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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 A producer takes applications from identical twins who want to buy the same type of policy in the same amount. The insurer issues the policies as applied for, but charges a 25 percent higher premium for one of the policies. The d...

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  • September 1, 2024
  • 8
  • 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


A producer takes applications from identical twins who want to buy the same type of

policy in the same amount. The insurer issues the policies as applied for, but charges a

25 percent higher premium for one of the policies. The difference in premiums is

probably due to which of the following factors? - Answer✔️✔️-Risk Classification--

Grouping of different risks according to their estimated cost or likely impact, likelihood of

occurrence, countermeasures required, etc. Credit risk, or example, is classified

according to the likelihood of the collection of accounts receivable.


The PRIMARY purpose of an inspection report is to assess an applicant's: - Answer✔️✔️-

personal characteristics

All of the following policies may be examples of third party ownership EXCEPT: -

Answer✔️✔️-Modified Life

An employer can deduct premium payments as an ordinary business expense for which

of the following life coverages? - Answer✔️✔️-Group

Which of the following statements about a Renewable Term policy is CORRECT? -

Answer✔️✔️-It is renewable at the option of the insured.

Which of the following provisions in a life policy specifies the manner in which proceeds

will be paid to a beneficiary on the death of the insured? - Answer✔️✔️-Settlement

Options

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