Life Insurance 3 Questions & 100% Correct Answers- Latest Test | Graded A+ | Passed
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Course
Life Insurance
Institution
Life Insurance
An insurance company is domicilied in Montana and transacts insurance in Wyoming.
Which term best describes the insurer's classification in Wyoming?
-:- Foreign -a foreign insurer is domiciled in one state and transacts in another state
What is domestic insurer?
-:- Domiciled and sells in do...
Life Insurance 3 Questions & 100% Correct
Answers- Latest Test | Graded A+ | Passed
An insurance company is domicilied in Montana and transacts insurance in Wyoming.
Which term best describes the insurer's classification in Wyoming?
✓ -:- Foreign -a foreign insurer is domiciled in one state and transacts in another state
What is domestic insurer?
✓ -:- Domiciled and sells in domiciled stated
What is an alien insurer?
✓ -:- Domiciled in one country and sells in another country
All other factors being equal, the least expensive first-year premium payment is found in
✓ -:- Annually Renewable Term
What is the purest form of term insurance and how does it work?
✓ -:- Annually Renewable Term
-The death benefit remains level. but the premium increases each year with insured's
✓ -:- The face amount decreases each term the premium remains constant
throughout the term (yearly)
How does an increasing term policy work?
✓ -:- The face amount increase each term and the premium are constant thru the
term
(As the policy is renewed it does increase the next year but remains constant thru the year)
Which of the following types of policies allows he policy owner to skip premium payments,
provided that there is enough cash value in the policy to cover the premium amount?
✓ -:- Universal life
Which of the following documents must be provided to the policyowner or applicant during
policy replacement?
✓ -:- Notice Regarding Replacement
-This notice must be signed by both the producer and the applicant
What is the purpose of the The Medical Information Bureau?
2|Page | Grade A+| 2024/2025
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