LIFE INSURANCE TEST PACKAGE DEAL

New Jersey life insurance examadhesion - correct answer (take it or leave it) no changing the contract. take it as is. aleatory contract - correct answer (uneven) You will never pay as much in premium as what you get in coverage peril - correct answer died of a certain way Hazard - correct ...

MISSOURI LIFE INSURANCE PRACTICE TEST PART 1Traditional Whole life policies are a type of insurance policy that will provide coverage only under what circumstance? - correct answer It is for the entire life of the insured What will happen if an insured decides he or she no longer would like to ma...

Missouri Life and Health InsuranceInsurance transaction includes: - correct answer By mail or other means: - Solicitation - Negotiation - Sale - Advising an individual about coverage Elements of a legal contract - correct answer -Agreement (offer and acceptance) - Consideration - Competen...

Minnesota State Insurance Licensing ExamWhat is an agent? - correct answer Someone who acts on behalf of another (producer) What is a principal? - correct answer Party for whom action is taken (insurance company) What is an agency agreement? - correct answer Legal agreement that establishes th...

Life Policies Chapter 1Who benefits in Investor-Originated Life Insurance (IOLI) when the insured dies? - correct answer policyowner A Whole Life Insurance Policy endows when the: - correct answer Cash value equals the death benefit M purchases a $70,000 Life Insurance Policy with premium paym...

life insuranceLife Insurance - correct answer Life insurance policies provide protection against the financial problems associated with premature death. It is available on a group or individual basis. Individual insurance can be further classified into industrial insurance, ordinary insurance, and c...

Life Insurance Who is the financial impact of premature death most significant for - correct answer those with dependents to support High need (for life insurance) groups are - correct answer single parent and two parent families Needs approach - correct answer estimates the PV of future inco...

Life InsuranceTraditional Whole Life Products - correct answer Ordinary straight life Limited-Pay Single-Premium Life Adjustable Life Straight Life - correct answer basic policy that charges a level annual premium for the lifetime of the insured and provides a level, guaranteed benefit Limi...

LIFE INSURANCEAgent/Producer - correct answer a legal representative of an insurance company; the classification of producer usually includes agents and brokers; agents are the agents of the insurer Applicant or proposed insured - correct answer a person applying for insurance Broker - correct...

Life InsuranceAll of the following characterize term life insurance, EXCEPT: - correct answer Term life insurance provides pure death protection (pays a death benefit only). Whole life insurance (permanent protection) provides life insurance for the entire life of the insured. It also is said to pro...

Life Insurance Whole Life Insurance - correct answer Life insurance protection for the insured's entire life, or until age 100. It provides living benefits. Premiums remain level for the life of the insured, the face amount of whole life insurance is level (in most cases). Synonymous with perman...

Life Insurance Underwriting and Policy IssueA life insurance application must be signed by all of these EXCEPT - correct answer Beneficiary Any changes made on an insurance application requires the initials of whom? - correct answer Applicant All of these are considered sources of underwriti...

LIFE INSURANCE PRACTICE EXAM Insurable Receipt - correct answer The reciept given to a life insurance applicant when the application is completed and the initial premium is received is called a(n) Representations - correct answer Statements in the application for insurance that are believed to b...

Life Insurance Policy Provisions, Options and RidersProvisions - correct answer stipulate the rights and obligations of an insurance contract and are fairly universal from one policy to the next Riders - correct answer modify provisions that already exist and are used to increase or decrease poli...

Life Insurance Policies Term Insurance - correct answer is temporary protection b/ it only provides coverage for a specific period of time. A.K.A pure life insurance Term policies provide what? - correct answer greatest amount of coverage for the lowest premium as compared to any other form of p...

Life Insurance License ExamOrdinary Straight Life - Whole Life - correct answer - Protection from the date of the policy issued to the date of the insured's death, or if still living at age 100 the policy has matured and death benefits are paid - Premium rate is based on the assumption that the i...

