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DELAWARE LIFE INSURANCE EXAM QUESTIONS AND ANSWERS 2024
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DELAWARE LIFE INSURANCE EXAM QUESTIONS AND ANSWERS 2024
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DELAWARE LIFE INSURANCE EXAMwhich of the following is a statement that is guaranteed to be true, and if untrue,
may breach an insurance contract? - ANSWERS-warranty
which of the following best describes fixed-period settlement option? - ANSWERS-
both the principal and interest will be liquidated over selected period of time
An insured stated on her application for life insurance that she had never had a
heart attack, when in fact she had a series of minor heart attacks last year for
which she sought medical attention. Which of the following will explain the
reason a death benefit claims is denied - ANSWERS-material misrepresentation
the insured is also the policyowner of whole life policy. What age must the
insured attain in order to receive the policy's face amount - ANSWERS-100
If an insured continually uses the automatic premium loan option to pay the
policy premium, - ANSWERS-the policy will terminate when the cash value is
reduced to nothing
An employee quits her job where she has a balance of $10,000 in her qualified
plan. The balance was paid out directly to the employee in order for her to move
the funds to a new account. If she decides to rollover her plan to a Traditional IRA,
how much will she receive from the plan administrator and how long does she
have to complete the tax-free rollover? - ANSWERS-$8,000; 60 days
,in insurance, an offer is usually made when - ANSWERS-The completed
application is submitted
If a settlement option is not chosen by the policy owner or the beneficiary, what
option will be used by the insurer? - ANSWERS-lump sum
what is the advantage of reinstating a policy instead of applying for a new one? -
ANSWERS-the original age is used for premium determination
Most agents try to collect the initial premium for submission with the application.
When an agent collects the initial premium from the applicant, the agent should
issue the applicant a - ANSWERS-premium receipt
in an annuity, the accumulated money is converted into a stream of income
during which time period? - ANSWERS-annuitization period
When would a 20-pay whole life policy endow? - ANSWERS-When the insured
reaches age 100
Which nonforfeiture option provides coverage for the longest period of time? -
ANSWERS-reduced-paid up
Level term insurance provides a level death benefit and a level premium during
the policy term. If the policy renews at the end of a specified period of time, the
, policy premium will be - ANSWERS-adjusted to the insured's age at the time of
renewal
What is the benefit of choosing extended term as a nonforfeiture option? -
ANSWERS-It has the highest amount of insurance protection
Upon the death of the insured, the primary beneficiary discovers that the insured
chose the interest only settlement option. What does this mean? - ANSWERS-The
beneficiary will only receive payments of the interest earned on the death benefit
If a life insurance policy has an irrevocable beneficiary designation, - ANSWERS-
the beneficiary can only be changed with written permission of the beneficiary
Which of the following terms means a result of calculation based on the average
number of months the insured is projected to live due to medical history and
mortality factors - ANSWERS-life expectancy
Which is NOT true about beneficiary designations? - ANSWERS-The beneficiary
must have insurable interest in the insured.
which of the following is true regarding taxation of dividends in participating
policies? - ANSWERS-dividends are not taxable
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