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WEBCE INSURANCE TESTBANK LATEST VERSION ACTUAL EXAM WITH COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS |100% GUARANTEED PASS FROM A VERIFIED SOURCE |ALREADY GRADED A+$17.99
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WEBCE INSURANCE TESTBANK LATEST VERSION ACTUAL EXAM WITH COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS |100% GUARANTEED PASS FROM A VERIFIED SOURCE |ALREADY GRADED A+
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Course
WEBCE INSURANCE
Institution
WEBCE INSURANCE
WEBCE INSURANCE TESTBANK LATEST
VERSION ACTUAL EXAM WITH
COMPLETE QUESTIONS AND CORRECT
DETAILED ANSWERS |100% GUARANTEED
PASS FROM A VERIFIED SOURCE
|ALREADY GRADED A+
WEBCE INSURANCE TEST BANK LATEST VERSION ACTUAL EXAM WITH COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS |100% GUARANTEED PASS FROM A VERIFIED SOURCE |ALREADY GRADED A+ Agent Thompson received a letter from the Department of Insurance asking her to provide proof of completing the continuing education requirements. Within how many days must Agent Thompson respond to the Department's inquiry? 20 30 10 45 - ANSWER -10 days Abby lives in Ohio, where she is licensed as an insurance producer. She wants to apply for a nonresident license in Pennsylvania. Which of the following conditions must she satisfy? She must move to Pennsylvania. She must surren der her Ohio license. She must be sponsored by a producer licensed in Pennsylvania. She must show her Ohio license is in good standing. - ANSWER -She must show her Ohio license is in good standing The requirement that an insurable interest must exist whe n life insurance is purchased is intended to prevent people from doing which of the following? using life insurance to fund future cash needs using life insurance as a speculative investment on another person's life overusing life insurance designating an ineligible person as the policy beneficiary - ANSWER -using life insurance as a speculative interest on another person's life Which one of the following best describes a policy that has a relatively low face amount and has premiums that are paid to an insurance agent who generally calls on the policyowner at home to collect them? group life insurance industrial life insurance ordinary term insurance ordinary whole life insurance - ANSWER -industrial life insurance Sylvia's insurer guara ntees a fixed death benefit for the policy she owns. Based on this, which one of the following benefits is also most likely guaranteed with this policy? the policy's cash value her ability to borrow an interest -free loan from the cash value policy divi dends payment of premiums on Sylvia's behalf in the event of emergencies - ANSWER -the policy's cash value Carl is a policyowner who prefers to pay premiums monthly rather than annually. How will Carl's insurance company adjust his premium to accommodate this request? The insurer divides the annual premium by 12 and then adds a modest charge. The insurer simply divides the annual premium by 12. The insurer divides the annual premium by 12 and then reduces the premium amount to reflect the fact that premiums will be paid throughout the year. The insurer divides the annual premium by 12 and then adds a modest charge in the first policy year after which premiums equal the annual premium divided by 12. - ANSWER -The insurer divides the annual premium by 12 and then adds a modest charge All of the following statements about key person life insurance are correct, EXCEPT: The business applies for, owns, and is the beneficiary of the policy covering the life of a key employee. Upon the insured employee's dea th, the employee's surviving family receives the policy's death benefit. Key person, or key employee, life insurance is an example of third -party ownership. Life insurance used as key person life is normally owned by the business rather than the insured. - ANSWER -XXX Upon the insured employee's death, the employee's surviving family receives the policy benefit XXX The activities a producer performs to suppor t the insurance company in learning all it can about the applicant when seeking applications for insurance are generally called: field underwriting fiduciary process agency development due diligence - ANSWER -field underwriting How is increasing term life insurance normally sold? as an endorsement as a permanent insurance policy as a stand -alone term life insurance policy as a rider attached to a permanent life insurance policy - ANSWER -as a rider attached to a permanent insurance policy Andrea b ought a $300,000 term -to-age-55 policy. All the following statements about her policy are correct EXCEPT: The policy provides $300,000 of coverage until Andrea reaches age 55. The policy will generate a cash value that is payable at age 55. It is possi ble that Andrea could convert the term policy to a life insurance policy that provides coverage for Andrea's entire life even if she becomes uninsurable. The premium for the policy stays the same until the policy expires. - ANSWER -XXX The policy will gene rate a cash value that is payable at age 55 XXX The basic purpose for the re -entry option with a renewable term life insurance policy is to let the policyowner: reinstate the policy after it has lapsed for nonpayment of premiums without having to provid e evidence of insurability convert the term policy to a permanent life insurance policy renew the policy with a higher face amount without having to provide evidence of insurability renew the policy at lower current rates rather than guaranteed renewal rates - ANSWER -renew the policy at lower current rates rather than guaranteed renewal rates Term life insurance is well suited for all the following needs EXCEPT: mortgage protection a source of emergency cash for any financial need
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