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PA Life Insurance Exam
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PA Life Insurance Exam
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PA Life Insurance ExamSingle premium cash value policy can be described as.. - ANS-a policy that is paid up
only after one payment
All of the following are considered appropriate uses of life insurance.. - ANS-- attracting
quality employees by offering a group life plan
- protecting the business by covering key employees with life insurance
- funding an entity buy sell agreement
The do not call list offers exemption from all except - ANS-life insurance
Ken is a producer who has consumer info reports under false pretenses under the fair
credit reporting act, what is the max penalty.. - ANS-$5000 & 1 year in jail
Which type of annuity guarantees a stated number of income payments whether or not
the annuitant is still alive to receive it - ANS-life annuity certain
In what part of the policy are the policy benefits found - ANS-conditions
Commissioner is responsible for all of the following.. - ANS-- issue cease & desist
orders
- conduct hearings
- regulate premium rates
Maria would like an annuity that provides a guaranteed accumulation or payout. The
type of annuity she is seeking is called.. - ANS-annuity certain
Which type of rider will waive the premium on a child's life insurance policy if the parent
paying the premium dies? - ANS-guaranteed insurability
Pat owns a 20 pay life policy with a paid dividend option. Which of the following
statements is true? - ANS-the policy may be paid up early by using policy dividends
A renewable term life insurance policy can be renewed - ANS-anytime the policy
owners request
What would a be an expense factor in an insurance program - ANS-mortality costs
, Which of the following is an annuity that is linked to a market related index.. -
ANS-equity index annuity
Agreements made by terminally ill persons to sell their life insurance policies at a
discount in order to pay medical expenses is called.. - ANS-viatical settlements
Variable life insurance & universal life insurance are similar. Which of these are held
exclusively by variable universal life insurance.. - ANS-Policyowner has the right to
select the investments which will provide the the greatest return
An accelerated death benefit in PA must be at least what percentage of the total death
benefit.. - ANS-25%
A producer's license CANNOT be revoked without - ANS-a hearing given to the
producer
Mike has inherited his father's traditional IRA. As a beneficiary, he will pay taxes on any
money withdrawn - ANS-income
Signatures for an insurance application MUST be obtained by the producer from all of
the following sources except.. - ANS-Beneficiary
What is the purpose for having an accelerated death benefit on a life insurance policy.. -
ANS-It allows for cash advances to be paid against the death if the insured becomes
terminally ill
Which premium payment frequencies is not typically available to policyholders.. -
ANS-bi-weekly
An example of risk sharing would be.. - ANS-Doctors pooling their money to cover
malpractice exposures is an example of risk sharing
A licensee may only sell, solicit, & negotiate insurance contracts on behalf of the... -
ANS-appointing insurer
Who is responsible for assembling the policy form for insureds.. - ANS-insurance
carriers
When soliciting insurance, a producer CANNOT.. - ANS-emphasize guaranty
association benefits
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