WFG

For a retirement plan to be qualified, it must be designed for whose benefit?

employees

Circulating deceptive sales material to the public is what type of Unfair Trade Practice?

false advertising

Candidates for either a property license or a casualty license must complete how many hours of prelicensing education

20

According To the entire provision what document must be made part of the insurance policy

Copy of the original application

Which of the following is an example of a limited pay life policy

Life Paid-up at Age 65

Which is the purpose of a fixed period settlement option

To provide a guaranteed income for a certain amount of time

Which type of life insurance policy allows the policy owner to pay more or less than the planned premium

Universal Life

Which of the following is an example sample of liquidity in life insurance contract

The cash value available to the policy owner

Which of the following riders would not cause the death benefit to increase

payor benefit rider

Which of the following is a risk classification used by underwriters for life insurance

standard

Which of the following terms means a result calculation based on the average number of months the insured is projected to live due to medical history and morality factors

Life expectancy

A policy summary must include all of the following except

The guaranteed dividend rate

If an insurer is going to terminate the appointment of an insurance producer within how many days following termination must the insurer notify the commissioner of the termination

30 days

All of the following actions may be brought against a insurance agency found guilty of withholding knowledge of an appointed licensees violation of the insurance code except

A fine no more than $300,000

Which of the following is the closet term to an authorized insurer

Admitted

What does "level" refer to in level term insurance?

Face amount

Which of the following policies would be classified as a traditional level premium contract

Straight lifew

The full premium was submitted with the application for life insurance, and the policy was issued two weeks later as requested. When does the policy coverage become effective?

As of the application date

An insurer that holds a Certificate of Authority in the state in which it transacts business is considered a/an

Authorized insurer

A participating insurance policy may do which of the following?

Pay dividends to the policyowner

An insured purchased life policy in 2010 and died in 2017. The insurance company discovers at that time that the insured had concealed information during the application process. What can they do?

Pay the death benefit

If the policy owner, the insured, and the beneficiary under a life insurance policy are three different people, who has the ownership rights?

Policy owner

Which of the following is called a second to die policy

survivorship life

A father owns a life insurance policy on his 15-year-old daughter. The policy contains the optional Payor Benefit rider. If the father becomes disabled, what will happen to the life insurance premiums?

the insured's premiums will be waived until she is 21.

Upon recipe notice appointment the commissioner must verify the insurance producer is eligible for appointment within how many days

30 days

What is the waiting period of a waiver of premium rider in the life insurance policies

6 months

Partners in a business enter into a buy-sell agreement to purchase life insurance, which states that should one of them die prematurely, the other would be financially able to buy the interest of the deceased partner. What type of insurance policy may be used to fund this agreement?

Any form of life insurance

An insurance producer may not act as an agent for an insurer until he or she has been

Appointed

Which of the following terms describes the making false statement about the financial condition of any insurer that are intended to injure any person engaged in the business of insurance

Defamation

At the time the insured purchase her life insurance policy she added a rider that will allow her to purchase additional insurance in the future without having to probe insurability this rider is called

Guaranteed insurability

An insured purchased an insurance policy 5 years ago. Last year, she received a dividend check from the insurance company that was not taxable. This year, she did not receive a check from the insurer. From what type of insurer did the insured purchase the policy?

Mutual

Which of the following best details the underwriting process for life insurance

Selection, classification, and rating of risks

What is the advantage of reinstating a policy instead of applying for a new one

The original age is used for premium determination

The rules regarding life policy replacement apply to which of the following situation

The original policy allowed to lapse

Which of the following is a statement that is guaranteed to be true and if untrue May breach an insurance contact

Warranty

All of the following information about a customer must be used in determining annuity suitability except

beneficiary's age

All of the following could be considered rebates if offered to an insured in the sale or insurance policy except

Dividends from a mutual insurer

Which of the following types of risk will result in the highest premium

Substandard risk

Children's riders attached to whole life policies are usually issued as what type of insurance

Term

An insured purchased a 10-year level term life policy that is guaranteed renewable and convertible. What happens at the end of the 10-year term?

The insured may renew the policy for another 10 years, but at a higher premium rate.

Which statement is not true regarding a straight life policy

Its premium steadily decreases over time, in response to its growing cash value.

An insured has a continuous premium whole life policy she would like to use the policy dividends to pay off her policy sooner than would have been possible otherwise what dividend options could she use

Paid up option

An absolute assignment is a

transfer of all ownership rights in a policy

Which of the following would qualify as a competent party in an insurance contract

The applicant has a prior felony conviction

What is true about the cash surrender nonforfeiture option

Funds exceeding the premium paid are taxable as ordinary income

Twin brothers are starting a new business. They know it will take several years to build the business to the point that they can pay off the debt incurred in starting the business. What type of insurance would be the most affordable and still provide a death benefit should one of them die?

Joint Life

A married couple owns a permanent policy which covers both of their lives and pays the death benefit only upon the death of the first insured which policy is that

Joint Life Policy