Life Insurance Exam-IllinoisPooling of Risks - correct answer A large group of people contribute money to a fund out of which their losses can be paid Policyowner - correct answer is the person or org that applies for the policy and pays the premium Actuarial Tables - correct answer Are statis...

Life insurance exam life insurance - correct answer insurance that pays to a named beneficiary or the deceased's estate upon the death of the insured,may b annuity or endowment, may incl benef for accident death/dismemberment, disability, protects against risk pf premature death which exposes a f...

Life Insurance Exam Unit 1 General InsuranceInsurance - correct answer -legal contract that transfers risk of financial loss from an individual or business to an insurer -insurer agrees to cover for certain losses risk - correct answer -uncertainty about whether a loss will occur -if loss certa...

Life Insurance Exam QuestionsJ has a life policy with the Guaranteed Insurability rider. J has just celebrated their 42nd birthday and realizes that she wants to use her rider and buy more death benefit. Which of the following will apply to J's request? A: The insurer will allow J to add more insu...

Life Insurance Exam questions IDAHOWhich of the following statements describes one of the reasons individuals purchase life insurance? - correct answer 2. It creates an immediate estate. How long is the grace period for an individual life insurance policy? - correct answer 1 month In this stat...

Life Insurance Exam CHAPTER 3-Exam 1Which is true concerning a variable universal life policy? - correct answer Policyowner controls where the investment will go and selects the amount of the premium payment. Which type of life policy contains a monthly morality charge as well as self-directed in...

Life Insurance- Exam 2The automatic premium loan provision authorizes an insurer to withdraw from a policy's cash value the amount of - correct answer past due premiums that have not been paid by the end of the grace period If an insured dies during the grace period with no premiums paid - corre...

Life Insurance BasicsInsurable Interest - correct answer the policyowner must face the possibility of losing money or something of value in the event of loss Survivor Protection - correct answer aim to protect survivors in event of loss of an income earner Estate Creation - correct answer when...

Life Insurance - Chapter 4 Premium, Proceeds and BeneficiariesA policyowner is allowed to pay premiums more than once a year under which provision? - correct answer Mode of Premium Elements of life insurance premiums include - correct answer mortality rate -- insurers expenses -- interest credit ...

Life Insurance - Chapter 3 Life Insurance PoliciesOwner's rights provisions - correct answer - can change the beneficiary - can borrow cash value - can receive dividends - select premium mode - assignment rights - The beneficiary has no rights in the contract Free Look Provision - correct a...

Life and Health Insurance Exam (Missouri)Insurance policies are considered aleatory contracts because: 1)they are take it or leave it contracts 2)both parties consent to the contract 3)performance is conditioned upon a future occurence 4)the contract is voidable upon proof of fraud - correct ans...

Kansas Life & Health Insurance Final ExamWhen can a policy owner change a revocable beneficiary? - correct answer Anytime J would like to maintain the right to change beneficiaries. Which beneficiary designation should be used? - correct answer Revocable M purchased an Accidental Death and Dis...

Iowa Insurance Exam - Lifepurpose of life insurance - correct answer pay a death benefit to beneficiaries when the insured dies life insurance for personal use - correct answer death benefit serves to replace the insured's future loss income and pay expenses that occur upon death, living benef...

Group Life insurance Group life insurance - correct answer Group life insurance covers groups of people, unrelated except for their common association with the group, under a single contract. To qualify for any type of group insurance, the group must be a "natural group" created for some other re...

Florida Health and Life Insurance State Exam Practice Part 1Which Accident and Health policy provision addresses preexisting conditions? - correct answer Time Limit on Certain Defenses Which of the following individual health insurance policies will provide the broadest protection? - correct answ...

FINAL EXAM REVIEW - Texas life and healthIf, at the time of an insured's death, the insurance company discovers that the insured's age was misstated on the application for life insurance, the company will most likely - correct answer pay the policy proceeds in the amount the premiums would have pu...

