PRIMERICA LIFE INSURANCE EXAM( Latest Update)Everything You Need To Know(FULL SOLUTIONS PACK!!!)COMPLETE BUNDLEPRIMERICA LIFE INSURANCE EXAM( Latest Update)Everything You Need To Know(FULL SOLUTIONS PACK!!!)COMPLETE BUNDLEPRIMERICA LIFE INSURANCE EXAM( Latest Update)Everything You Need To Know(FULL...
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The receipt given to a life insurance applicant when the application is completed and the initial premium is received is called a(n) - ANSWERSconditional receipt Statements in the application for insurance that are believed to be true to the best of the applicant's knowledge are called - ANSWERS...
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Add to cartThe receipt given to a life insurance applicant when the application is completed and the initial premium is received is called a(n) - ANSWERSconditional receipt Statements in the application for insurance that are believed to be true to the best of the applicant's knowledge are called - ANSWERS...
An insurer has made all of the decisions regarding the provisions included in the insured's policy. The insured finds an objectionable provision and wants to negotiate it with the insurer but is not allowed to do so. Her only options are to reject the policy or accept it as is. Which contract featu...
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Add to cartAn insurer has made all of the decisions regarding the provisions included in the insured's policy. The insured finds an objectionable provision and wants to negotiate it with the insurer but is not allowed to do so. Her only options are to reject the policy or accept it as is. Which contract featu...
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? a. mutual b. reciprocal c. nonp...
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Add to cartAn 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? a. mutual b. reciprocal c. nonp...
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. - ANSWERSSingle premium deferred annuity ...
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Add to cart1. 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. - ANSWERSSingle premium deferred annuity ...
The paid-up addition option uses the dividend - ANSWERSTo purchase a smaller amount of the same type of insurance as the original policy. An applicant for insurance is requesting more information from her agent about a claim that is currently being settled. Within what time period must the agent ...
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Add to cartThe paid-up addition option uses the dividend - ANSWERSTo purchase a smaller amount of the same type of insurance as the original policy. An applicant for insurance is requesting more information from her agent about a claim that is currently being settled. Within what time period must the agent ...
Guaranteed insurability option - ANSWERSAn individual is purchasing a permanent life insurance with a face value of $25,000. While this is all the insurance that he can afford at this time, he wants to be sure that additional coverage will be available in the future. Which of the following options s...
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Add to cartGuaranteed insurability option - ANSWERSAn individual is purchasing a permanent life insurance with a face value of $25,000. While this is all the insurance that he can afford at this time, he wants to be sure that additional coverage will be available in the future. Which of the following options s...
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 ...
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Add to cartAn 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 ...
Deferred Annuity - ANSWERSAn 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 - ANSWERSCalculates an individual's ...
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Add to cartDeferred Annuity - ANSWERSAn 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 - ANSWERSCalculates an individual's ...
What is insurance? - ANSWERSTransfer of the possibility of loss (risk) to an insurance company. What is a risk? - ANSWERSThe uncertainty of financial loss There are two types of loss - ANSWERSPure and Speculative Which type of loss is insurable? - ANSWERSPure Why is Pure loss insurable? ...
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Add to cartWhat is insurance? - ANSWERSTransfer of the possibility of loss (risk) to an insurance company. What is a risk? - ANSWERSThe uncertainty of financial loss There are two types of loss - ANSWERSPure and Speculative Which type of loss is insurable? - ANSWERSPure Why is Pure loss insurable? ...
the purpose of laws regarding the replacement of life and annuity contracts includes all of the following except -ANSWERS 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 -ANSWERS failure of t...
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Add to cartthe purpose of laws regarding the replacement of life and annuity contracts includes all of the following except -ANSWERS 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 -ANSWERS failure of t...
In an insured's neighborhood, individuals are required to pay the fire department if called to their premises. This insured has a homeowner policy. How much will the policy pay for these fire department service charges? - ANSWERSup to $500 When applying for an individual life insurance policy, a...
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Add to cartIn an insured's neighborhood, individuals are required to pay the fire department if called to their premises. This insured has a homeowner policy. How much will the policy pay for these fire department service charges? - ANSWERSup to $500 When applying for an individual life insurance policy, a...
Guaranteeing future dividends is considered to be an unfair or deceptive act known as - ANSWERSTwisting An applicant for a disability insurance policy has a heart condition of which they are unaware and therefore they answer no to the question pertaining to heart problems on their application. Th...
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Add to cartGuaranteeing future dividends is considered to be an unfair or deceptive act known as - ANSWERSTwisting An applicant for a disability insurance policy has a heart condition of which they are unaware and therefore they answer no to the question pertaining to heart problems on their application. Th...
The receipt given to a life insurance applicant when the application is completed and the initial premium is received is called a(n) - ANSWERSConditional receipt. Statements in the application for insurance that are believed to be true to the best of the applicant's knowledge are called - ANSWER...
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Add to cartThe receipt given to a life insurance applicant when the application is completed and the initial premium is received is called a(n) - ANSWERSConditional receipt. Statements in the application for insurance that are believed to be true to the best of the applicant's knowledge are called - ANSWER...
Which of the following is the best reason to purchase life insurance rather than annuities? - ANSWERSto create an estate After approval by the national Association of insurance commissioners the current buyers guide cannot be used for longer than? - ANSWERS What type of account will most likel...
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Add to cartWhich of the following is the best reason to purchase life insurance rather than annuities? - ANSWERSto create an estate After approval by the national Association of insurance commissioners the current buyers guide cannot be used for longer than? - ANSWERS What type of account will most likel...
