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Life Insurance Exam Practice Questions and Answers | 100% Correct
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Life Insurance Exam Practice Questions and Answers | 100% Correct In a fixed annuity, which of the folllowing is true regarding the guaranteed interest rate on the investment ? - Answer️️ -the annuitant will recieve the higher of either the guaranteed minimum rate or current rate All of th...

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  • September 1, 2024
  • 26
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • life insurance exam practice questions and answers

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  • Life insurance
  • Life insurance

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SophiaBennett

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©SOPHIABENNETT
2024/2025 ACADEMIC YEAR




©SOPHIABENNETT 9/1/24 2024/2025

,Life Insurance Exam Practice Questions
and Answers | 100% Correct


In a fixed annuity, which of the folllowing is true regarding the guaranteed interest rate

on the investment ? - Answer✔️✔️-the annuitant will recieve the higher of either the

guaranteed minimum rate or current rate

All of the following are factors that an underwriter coukd use to select and classify risk

except ? - Answer✔️✔️-national origin

For the purpose of examination by the department, insurers must keep a record of all

financial files for at least... - Answer✔️✔️-5 years

Which of the following is NOT a goal of risk retention ? - Answer✔️✔️-to minimize the

insured's level of liability in the event of loss

The rider in a whole life policy that allows the company to forgo collecting the premium if

the insured is disabled is called... - Answer✔️✔️-Waiver of premium

An insured has entered into a viatical settlement but decides that he would like to back

out of the contract. Which of the followingis true ? - Answer✔️✔️-the insured has 15

calendar days from the effective date of the contract to recind it

An applicant wants to buy a life insurance policy in which he can count on recieveing

the same benefits as stated in the contract. Which type should he buy ? - Answer✔️✔️-

Fixed

, Underlying assets for variable annuity contracts must be maintained in what type of

account ? - Answer✔️✔️-separate account

At the time of initial licensing, what fee must a viatical settlement provider pay ? -

Answer✔️✔️-$300

Insurance producers that do not have company appointments are considered a/an... -

Answer✔️✔️-representative of the consumer

If a insurance company makes a statement that it's policies are guaranteed by the

existence of the Insurance Guaranty Association, that would be considered... -

Answer✔️✔️-an unfair trade practice

Which of the following is NOT typically excluded from life policies ? - Answer✔️✔️-death

due to plane crash for a fare-paying passenger

Based on Human Life Value Approach, which of the following is NOT used to calculate

an individuals life value ? - Answer✔️✔️-predicted needs of the family after the insured's

death

When a reduced-paid up nonforfeiture option is chosen, what happens to the face

amount of the policy ? - Answer✔️✔️-it is reduced to the amount of what cash value

would buy as a single premium

An individual was just caught acting as an exclusive general agent - even though he is

not properly licensed. Assuming that this occured in a single day. What is the maximum

penalty he faces ? - Answer✔️✔️-a 3rd degree misdemenor and a $1,000 fine

All of the following statements are true regarding installments for a fixed amount

EXCEPT... - Answer✔️✔️-the payments will stop when the annuitant dies

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