Bundle for Primerica life insurance

The receipt given to a life insurance applicant when the application is completed and the initial premium is received is called a(n) - Ans - conditional receipt Statements in the application for insurance that are believed to be true to the best of the applicant's knowledge are called - Ans - ...

Risk - Ans - uncertainty of a financial loss; 2 types Two typed of risks - Ans - Pure (Insurable) and speculative (uninsurable) Benefits of purchasing insurance? - Ans - You get to transfer financial risk left after passing to insurance company Law of large numbers - Ans - the large...

Deferred Annuity - Ans - An annuity in which the income payments begin sometime after one year from the date of red annuities can be funded with a single lump sum payment so it is referred to as a single premium differed annuities. Human life values approach - Ans - Calculates an individual'...

Primerica Life Insurance Focused Exam questions with correct answers

An insured under a life insurance policy has been diagnosed with a terminal illness and has 6 months to live. The insured knows that his financial state will worsen even more with the upcoming medical expenses. What option could the insured utilize? a) Estate liquidation b) Nonpayment of premium ...

401 k plan - Ans - A qualified retirement plan in which the employee can set aside a portion of their income with pre-tax dollars. Absolute Assignment v. Collateral Assignment - Ans - Absolute: A permanent and irrevocable transfer of rights and/or benefits by the policyowner. Collat...

What do individuals use to transfer their risk of loss to a larger group? - Ans - Insurance Best Describe the MIB - Ans - Nonprofit organization that maintains underwriting information on applicants for life and health insurance An Insurer neglects to pay a legitimate claim that is covered...

1. An annuity that is purchased with a lump sum premium and whose benefits begin after 12 months is called a: A. Single premium immediate annuity. B. Single premium deferred annuity. C. Level premium variable annuity. D. Flexible premium fixed annuity. - Ans - Single premium deferred annuity...

Stranger-oriented life insurance policies are in direct opposition to the principle of a. law of large numbers b. good faith c. indemnity d. insurable interest - Ans - d. insurable interest-STOLI purchaser doesn't know the insured, or have any interest in the insured's longevity, so it viola...

the purpose of laws regarding the replacement of life and annuity contracts includes all of the following except - Ans - to protect the interests of life insurance and their agents all of the following would fall under the category of an adverse underwriting decision except - Ans - failure of...

Which of the following situations requires a person to be licensed? - Ans - Receive commissions The settlement option that would provide a beneficiary with the largest monthly income from a life insurance death benefit is called - Ans - Straight life Which of the following contains the com...

Which law is the foundation of statistical prediction of loss upon which rates for insurance are calculated? A) Law of Group Evaluation B) Law of Large Numbers C) Law of Masses D) Law of Averages - Ans - B) Law of Large Numbers A producer who fails to segregate premium monies from his own p...