PRIMERICA 5
Jack has a $20,000 life insurance policy on himself. He wants to insure the life of his 13 year old daughter. According to New York law, what is the maximum amount of life insurance he can purchase on his daughter?
50,000
Which of the following statements about the reinstatement provision is true
It requires the policyowner to pay all overdue premiums with interest before the policy is reinstated
If a life policy allows the policyowner to make periodic additions to the face amount at standard rates, without proving insurability, the policy includes a
guaranteed insurability rider
Credit Life insurance
insures the life of a debtor
The form used to establish the terms for both parties when a person sells his life insurance policy to a 3rd unrelated person is called a
life settlement contract
Which of the following best details the underwriting process for life insurance
selection classification and rating of risk
When J. applied for a life insurance policy, the agent informed him that a medical exam would be required. The exam may be completed by
a paramedic of examining physician at the insurers expense
The form of life annuity which pays benefits throughout the lifetime of the annuitant and also guarantees payment for a minimum number of years is called
life income with period certain
Which of the following would be the best option that would help the surviving spouse of the insured to put her child through daycare after the insured's death
life insurance proceeds
Your client is planning to retire. She has accumulated $100,000 in a retirement annuity, and now wants to select the benefit option that will pay the largest monthly amount for as long as she lives. As her agent, you should recommend
straight life
Which of the following is TRUE of a qualified plan
tax benefit for employer and employee
All of the following would be different between qualified and nonqualified retirement plans EXCEPT
taxation on accumulation
The Waiver of Cost of Insurance rider is found in what type of insurance
universal life
The policyowner wants to make sure that upon his death, the life policy will pay a portion of the proceeds annually to his spouse, but that the principal will be paid to their children when they reach a certain age. Which settlement option should the policyowner choose?
interest only option
Jason wants to advertise his life insurance practice. Which of the following must he include in his advertisements?
the name of the city in which he has his principal office
If an annuitant selects the straight life annuity settlement option, in order to receive all of the money out of the contract, it would be necessary to
live at least to his life expectancy
During replacement of life insurance, a replacing insurer must do which of the following?
obtain a list of all insurance policies that will be replaced
Which of the following policies would be classified as a traditional level premium contract?
straight life