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LIFE PRODUCER GAURANTY EXAM 2024 WITH ACTUAL CORRECT QUESTIONS AND VERIFIED DETAILED ANSWERS |FREQUENTLY TESTED QUESTIONS AND SOLUTIONS |ALREADY GRADED A+|BRAND NEW VERSION!!|GUARANTEED PASS |LATEST UPDATE$21.49
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LIFE PRODUCER GAURANTY EXAM 2024 WITH ACTUAL CORRECT QUESTIONS AND VERIFIED DETAILED ANSWERS |FREQUENTLY TESTED QUESTIONS AND SOLUTIONS |ALREADY GRADED A+|BRAND NEW VERSION!!|GUARANTEED PASS |LATEST UPDATE
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LIFE PRODUCER GAURANTY
Institution
LIFE PRODUCER GAURANTY
LIFE PRODUCER GAURANTY EXAM 2024
WITH ACTUAL CORRECT QUESTIONS AND
VERIFIED DETAILED ANSWERS |FREQUENTLY
TESTED QUESTIONS AND SOLUTIONS |ALREADY
GRADED A+|BRAND NEW
VERSION!!|GUARANTEED PASS |LATEST UPDATE
LIFE PRODUCER GAURANTY EXAM 2024
WITH ACTUAL CORRECT QUESTIONS AND
VERIFIED DETAILED ANSWERS |FREQUENTLY
TESTED QUESTIONS AND SOLUTIONS |ALREADY
GRADED A+|BRAND NEW
VERSION!!|GUARANTEED PASS |LATEST UPDATE
When life insurance proceeds are used to pay inheritance taxes and federal estate taxes, it is known as..
Estate conservation
Cash Value guarantees in a whole life policy are called..
nonforfeiture values
According to the Common Disaster clause, if the insured and primary beneficiary are killed in the same
accident and it cannot be determined who died first, which of the following will be assumed?-
The primary beneficiary died before the insured
An Equity Indexed Annuity will grow based upon- performance of a recognized index -
An Equity Indexed Annuity grows based upon a specific recognized index such as the Dow Jones or the
Standard and Poor's 500
If a loan request is for payment of due premiums on the policy, how soon must the insurer issue a loan?
Immediately
What happens to the face amount of a whole life policy if the insured reaches the age of 100?
Face amount paid to insured
Which of the following statements regarding HIV testing is NOT true?
Test results must be sent to the Department of Insurance
Which of the following is NOT a standard exclusion in life insurance policies?
Disability
Which of the following types of life insurance policies include a conversion of termination provision?
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,Whole life
The conversion of termination provision only applies to whole life policies. This allows the insured to
obtain an individual life insurance policy without needing to provide proof of insurability, should a
group's insurance policy be terminated
Which of the following is NOT a duty of the existing insurer when replacement is involved
Provide notice to the policy owner the right to return the policy within 30 days of delivery and receive a
full refund.
—The existing insurer must retain all replacement notifications received by the replacing insurer for at 5
years or until the next examination, whichever is later; send a letter to the policy owner of the right to
receive information regarding the values of the existing policy within 5 business days; and if the policy
owner requests to borrow, surrender or withdraw any policy values, the insurer must send a notice
advising the effect of policy values
An example of an alien insurer doing business in this state is one formed under the laws of..
MEXICO—
An alien insurer is a company chartered outside the United States. Insurance companies incorporated in
territorial possessions, such as Puerto Rico, are considered foreign.
All of the following statements about mutual insurance companies are correct EXCEPT...
Policy dividends issued by mutual companies are guaranteed and not taxable.
-Insurance policy dividends are not guaranteed and are not taxable.
An insurer decided to terminate a producer. The insurer just notified the Commissioner of this decision.
How long does the insurer have to mail a copy of the notification to the producer
15 days
- After notifying the Commissioner, the insurer must mail a copy of that notification to the producer
within 15 days
According to the life insurance replacement regulations, which of the following would be an example of
policy replacement?
A policy is reissued with a reduction in cash value.
-Replacement refers to any transaction in which new life insurance or an annuity is purchased, resulting
in reduced paid-up insurance, continuation of extended term insurance or otherwise reduced in value
by the use of nonforfeiture benefits or other policy values
All of the following are true of credit life EXCEPt
The insured names the beneficiary.
With Credit Life the lending institution is the owner and names the beneficiary.
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, Anna has been working for her current employer for 4 years. The company's group whole life insurance
policy is terminated. What will she need to do in order to obtain a new, individual policy?
She will need to apply and provide proof of insurability—-The conversion on termination of a policy is
offered to insured individuals when the master contract is terminated. Then the contract must allow
every person insured for at least 5 years prior to the termination to convert to an individual policy. In
this case, Anna had only been insured for four years prior to the policy's termination, so she is not
covered by this provision.
A temporary producer license could be issued, without examination, to all of the following, EXCEPt
Spouse of retiring producer—There is no provision in the insurance code that allows for a temporary
license to be issued on behalf of a retired producer.
What is the maximum loan amount a policy owner may withdrawal from a variable universal life
insurance policy
An amount not exceeding cash value
Your client wants to provide a retirement income for his elderly parents in case something happens to
him. He wants to make sure that both beneficiaries are guaranteed an income for life. Which settlement
option should this policyowner select?
Joint and survivor
Cash Value guarantees in a whole life policy are called
Nonforfeiture Values
Life insurance creates an immediate estate. Which of the following best explains this statement?
The face value of the policy is payable to the beneficiary upon the death of the insured
Which of the following types of insurance is investment based, has a level fixed premium, and a
nonguaranteed cash value?
variable whole life
A married couple wants to include the entire family in their whole life policy under one rider. Which of
the following riders will help them achieve that goal?
Family term
The entire contract includes all of the following EXCEPT
A buyer's guide
Which of the following would NOT be eligible for coverage under key person?
owner of a shop
In order for a business partner to be eligible for a Keogh plan, he/she must work full-time and own at
least how much of the business?
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