Chapter 10 Personal Financeb - correct answer 24. A person who is named to receive the benefits from an insurance policy is a(n) A. Contract. B. Beneficiary. C. Policyholder. D. Insurer. E. Child. b - correct answer 25. Most people buy life insurance to A. Pay off a mortgage. B. Protect th...

Chapter 10 Exam Uses of Life Insurance Which statement regarding third-party ownership of a life insurance policy is true? - correct answer It is used extensively in estate-planning as well as business circumstances Which type of plan allows an employer to give money to an employee for buying a ...

Chapter 10 - Uses of InsuranceWhich type of plan allows an employer to give money to an employee for buying a life insurance policy and also permits the employee to select the beneficiary? - correct answer Split-dollar plan Which statement regarding a Key Employee Life policy is NOT true? The ...

Chapter 8 Uses of Life Insurancetax-deductible to the employer - correct answer The premiums paid by an employer for his employee's group life insurance are usually considered to be Fund a buy-sell agreement - correct answer What is considered a valid reason for small businesses to insure the li...

Chapter 7 Exam Group Life Insurance.Who are the parties to the master contract in a group life insurance policy? a. Insurer and employee b. Employer and employee c. Insurer and employer d. Employer and beneficiary - correct answer c. Insurer and employer The actual policy for group life insur...

Chapter 5 Life Insurance Premiums, Proceeds, and BeneficiariesWho is the beneficiary in a life insurance policy? - correct answer The stated person or entity who is designated to receive the death proceeds When a policy loan is requested by a policyowner and it requires the consent of the benefic...

Chapter 4 Type of Insurance Policies Part 1 (Exam I)Decreasing term life insurance is often used to A) provide retirement funds B) provide coverage for a home mortgage C) accumulate cash value D) provide coverage for estate taxes - correct answer B) provide coverage for a home mortgage ...

Chapter 4 Life ProvisionsWhich of the following is NOT part of an insurance contract? - correct answer Certificate of Authority Life insurance policies will normally pay for losses arising from - correct answer Commercial aviation If an insured's age on a life insurance policy has been missta...

Chapter 3 Life Insurance PoliciesWhich of the following types of insurance policies is most commonly used in credit life insurance? - correct answer Credit insurance is a special type of coverage written to insure the life of the debtor and pay off the balance of a loan in the event of the death of ...

ch121) Which of the following statements about the ownership of a life insurance policy is (are) true? I. Under the ownership clause, the policyholder and beneficiary equally share all contractual rights in the policy while the insured is living. II. The policyholder can designate a new owner by f...

Ch. 12 Life Insurance Planning T FThe purpose of life insurance is to protect the person on whose life an insurance policy is issued. True False - correct answer False The primary reason for buying life insurance is to obtain a high-quality investment. False True - correct answer False ...

CH#2 Life Insurance Basics Q&AIt is intended to provide coverage on a date earlier than the date of the issuance of the policy - correct answer What is the purpose of a conditional receipt A) It is intended to provide coverage on a date earlier than the date of the issuance of the policy B) It g...

Arizona Life Insurance Exama whole life policy that provides a choice of dividend options include the following statement about dividends they accrue at a guaranteed rate they are deferred for one year they are not guaranteed they are guaranteed after the first year - correct answer the...

AD Banker Life Insurance ExamInsurers - correct answer (Insurance Companies or Carriers) provide insurance coverage by issuing particular insurance policies or contracts Insurance Agencies - correct answer Independent sales organizations that provide service and distribute insurance policies to c...

6 - Group Life InsuranceWhich provision is NOT a requirement in a group life policy? - correct answer Accidental A person who is insured within a group contract will be given a - correct answer certificate A noncontributory group term life plan is characterized by - correct answer the entire c...

3.03 Quiz Health and Life Insurance 3Your health insurance premium is $4211 annually. If your employer pays 80% and you are paid monthly, how much is deducted from each monthly check? - correct answer $70.18 Keiko has a health insurance premium of $3298 annually. If her employer pays 90% of the p...