Practice Exam for Primerica life insurance exam Final Questions and Answers 2024/2025
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Course
Primerica life insurance
Institution
Amsterdam University College (AUC)
Practice Exam for Primerica life
insurance exam Final Questions and
Answers 2024/2025
agents contract with the principal - CORRECT ANSWER-the principal grants authority
to an agent through the agents contract
mutual - CORRECT ANSWER-funds not paid our after paying claims and other
opera...
Practice Exam for Primerica life
insurance exam Final Questions and
Answers 2024/2025
agents contract with the principal - CORRECT ANSWER-the principal grants authority
to an agent through the agents contract
mutual - CORRECT ANSWER-funds not paid our after paying claims and other
operating costs are returned to the policy owners in the form of a dividend. if all funds
are paid out, no dividends are paid.
401k - CORRECT ANSWER-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 - CORRECT ANSWER-Absolute: A
permanent and irrevocable transfer
of rights and/or benefits by the policyowner.
Collateral: A temporary and/or revocable transfer
of benefits by the policyowner.
accelerated death benefit - CORRECT ANSWER-Policy provision that allows full or
partial payment of the policy's death benefit before the insured's death if he/she is
terminally ill.
accidental death benefit - CORRECT ANSWER-An extra cost rider that requires the
insurance company to pay an additional benefit in the event that the insured dies within
90 days of an accident as a direct result of the accident.
accumulate at interest - CORRECT ANSWER-The dividend option where the policy
owner leaves the dividends with the insurer to invest and earn interest
Adhesion - CORRECT ANSWER-since the insurer created all the documents of the
contract, any ambiguities in the contract will be settled in favor of the insured. The
insurer is stuck with the contract.
Adverse Selection - CORRECT ANSWER-the tendency for less favorable risks to seek
or continue insurance to a greater extent than more favorable risks.
Agency Agreement or Agency Contract - CORRECT ANSWER-A legal document
containing the terms of the agreement between the agent and the insurance company.
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