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Primerica Exam 3 Questions and Answers Graded A+
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Exam of 7 pages for the course Primerica Life Insurance at Primerica Life Insurance (Primerica Exam 3)
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Primerica Exam 34. The annuitant will receive the higher of either the guaranteed minimum rate or current
rate. - answer19.In a fixed annuity, which of the following is true regarding the
guaranteed interest rate on the investment? (Choose from the following options)
1. The annuitant will always receive the current interest rate.
2. The annuitant will receive the lower of either the guaranteed minimum rate or current
rate.
3. The annuitant will only receive the guaranteed minimum specified in the contract.
4. The annuitant will receive the higher of either the guaranteed minimum rate or current
rate.
2. Obtain a list of all life insurance policies that will be replaced - answer During
replacement of life insurance, a replacing insurer must do which of the following?
(Choose from the following options)
1. Send a copy of the Notice Regarding Replacement to the Department of Insurance
2. Obtain a list of all life insurance policies that will be replaced
3. Guarantee a replacement for each existing policy
4. Designate a new producer for a replaced policy
2. 30 days - answer22.A flexible premium universal life insurance policy must provide a
grace period of (Choose from the following options)
1. 10 days.
2. 30 days.
3. 60 days.
4. 90 days.
4. Implied - answerWhich type of authority is based on the actions, words, or deeds of
the principal? (Choose from the following options)
1. Apparent
2. Express
3. Lingering implied
4. Implied
3. An index like Standard & Poor's 500. - answerThe equity in an equity index annuity is
linked to (Choose from the following options)
1. The annuitant's individual stock portfolio
2. The insurance company's general account investments
3. An index like Standard & Poor's 500
4. The returns from the insurance company's separate account.
, 2. Waiver - answerAn insurance company receives an application with some information
missing and issues the policy anyway. What is this called? (Choose from the following
options)
1. Aleatory
2. Waiver
3. Estoppel
4. Subrogation
4. An unfair trade practice. - answer26.If an insurance company makes a statement that
its policies are guaranteed by the existence of the Insurance Guaranty Association that
would be considered (Choose from the following options)
1. A misrepresentation
2. An accurate statement
3. A legal representation of the Association
4. An unfair trade practice.
4)Option B - answerWhich option for Universal life allows the beneficiary to collect both
the death benefit and cash value upon the death of the insured? (Choose from the
following options)
1. Corridor option
2. Variable option
3. Option A
4. Option B
3. Fiduciary responsibility - answerThe requirement that agents not commingle
insurance monies with their own funds is known as (Choose from the following options)
1. Express authority
2. Accepted accounting principal
3. Fiduciary responsibility
4. Premium accountability.
2)The annuitant assumes the risks on investment. - answerWhich of the following is true
regarding variable annuities? (Choose from the following options)
1. A person selling variable annuities is required to have only a life agent's license
2. The annuitant assumes the risks on investment
3. The funds are invested in the company's general account
4. The company guarantees a minimum interest rate.
3. LEVEL - answer30.A man wants to buy a life insurance policy in which he can count
on guaranteed minimum benefits. Which type should he buy? (Choose from the
following options)
1. Solid
2. Fixed
3. Level
4. Variable
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