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Life Insurance Questions & 100% Correct Answers- Latest Test | Graded A+ | Passed
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With respect to third-party ownership of life insurance in the personal insurance market, all the following statements are true EXCEPT: -:- The insured has the right to name the beneficiary. When do funds in a deferred annuity become the owner's property? -:- They are nonforfeitable and alwa...

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  • September 6, 2024
  • 22
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • life insurance questions 100 correct answers
  • with respect to third party ownership of life insu

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2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!



Life Insurance Questions & 100% Correct
Answers- Latest Test | Graded A+ | Passed
With respect to third-party ownership of life insurance in the personal insurance market, all

the following statements are true EXCEPT:


✓ -:- The insured has the right to name the beneficiary.




When do funds in a deferred annuity become the owner's property?


✓ -:- They are nonforfeitable and always belong to the contract owner.




Which one of the following statements about variable life insurance is correct?


✓ -:- Variable life insurance policyowners can transfer funds between investment

subaccounts and the insurer's general account.




What is another name for the annuitization phase of an annuity contract?


✓ -:- the payout stage




A deferred annuity rider that lets the annuity owner commit only part of the annuity's funds

to providing guaranteed lifetime income, leaving the remainder available for withdrawal at

the owner's discretion, is called a:




1|Page | Grade A+| 2024/2025

,2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!

✓ -:- guaranteed income rider




What is the main appeal of joint life insurance?


✓ -:- lower cost than two separate policies




Mary inherited $10 million several years ago. She has just bought a life insurance policy to

help preserve her estate. All of the following statements regarding this are correct EXCEPT:


✓ -:- To keep policy proceeds out of her estate, Mary should make sure she is the

owner.




Sue, an annuity owner, names her 15-year-old son and 10-year-old daughter as joint

annuitants of her contract. Upon whose life (or lives) are income payments determined?


✓ -:- the joint life expectancy of Sue's son and daughter




Which of the following statements correctly describes the relationship, if any, between the

application and the insurance contract?


✓ -:- The application is part of the entire contract.




Most states permit insurers to include a provision in their life insurance policies that does

which of the following?



2|Page | Grade A+| 2024/2025

, 2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!

✓ -:- excludes coverage of death that occurs while the insured is operating an aircraft




All of the following can sponsor group life insurance plans EXCEPT:


✓ -:- neighborhoods




Jenny has purchased a variable annuity. She directs $2,500 of her $5,000 premium deposit

into the contract's blue-chip stock sub-account when its net asset value is $10. How many

accumulation units has Jenny bought?


✓ -:- 250 accumulation units of the sub-account




What type of life insurance policy distributes its divisible surplus to policyowners in the

form of policy dividends?


✓ -:- participating policy




Which of the following statements correctly describes the accidental death benefit (ADB)

rider on a life insurance policy?


✓ -:- It pays benefits only in the event of accidental death.




The Fair Credit Reporting Act (FCRA) of 1971 does which of the following?




3|Page | Grade A+| 2024/2025

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