illustration formats must include all of the following EXCEPT
The event of premium overpayments reimbursement must be identified by the name given in the policy.
In terms of parties to a contract, which of the following does NOT describe a competent party?
The person must have at least completed secondary education.
During the solicitation process for life insurance, a producer must provide a notice of information practices to all applicants. The notice must include all of the following information EXCEPT
The time limit for obtaining personal information on the insured.
Which type of life insurance policy allows the policyowner to pay more or less than the planned premium?
Universal Life
All of the following statements are true regarding tax-qualified annuities EXCEPT
employer contributions are not tax deductible
Which of the following is another term for the accumulation period of an annuity?
pay period
