What you got wrong 3

Dividends and dividend options are extended to the policy owner as a return of part of the premium collected, after mortality losses, interest earnings and expenses have been determined. Which of the following policies/contracts are entitled to these dividends?

+ A) Participating policies

If a life insurance contract is assigned to another by the policy owner, which of the following is true?

- B) The assignee will have first rights to the cash value and death benefit

The Superintendent may suspend or revoke a license if the licensee's controlled business for the year is greater than ———- of their net aggregate yearly business.

10%

A policy owner cancels his life insurance policy but instructs the insurance company to transfer his cash value to an annuity. This nontaxable transaction is called a

1035 Exchange

In a Life Settlement, the money must be sent to the owner of the policy within how many business days after the life settlement provider has been notified that ownership of policy has been transferred?

3

Generally, IRA rollovers must be completed within days from the time the $ is taken out of the first plan?

60

When a life producer acting as a broker aids the insured in completing an application he is said to be acting for:

B) The insured

Robert is the beneficiary of his brother's life insurance policy. He wants the proceeds from the death benefit to last not only as long as he lives but also as long as his wife lives. Robert should select

C) Joint and Survivor Life Option

Within how many days of requesting an Investigative Consumer Report must the consumer be notified in writing that the report will take place?

D) 3

At the time of delivery, a producer is responsible to explain the policy, its provisions, riders and ratings to the client. When performing these services while acting as an agent for a company the producer is:

D) Representing the company.

The One-Year Term dividend option allows the policy owner to purchase a one year term policy with the dividend equal to as much term as it can buy for One-Year or

Equal to the policy's cash value for as long as it will last

The settlement option that provides for proceeds to be paid in equal monthly payments, liquidating principal with interest, over a specified period of years, is the option.

Fixed period

The following are legitimate uses of insurance in a business setting EXCEPT

Funding against general company financial loss

Which insurance principle states that if a policy allows for greater compensation than the financial loss incurred, the insured may only receive benefits for the amount of the loss?

Indemnity

What describes the specific information about a policy?

Policy Summary

When Susan was hired, she was not eligible to join the Group Insurance Plan for 90 days. This is an example of

The probationary period