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WV STATE LIFE INSURANCE EXAM (ACTUAL) 2024 QUESTIONS AND ANSWERS
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WV STATE LIFE INSURANCE EXAM (ACTUAL) 2024 QUESTIONS AND ANSWERS
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WV STATE LIFE INSURANCE EXAM (ACTUAL)Which of these factors does NOT influence an applicant's need for life insurance?
- ANSWERS-Self-maintenance expenses
A Loss-Purchase Buy and Sell agreement among three partners, funded with
individual life insurance, would require how many policies? - ANSWERS-6
B is a licensed producer who sells multiple lines of insurance. Which of these
products requires B to complete continuing education in order to maintain the
license? - ANSWERS-life insurance
Replacement can be defined as - ANSWERS-exchanging an existing policy for a
new policy
A group life insurance policy insured may assign up to _____ of the insured's
coverage - ANSWERS-100%
P is an employee covered under his employer's group life policy for $25,000. He
quits after 1 year on the job. Which statement about his conversion options is
NOT true? - ANSWERS-P can convert to a $25,000 term policy
A producer must notify the insurance commissioner within ____ days following
the final deposition of an administrative action by any government agency -
ANSWERS-30
,The insurance commissioner must give at least ____ days notice prior to holding a
hearing regarding a producer's license - ANSWERS-30
N, age 50, recently bought an annuity that will pay a guaranteed $2,000/month at
age 70 for life. What type of annuity did N purchase? - ANSWERS-fixed deferred
How does an indexed annuity differ from a fixed annuity? - ANSWERS-Indexed
annuity owners receive credited interest tied to the fluctuations of the linked
index
Which of the following statements regarding a Tax Sheltered Annuity (TSA) is
INCORRECT? - ANSWERS-The income from the TSA received income tax-free
T has an annuity that guarantees an income payment for the rest of his life. The
contract also guarantees that if T dies before receiving payments for 20 years, the
remaining payments will be paid to his son for the balance of the 20 years. What
type of annuity is this? - ANSWERS-Life annuity with period certain
S recently received a $500,000 lump sum retirement buyout from her employer.
She would like to buy an annuity that will immediately furnish her with a
guaranteed income for life. What type of annuity is best suited for her situation? -
ANSWERS-single premium
A group-owned insurance company that is formed to assume and spread the
liability risks of its members is known as a: - ANSWERS-Risk retention group
, Which of the following requires insurers to disclose when an applicant's consumer
or credit history is being investigated? - ANSWERS-1970-Fair Credit Reporting Act
Q purchases a $500,000 life insurance policy and pays $900 in premiums over the
first six months. Q dies suddenly and the beneficiary is paid $500,000. This
exchange of unequal values reflects which of the following insurance contract
features? - ANSWERS-Aleatory
The stated amount or percent of liquid assets that an insurer must have on hand
that will satisfy future obligations to its policyholders is called: - ANSWERS-
Reserves
All of the following are considered to be typical characteristics describing the
nature of an insurance contract, EXCEPT: - ANSWERS-Bilateral
What year was the McCarran-Ferguson Act enacted? - ANSWERS-1945
Which of the following consists of an offer, acceptance, and consideration? -
ANSWERS-Contract
Who elects the governing body of a mutual insurance company? - ANSWERS-
Policyholders
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