Exam (elaborations)
2024 PEARSON VUE LIFE INSURANCE PRACTICE EXAM WITH 100% CORRECT ANSWERS
- Course
- Institution
2024 PEARSON VUE LIFE INSURANCE PRACTICE EXAM WITH 100% CORRECT ANSWERS
[Show more]
Content preview
2024 PEARSON VUE LIFEINSURANCE PRACTICE EXAM WITH
100% CORRECT ANSWERS
A contract that promises to pay an income to an insured until his/her death is
called:
A.Family Income
B.Modified Endowment
C.Survivorship Life
D.Life Annuity - CORRECT ANSWERS-D
Which of the following group life plans requires at least 75 percent of the
eligible members to participate?
A.Contributory
B.Noncontributory
C.Participating
D.Nonparticipating - CORRECT ANSWERS-A
P wants to name her husband as the beneficiary of her life policy. However,
she wishes to retain all of the rights of ownership. P should have her husband
named as the:
A.irrevocable beneficiary
B.revocable beneficiary
C.secondary beneficiary - CORRECT ANSWERS-B
A contract that has as its basic function the systematic liquidation of
accumulated assets through periodic payments is called an:
A.indemnity contract
, B.investment contract
C.endowment
D.annuity - CORRECT ANSWERS-D
An insured intentionally understates her age on her application for a life
policy. At death, the insurer will take which of the following actions?
A.Refuse to pay the claim based on material misrepresentation on the
application
B.Pay the face amount of the policy if the death occurred after the end of the
incontestable period
C.Pay a reduced Death benefit based on the insured's actual age
D.Pay the stated Death benefit less the unpaid premium owed to the
company as a result of the understated age. - CORRECT ANSWERS-C
Which of the following annuities would BEST suit the needs of a 35-year-old
factory worker who is concerned about inflation and wants to establish a
retirement plan?
A.A Single Premium Deferred Annuity
B.A Single Premium Immediate Annuity
C.A Level Premium Fixed Annuity
D.A Flexible Premium Variable Annuity - CORRECT ANSWERS-D
An insurance producer takes an application for a life insurance policy but
does not collect the initial premium. On delivery of the policy to the proposed
insured, the producer must collect the initial premium and which of the
following?
A.A copy of the MIB report
B.The insured's signed statement of continued good health
C.A copy of the conditional receipt
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 or Stuvia-credit 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 Elitaa. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
62890 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now