Exam (elaborations)
New Mexico Life Only Final exam 2024/25 newest
- Module
- Institution
New Mexico Life Only Final exam 2024/25 newest
[Show more]
Content preview
New Mexico Life Only Final exam2024/25 newest
What is an insurance contract that identifies individuals by relationship to a specific
ii ii ii ii ii ii ii ii ii ii ii ii
organization? - group insurance
ii ii ii ii ii ii
When an insured under a group life insurance plan in NM elects the conversation option,
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
the new policy is issued - Without requiring evidence of insurability
ii ii ii ii ii ii ii ii ii ii ii ii ii
ii What is another name for a Keogh plan - HR 10 plan
ii ii ii ii ii ii ii ii ii ii ii ii ii
An insurance policy may be issued with a preferred insurance premium in all these
ii ii ii ii ii ii ii ii ii ii ii ii ii ii
situations EXEPT - Living in a rural area
ii ii ii ii ii ii ii ii ii ii
All of these statements concerning group credit life insurance are false EXEPT - The face
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
amount is based on the outstanding loan balance
ii ii ii ii ii ii ii ii
Risk ____ is the process of analyzing exposures that create risk and designing programs
ii ii ii ii ii ii ii ii ii ii ii ii ii ii
to handle them - management
ii ii ii ii ii ii ii
XYZ Insurance Company gives direct authority to its producers to sell insurance through
ii ii ii ii ii ii ii ii ii ii ii ii ii
an agency contract, but nothing is stated regarding the collection of premiums. Which
ii ii ii ii ii ii ii ii ii ii ii ii ii
authority grants the producer the right to collect premiums? - implied authority
ii ii ii ii ii ii ii ii ii ii ii ii ii ii
When the superintendent believes an agent is causing substantial and material harm, the
ii ii ii ii ii ii ii ii ii ii ii ii ii
superintendent has the authority to - issue a cease and desist order against the agent
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
ii Who normally pays the premiums for group credit life insurance? - borrower
ii ii ii ii ii ii ii ii ii ii ii ii ii
For policyholders in the same risk classification, it is unlawful to - Charge different
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
premiums
ii
What happens to the cash value of a market value adjusted annuity if it's surrendered prior
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
to the end of the stated guarantee period - Subject to market value adjustment
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
What must be given to a life insurance applicant when the agent receives an application
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
and the initial premium - Conditional receipt
ii ii ii ii ii ii ii ii ii
Which situation would not require the insureds consent when a life insurance policy is
ii ii ii ii ii ii ii ii ii ii ii ii ii ii
issued - A policy is purchased by a parent for a minor child
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
ii A business becoming incorporated is an example of risk ____. - to transfer
ii ii ii ii ii ii ii ii ii ii ii ii ii ii
, The Superintendent may suspend an agent's license when the agent - Rebates a portion
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
of the commission to the insured
ii ii ii ii ii ii
What would be considered an advantage of purchasing term life insurance? - The initial
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
premium is lower compared to an equivalent amount of whole life coverage
ii ii ii ii ii ii ii ii ii ii ii ii
When an insurance appointment with an agent is terminated, the party must notify the
ii ii ii ii ii ii ii ii ii ii ii ii ii ii
agent of the termination is the - Insurer
ii ii ii ii ii ii ii ii ii ii
The policy provision that permits an employee to change from group life coverage to an
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
individual life policy is called the - Conversation provision
ii ii ii ii ii ii ii ii ii ii ii
A qualified profit-sharing plan is designed to - distribute a portion of company earnings to
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
its employees
ii ii
What is the maximum number of employees (earning at least 5k) that an employer can
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
have in order to start SIMPLE retirement plan - 100
ii ii ii ii ii ii ii ii ii ii ii ii
A policy owner with a terminal illness who sells his life insurance policy to a third party is
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
called a - Viator
ii ii ii ii ii ii
The Medical information Bureau consists of members from which group - insurance
ii ii ii ii ii ii ii ii ii ii ii ii ii ii
companies
ii
A life insurance policy's waiver of premium rider has the ability to - Relieve the insured of
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
premium payments following an initial waiting period after the insured becomes totally
ii ii ii ii ii ii ii ii ii ii ii ii
disabled
ii
ii An insurable risk requires - that the chance of loss be calculable
ii ii ii ii ii ii ii ii ii ii ii ii ii
Under the Fair Credit Reporting Act, which statement is true? - The consumer who was
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
investigated must be advised that credit, insurance, or employment was denied because
ii ii ii ii ii ii ii ii ii ii ii ii
of an unfavorable report.
ii ii ii ii
A life insurance policyowner would like a dividend option that results in a limited current
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
outlay of funds. Which dividend option would be chosen? - Reduction of premium
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
payment
ii
With life insurance, the needs approach is used primarily in determining - how much life
ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii ii
insurance a client should apply for
ii ii ii ii ii ii
Which life insurance policy provision prohibits a beneficiary from "commuting,
ii ii ii ii ii ii ii ii ii ii
encumbering, withdrawing,or assigning" any portion of the proceeds prior to actual receipt
ii ii ii ii ii ii ii ii ii ii ii ii
from the company? - Spendthrift clause
ii ii ii ii ii ii ii ii
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller STUVATE. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75632 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now
