News study set
conservation
A legally acceptable attempt by an existing insurer to dissuade a current policyowner from the replacement of existing life insurance is called
Other Insured Rider
A rider attached to a life insurance policy that provides coverage on the insured's family members is called the
The policy is owned by the company
All of the following statements concerning the use of life insurance as an Executive Bonus are correct EXCEPT
Only to individuals
An agent license can be issued
The insured may choose to convert to term or permanent individual coverage.
An employee is insured under her employer's group life plan. If she terminates her group coverage, which of the following statements is INCORRECT?
12 months
An insured recently discovered that the interest rate on his policy loan once again increased. Which of the following is the shortest amount of time that could have passed since the last change in the insured's interest rate?
Modified Endowment Contract (MEC)
If a life insurance policy develops cash value faster than a seven-pay whole life contract, it becomes a/an
An unfair trade practice
If an insurance company makes a statement that its policies are guaranteed by the existence of the Insurance Guaranty Association, that would be considered
The owner
In a life settlement contract, whom does the life settlement broker represer
sex orientation
It would be considered unfair discrimination to ask an insurance applicant about which of the following and then use that information as a rating factor to determine insurability ?
A couple receives a set amount of income from their annuity. When the wife dies, the husband no longer receives annu payments. What type of annuity did the couple buy?
Joint Life
Under a pure life annuity, an income is payable by the company
Only for the life of the annuitant
All of the following statements regarding continuing education requirements in this state are true EXCEPT
Producers may repeat the same courses to meet the required CE hours for a licensing period.
Which of the following applicants would NOT qualify for a Keogh Plan?
Someone who works 400 hours per year
Set premium
The Ownership provision entitles the policyowner to do all of the following EXCEPT
Which of the following is NOT true regarding the annuitant?
The annuitant cannot be the same person as the annuity owner.
One-Year Term Option
The dividend option in which the policyowner uses dividends to purchase a term policy for one year is referred to as the
Absolute and Collateral
The two types of assignments are
Must be informed of the source of the report
Under the Fair Credit Reporting Act, individuals rejected for insurance due to information contained in a consumer report
The beneficiary will only receive payments of the interest earned on the death benefit
Upon the death of the insured, the primary beneficiary discovers that the insured chose the interest only settlement option. What does this mean?
Policy Summary
What describes the specific information about a policy?
Coverage ends and the policy cannot be reinstated
What happens when a policy is surrendered for its cash value?
It is intended to provide coverage on a date prior to the policy issue
What is the purpose of a conditional receipt?
Annuity Certain
Which of the following is a short-term annuity that limits the amounts paid to a specific fixed period or until a specific fixed amount is liquidated?
Insuring clause
Which provision 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?
How often does an agent's insurance license expire?
every 2 years
