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Final exam - Indiana life only (1). Questions & 100% Verified Correct Answers with complete solutions (Latest update $7.99   Add to cart
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Final exam - Indiana life only (1). Questions & 100% Verified Correct Answers with complete solutions (Latest update

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Final exam - Indiana life only (1). Questions & 100% Verified Correct Answers with complete solutions (Latest update

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  • August 15, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • final exam indiana life only 1

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Final exam - Indiana life only
59 1/2 - ANS-An IRA owner can start making withdrawals and NOT be subjected to a tax
penalty beginning at what age?

Alien - ANS-An ___ insurance company is one formed in a country other than the United States

A Policy Summary and Buyer's Guide - ANS-In Indiana , which of the following must be
delivered to a policy owner upon the sale of an individual life insurance policy?

producer - ANS-The ___ must provide an insured with proper disclosure concerning the
replacement of a life insurance policy

Decreasing - ANS-An ___ term life policy is normally used when covering an insured mortgage
balance

deferred - ANS-P, age 50, purchased an annuity that P will fund with $500/ month for 15 years.
The annuity will then pay P retirement payments after the 15 years. Which type of annuity did P
purchase?

Be organized under Indiana insurance laws - ANS-A domestic insurance company in Indiana
must :

Modified Premium Life - ANS-J is issued a Life Insurance policy with a death benefit of
$100,000. She pays $600 per year in premium for the first 5 years. The premium then increases
to $900 per year in the sixth year, and remains level thereafter. The policy's death benefit also
remains at $100,000. Which type of Life Insurance policy is this?

Everyone must be covered in the group - ANS-Which of the following is an important
underwriting principle of group life insurance?

The beneficiary is named by the key employee - ANS-Which statement regarding a key
employee life policy is NOT true ?

Contributory - ANS-If it's employees share in the cost of insurance, what type of group life
insurance plan would a corporation have?

Universal Life - ANS-Which of the following life insurance policies combine term insurance with
an investment element?

Income that cannot be outlived by the owner - ANS-T, age 70, withdraws cash from a
profit-sharing plan and purchases a Straight Life Annuity. What will this transaction provide?

, 31 days - ANS-In the event of employment termination a person covered by a group policy also
has the right to convert such coverage to an individual policy within ___ days without proving
insurability

Pay face amount minus the past due premium - ANS-M had an annual life insurance premium
payment due January 1. She died January 10 without making the premium payment. What
action will the insurer take?

the cost - ANS-C is trying to determine whether to convert her convertible term life policy to
whole life insurance using her original age or attained age. What factor would affect her decision
the most?

taxed as ordinary income - ANS-Which of the following statements about accumulated interest
earned on dividends from an insurance policy is true?

Immediate annuity - ANS-The type of annuity that can be purchased with one monetary deposit
is called an ?

If material to the risk, false representations will void a policy - ANS-In regards to representations
or warranties, which of these statements is TRUE?

6 months - ANS-A life insurance policy can be backdated before the application date for up to

designate at least one licensed producer to be responsible for the entity's compliance with the
insurance laws and rules - ANS-A business entity acting as an insurance producer must

Revocable - ANS-M purchased an Accidental Death and Dismemberment (AD&D) policy and
named his son as beneficiary. M has the right to change the beneficiary designation at anytime.
What type of beneficiary is his son?

insurance company - ANS-During the course of an insurance business transaction , who does
the producer legally represent?

AIDS and HIV virus exams can be conducted in a discriminatory fashion - ANS-All are true
statements regarding the underwriting process, EXCEPT:

A minimum guaranteed Death benefit is provided - ANS-Which statement is true regarding a
variable whole life policy ?

Convert term coverage to a whole life policy - ANS-Which of these actions does not constitute
life insurance policy replacement?

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