What do individuals use to transfer their risk of loss to a larger group? - ANSWERSInsurance Best Describe the MIB - ANSWERSNonprofit organization that maintains underwriting information on applicants for life and health insurance An Insurer neglects to pay a legitimate claim that is covered u...
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Add to cartWhat do individuals use to transfer their risk of loss to a larger group? - ANSWERSInsurance Best Describe the MIB - ANSWERSNonprofit organization that maintains underwriting information on applicants for life and health insurance An Insurer neglects to pay a legitimate claim that is covered u...
If an insurer meets the state's financial requirements and is approved to transact business in the state, it is considered to be - ANSWERSAuthorized A participating insurance policy may do which of the following? - ANSWERSPay dividends to the policy owner An insured owns a life insurance poli...
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Add to cartIf an insurer meets the state's financial requirements and is approved to transact business in the state, it is considered to be - ANSWERSAuthorized A participating insurance policy may do which of the following? - ANSWERSPay dividends to the policy owner An insured owns a life insurance poli...
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 lost? - ANSWERSindemnity Which of the following allows the insurer to relieve a minor insured from premium payments if the minor...
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Add to cartWhich 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 lost? - ANSWERSindemnity Which of the following allows the insurer to relieve a minor insured from premium payments if the minor...
Which statement is FALSE concerning insurance company regulations? A.) Insurers may not advertise their membership in the Guarantee Association B.) An insurer suffering from an impairment of their minimum required paid-in capital is labeled solvent C.) The commissioner may begin conservation pr...
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Add to cartWhich statement is FALSE concerning insurance company regulations? A.) Insurers may not advertise their membership in the Guarantee Association B.) An insurer suffering from an impairment of their minimum required paid-in capital is labeled solvent C.) The commissioner may begin conservation pr...
A rider that may be attached to a life insurance policy that will adjust the face amount based upon a specific index, such as the Consumer Price Index, is called - ANSWERSCost of living rider. What method is used to determine the taxable portion of each annuity payment? - ANSWERSThe exclusion rat...
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Add to cartA rider that may be attached to a life insurance policy that will adjust the face amount based upon a specific index, such as the Consumer Price Index, is called - ANSWERSCost of living rider. What method is used to determine the taxable portion of each annuity payment? - ANSWERSThe exclusion rat...
A representation in an insurance contract qualifies as: A.) An opinion B.) An implied warranty C.) An express warranty D.) A policy provision - ANSWERSB.) An implied warranty An insurer owned by the parent company to provide insurance to cover the parent companys loss exposure only is call...
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Add to cartA representation in an insurance contract qualifies as: A.) An opinion B.) An implied warranty C.) An express warranty D.) A policy provision - ANSWERSB.) An implied warranty An insurer owned by the parent company to provide insurance to cover the parent companys loss exposure only is call...
If the agent fails to obtain an applicant's signature on the application, the agent must: a) Sign the application, stating it was by the agent b) Send the application to the insurer with a note explaining the absence of the signature c) Return the application for a signature d) Sign the applica...
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Add to cartIf the agent fails to obtain an applicant's signature on the application, the agent must: a) Sign the application, stating it was by the agent b) Send the application to the insurer with a note explaining the absence of the signature c) Return the application for a signature d) Sign the applica...
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 - ANSWERSB) Law of Large Numbers A producer who fails to segregate premium monies from his own pe...
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Add to cartWhich 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 - ANSWERSB) Law of Large Numbers A producer who fails to segregate premium monies from his own pe...
All of the following are duties and responsibilities of producers at the time of application EXCEPT A - Change any incorrect statement on the application by personally initialing next to the corrected statement. B - Explain the nature and type of any receipt the producer is giving to the applica...
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Add to cartAll of the following are duties and responsibilities of producers at the time of application EXCEPT A - Change any incorrect statement on the application by personally initialing next to the corrected statement. B - Explain the nature and type of any receipt the producer is giving to the applica...
401k plan - ANSWERSA qualified retirement plan in which the employee can set aside a portion of their income with pre-tax dollars. Absolute Assignment - ANSWERSA permanent and irrevocable transfer of rights and/or benefits by the policy owner. Collateral Assignment - ANSWERSA temporary and/...
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Add to cart401k plan - ANSWERSA qualified retirement plan in which the employee can set aside a portion of their income with pre-tax dollars. Absolute Assignment - ANSWERSA permanent and irrevocable transfer of rights and/or benefits by the policy owner. Collateral Assignment - ANSWERSA temporary and/...
agent - ANSWERSlegal representative of an insurance company; the classification of producer usually includes agents and brokers; agents are the agents of the insurer insured - ANSWERSthe person covered by the insurance policy; this person may or may not be the policyowner broker - ANSWERSan in...
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Add to cartagent - ANSWERSlegal representative of an insurance company; the classification of producer usually includes agents and brokers; agents are the agents of the insurer insured - ANSWERSthe person covered by the insurance policy; this person may or may not be the policyowner broker - ANSWERSan in...
Which of the following situations requires a person to be licensed? - ANSWERSReceive commissions The settlement option that would provide a beneficiary with the largest monthly income from a life insurance death benefit is called - ANSWERSStraight life Which of the following contains the compa...
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Add to cartWhich of the following situations requires a person to be licensed? - ANSWERSReceive commissions The settlement option that would provide a beneficiary with the largest monthly income from a life insurance death benefit is called - ANSWERSStraight life Which of the following contains the compa...
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