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INDIANA LIFE INSURANCE EXAM PREP QUESTIONS AND ANSWERS
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INDIANA LIFE INSURANCE EXAM PREP QUESTIONS AND ANSWERS
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INDIANA LIFE INSURANCE EXAM PREPQUESTIONS AND ANSWERS
Twisting - Answer-A form of misrepresentation in which an agent persuades an
insured/owner to cancel, lapse, or switch policies, even when it's to the insured's
disadvantage.
An insured pays $1,200 annually for her life insurance premium. The insured applies
this year's $300 worth of accumulated dividends to the next year's' premium, thus
reducing it to $900. What option does this describe? - Answer-REDUCTION OF
PREMIUM
Death due to plane crash for a fare-paying passenger - Answer-Which of the following is
NOT typically excluded from life policies?
Which option for Universal life allows the beneficiary to collect both the death benefit
and cash value upon the death of the insured? - Answer-OPTION B
There is no current income taxation upon the growth in the annuity - Answer-Annuity
contracts grow tax deffered. That means that
40 - Answer-What is the number of credits required for fully status for social security
disability benefits?
questions directed to determine the appicants's sexual orientation - Answer-According
to underwriting rules pertaining to AIDS & HIV all of the following questions will be
allowed on an application for health insurance EXCEPT
the Commissioner - Answer-Who is responsible for issuing a certificate of authority
12 months - Answer-A producer has completed all of his continuing education hows but
his license has just lapsed. Within what time frame must the producer reinstate his
license if he wants to avoid taking an exam to regain his licensed status
Limited to 25% of a producer's annual commission income - Answer-In Indiana,
controlled business is
Charge a higher premium - Answer-If an applicant for a life insurance policy is found to
be a substandard risk, the insurance company is most likely to
to create an estate - Answer-Which of the following is the best reason to purchase life
INSURANCE rather than ANNUITIES?
, When would a 20-PAY WHOLE LIFE policy endow? - Answer-When the insured
reaches age 100
Any licensed person whose activities affect interstate commerce and who knowingly
make false material statement related to the business of insurance may be imprisoned
for up to - Answer-10 YEARS
Which of the following is true about the commissioner of Insurance - Answer-The
Commissioner is authorized to participate in the NAIC
Payor Benefit Rider - Answer-Which of the following riders would NOT cause the Death
Benefit to increase?
Promptly forwarding premiums to the insurance company - Answer-Pertaining to
insurance what is the definition of a fiduciary responsibility?
The contribution is known and the benefit is unknown - Answer-In a defined contribution
plan
The COMMISSIONER must be notified in ALL of the following circumstances EXCEPT -
Answer-A change of the PRODUCERS BUSINESS PHONE NUMBER
Under the REPLACEMENT REGULATION, Rule 16.1 which of the following statements
would best describe the PRODUCER'S DUTIES? - Answer-The PRODUCER must
conduct a REASONABLE INVESTIGATION to determine if a replacement will take
place
Providing the applicant with a signed copy of the
IMPORTANT NOTICE REGARDING REPLACEMENT - Answer-Under Rule 24, LIFE
INSURANCE SOLICITATION, producers duties include all of the following EXCEPT
Which of the following is INCORRECT concerning a NONCONTRIBUTORY GROUP
PLAN? - Answer-The employees receive INDIVIDUAL policies
In a DIRECT ROLLOVER, how is the money transferred from one plan to the new one?
- Answer-From trustee to trustee
A father owns a life insurance policy on his 15 year old daughter. The policy contains
the optional PAYER BENEFIT RIDER. If the father becomes disabled, what will happen
to the LIFE INSURANCE PREMIUMS? - Answer-The insured's premiums will be waived
until she is 21
During PARTIAL WITHDRAWAL from a UNIVERSAL LIFE policy, which portion will be
taxed? - Answer-INTEREST
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